Explain your idea in details:
The objectives of MetroCredit is to foster growth, create jobs and wealth for striving rural communities in Africa. Our main activities is to provide credit & loans, mobile money services, insurance scheme services (School fees, health and local pension), online payments and wallet services as well as information on latest farming techniques to actors in the agricultural sector through an online mobile and e-banking portal where actor will use to check: (1) the account balances, (2) request loans and borrow online, (3) make saving or deposit into their mobile money wallets or insurance policy and/or savings account, (4) repay loans (5) Top-up their accounts, (6) send or receive money within accounts, to non-account holders and (7) make online payments and purchases. Our clients also will receive free information on latest farming techniques, prices of agro-farming products as well as information on reliable buyers and partners. Our aim is to build capacities of farmers to ICT skills and make farmers do financial transactions through their mobile phones while saving time. MetroCredit through its platform gives farmers the opportunity to use our USSD portal, App and web to carry out their transactions as well as for those who are adamant to new perception and change can carry out their transactions through our registered offices as well as through third party agents in rural community call centers and stands. Our solution provides low cost loans, B2B and B2C services through an inclusive micro-credit scheme.
Expected impact of your idea on sustainable development
Our target population are peasant farmers, agribusiness owners, cooperative societies, actors in transformation and preservation, agricultural researchers, youths on ICTs and other financial institutions. We plan to target yearly customer base of 1500 clients, empower farmers by financing their activities whereby they will achieve the desirable financial power to create more jobs in their various ventures, expand food production in the rural-urban setting, create wealth for their families and the entire community. We believe our initiative will foster food growth, food production, reduce poverty, increase standards of living, increase capacity for farmers on information and communication technologies, give farmers opportunity to sell their produce directly to buyers, companies, transformers (Agribusiness) as well as the international and local markets. Farmers will benefit from insurance scheme for a life after retirement and the opportunity to receive, send or make payments to their suppliers or family members vis-a-vis rural-urban communities. Our success will be measure through numbers of successful loan disbursements to customers, increase in savings in their accounts, user friendliness of our platform, occurrence in usage of our platform, level of B2B and B2C interactions between our clients, MetroCredit and third party operators, a happy staff, meeting our milestones in the targeted time frame, having a 60,000 mobile money transfer mark in first year, having a reliable loan demand rate and a well technological office structure. We need our clients to be able to build a livelihood from farming, send their children to school and live above $2 a day while their ventures should be able to create jobs for other youths and general community.
Plans for implementation and sustainability
MetroCredit will commence its activities in Cameroon and its business model will entail potential clients to open bank accounts and pay a $20 per account, loans will be issued at 1.5-2.5% depending on the level of the collateral or sureties, Mobile money transfer at 2.5-6% depending on the amount, insurance and loan management fees at 1.5% of the total amount of the loan, withdrawal from mobile wallet on call centers at $0.5 per $20 and sales of agro-farming products at an 8% margin. We envision a financing source of $50,000 - to build the e-banking platform (App, Web, USSD systems) which synchronizes with the clients bank account, setup the first registered office, build a viable management team, carry out R&D on new product and services, train farmers on ICT, build an accounting system, carryout rural marketing campaigns and our mobile operating scheme will be made available to farmers. With all these in place MetroCredit will start making money from mid-2018. Our collaborators - Metropay as our main product operator, mobile Telecommunication operators like MTN, Camtel, Orange and Nexttel, 100 rural cooperative societies, 5000 rural mobile stands/kiosk (independent youth operators), Credit Unions establishments, Agro-farming product distribution companies, exporters of cash and food crops locally buyam-sellams in Cameroon. With these partnerships attained it will give us the desired credibility and innovative view-point of the rural community financing scheme in Africa.
Ntoko Franz Ajebe Munge is a Cameroonian and 34 years old, and a holder of a degree in Accounting and finance, and entrepreneur with eight years experience in community development, accounting, microfinance management and entrepreneurship and also founder of MetroCredit, The Franzys Co. Enterprise and AgroShop Enterprise all in Cameroon. My motivation for creating MetroCredit is to see that communities do really rely on agriculture as a way to create livelihood in Africa, be a profession for many, increase food production and growth in African communities and that youths and women in Africa should start seeing agriculture as a way to survive and create meaningful ventures. Personally I love working for myself, I love creating meaningful sustainable ventures that create opportunities for other youths in Africa, I am hardworking, creative and I love to see work creating positive impact in the community. I am a strong fighter of youth and women empowerment and I have many years of volunteerism as Co-founder of Vision in action Cameroon. I am striving now to affect a bigger circle of underprivileged masses that is why over the past two years, I have undergone training in entrepreneurship and business management with being one of the finalist of the Tony Elumelu Entrepreneurial Founder 2016, One of the finalist of AWARD GAIA AgTech challenge 2017, AgroHub Cameroon best creative idea 2015. Presently I await Yali west Africa cohort 7 and Collective Global accelerator challenge in London 2017.