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The Smartphone Does It Again: Building Credit Scores For Microentrepreneurs

The Smartphone Does It Again: Building Credit Scores For Microentrepreneurs

When Shivani Siroya started developing an idea for a new microfinance model, she found that while 4.5 billion people did not have any kind of formal credit score that could help them qualify for loans, 90% of the world's population did have access to mobile phones. Thus, Siroya came up with a way to use that mobile access to give the underserved and unbanked access to a financial identity that can help them understand what they can afford and qualify for the resources they need. Siroya has developed a mobile app--InSight--to put the unbanked on the map.

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