A new model of microfinance for Africa, and beyond
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Viola Llewellyn |
TED@BCG Toronto
• October 2018
Financial institutions often impose Western models of risk assessment, which are often ill-fitted for diverse global markets -- especially in Africa, a continent made up of thousands of ethnic and cultural groups and more than 2,000 languages. Fintech entrepreneur Viola Llewellyn is determined to properly tap into the continent's potential for wealth. Her firm, Ovamba, combines AI and local knowledge to develop custom risk models and algorithms, designed for Africa but applicable beyond. Llewellyn's work means previously overlooked entrepreneurs now have the opportunity to access vital capital to grow their businesses. "In digitizing our future, we will preserve the beauty of our culture and unlock the code of our best wealth traits," she says. "Becoming global citizens gives us a seat at the table as equals."