Kifiya, a leading AI-powered, alternative data-driven scoring, embedded finance, and AgTech company, has received a Silver Award (Product Innovation of the Year category – Africa) at the prestigious Global SME Finance Awards 2024, held as part of the Global SME Finance Forum in SĂŁo Paulo, Brazil on September 17, 2024.
The Global SME Finance Awards, organised by the International Finance Corporation (IFC) and the SME Finance Forum, recognise and celebrate institutions that have delivered innovative products and services and achieved impressive results in expanding finance and services to SMEs.
Kifiya is the first Ethiopian company to win this award, a recognition that highlights the company’s commitment to building a digitally and financially inclusive future by leveraging AI and cutting-edge technology to bridge the credit and market access gap in Sub-Saharan Africa.
Says said Munir Duri, CEO and founder of Kifiya:
Receiving this award reflects our ongoing dedication to empowering African MSMEs, SHFs and low-middle-income individuals through AI-powered and data-driven solutions. This also demonstrates Ethiopia’s new-found drive for innovation led by the reforms instituted by our Prime Minister, Dr. Abiy Ahmed, which have created an enabling environment and policies that foster and encourage innovation, allowing companies like ours to thrive
In Ethiopia, where 50% of the adult population remains unbanked, Kifiya’s financial solutions create pathways for thousands of SMEs to access much-needed credit and financial services. The company’s efforts have led to increased financial inclusion, stability, and growth for local businesses, contributing significantly to Ethiopia’s economic development.
Africa’s SME sector, which represents up to 90% of all businesses and provides 60% of total employment, is crucial in driving economic growth for the continent. However, many SMEs struggle with limited access to finance, a challenge that Kifiya is tackling head-on by providing digital platforms that improve market access and address the financing needs of these businesses.Â