Greenland Fedha, a non-deposit taking micro-finance service subsidiary of the Kenya Tea Development Agency, is set to commence biometric registration of its customers.
The service will be applied to the firm’s over 160,000 customers, who are mainly smallholders and tea farmers.
“All existing and potential GFL customers will be registered on the new biometric system in an exercise that kicks off in August and will take place in all the company’s offices countrywide,” says the firm.
The Agency’s after-tax profit rose by 59 percent to Sh1.84 billion in the year ending June 30, 2018 with revenues rising by 13.4 percent to Sh26 billion as a result of higher sales.
KTDA, which earns a management fee from managed tea factory companies, currently has eight subsidiaries enabling it to earn from other activities such as value addition and warehousing charges.
The MFI’s shift to biometric security is expected to eliminate cases of financial fraud as it seeks to move to paperless loan processing, increase customer data security and ease the identification process.
