Cherehani Africa, which uses mobile technology to extend credit and financial literacy to women micro-entrepreneurs across Africa, has closed a $300K seed funding round. The company, whose name means 'sewing machine' in Swahili, focuses on providing financial tools to women and adolescent girls who own small businesses.
Its model leverages mobile platforms to deliver credit and tailored financial literacy content. Customers are typically members of locally registered groups of 10-25, with loans issued individually but group participation remaining a prerequisite.
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