Set a goal last year to build something which served the most vulnerable people in the world. Having a call today with one of the foremost development economists in the world (part of the recent Nobel Prize winning research team) to chat about our work at Taimaka. Very happy.
Taimaka (https://taimaka.org ) uses tech to make it easier to lend to the poorest people in the world at low interest rates. So far, we have: - raised $12k - given low interest loans to 50 extremely poor households with 300 individuals in Nigeria - built software to scale
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The problem we are solving is that loans to the least off tend to be small and expensive to manage. As a consequence, most microfinance orgs either have 50-100% annualized interest rates or are donor-dependent. We think tech can go a long way to solve this.
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Our goal is to sustainably (ie with a balanced budget) lend at a 10% real interest rate. Our goal is for loans to be targeted (ie when people need them most) so they create at least a 30% increase in household incomes.
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How do loans create increases in income? This is really complicated. The benefits of micro-credit are often overstated. As this article by
@GiveWell indicates, microfinance, in the majority of cases, is far from a silver bullet.https://www.givewell.org/international/economic-empowerment/microfinance …Prikaži ovu nit -
The way we try to make an impact is by targeting. We focus exclusively on farmers who happen also to be the least off. And, we focus exclusively on lending products which have growth potential for our clients.
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This year, we are giving post-harvest loans of cash and storage bags based on research in Kenya (https://web.stanford.edu/~mburke/papers/BurkeBergquistMiguel2019.pdf …) and Tanzania (https://blogs.worldbank.org/impactevaluations/five-things-we-learnt-loan-and-grain-storage-intervention-tanzania-guest-post-hira-channa …). These loans help farmers sell their rainy season harvest later when prices are much higher.
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Other loan-types with high growth potential are fertilizer (increases yields by a lot) and drought-resistant seeds (same story as fertilizer, along with much less risk of a failed harvest). We're actively considering those, too.
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If you're interested in working with us, we're actively recruiting for front-end developers, econ-savvy analysts, creatives, and donors to build and promote tools to make it easier to lend to the poorest people in the world. You can email me directly - parthahya@icloud.com
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