Her work recently got published in the book "Innovation-driven Business and Sustainability in the Tropics" (Springer Singapore, link). In the photo on the right, you see Rael at the Obunga fish market, one of her data collection sites. Behind her, fish skin is being dried for extra value. The skin can also be used to make shoes and belts, generating extra income for the fish vendors.
Congrats on your publication! Can you tell us about your education and how you made it here?
Absolutely. I've loved playing with numbers since I was a kid. My family, seven of us, didn't have a ton of money for higher education.However, they supported my education and also paid for my Bachelors in Economics and Statistics degree course. After completing basic university degree,, I was determined and decided to just go to class to continue with Msc. study in Financial Economics.Although I only had 20% of the fees at the start, I relied on a bit of savings and started selling handbags to make ends meet and raise part of my masters school fees. It's this experience that made me deeply passionate about the world of small businesses and financial economics. Particularly when it comes to value chain financing. Value chains operate on a simple principle: "I give you this, and you pay me later." My quest was to uncover the possibilities within value chain financing, to identify existing gaps, and to understand the absence of policies and rules in this domain. Eventually, I completed a Master's in Financial Economics at Kenya School of Monetary Studies with the support of supervisors who recognized my passion and drive. My parents also played a big role; my dad encouraged us to pursue our passions, and my mom was a go-getter.
How did you get into your PhD position at VU?
After my Master's, I was job hunting but still dreaming of a PhD. Then, I got involved in a project in Western Kenya that introduced me to a pre-doctoral training of VU through SPADE project. SPADE is a NICHE project funded by the Dutch Ministry of Foreign Affairs, managed by Nuffic. The project is coordinated by Vrije Universiteit and SPADE stands for “ Building Stronger Capacities to link Spatial Planning to Agribusiness and Public Policy Development in Greater Western Kenya”. The SPADE pre-doctoral training took me to the Netherlands and helped me refine my PhD proposal for research on value chain financing with mobile money.
Can you explain the concept of mobile money and how it helps small businesses?
Mobile money's evolution is a fascinating story. It started as a way to send money around 2005-2007, and initially, it didn't find much use in the business world. But it quickly transformed into more than just a transaction tool. It became a secure digital wallet where you could stash money and even earn interest or get loans. The best part is that you don't need a fancy phone or internet; a basic phone with a signal does the job. One big thing is how it empowers small business owners with their financial management. Many of them didn't have a good way to keep track of their money. Mobile money changed that. It gives real-time updates on transactions, helping vendors manage their cash flow and savings. This isn't just good for business; it's helping families too.
