E-MICROFINANCE

Published on April 15, 2014 um 11:35

Summary of your idea

We at E-MICRO FINANCE want to take micro-financing to a higher level.The idea suggests that we partner with mobile operators e.g safaricom who have so many MPESA agents country wide,then partner with micro-finance institutions.We intend to create a site in that when one wants to apply for a microfinance loan,he goes to the site,selects the institution in which he is a registered member,fills in the application form and other necessary details required and includes the mpesa number and the nearest MPESA agent number which has to be legitimate.The person submits the application to us which we then forward to the institution.The micro finance institution goes through the form,certifies the mpesa number of the applicant and the mpesa agent number for security,Agents will be empowered to keep the security of the loan from the applicant.After the micro finance institution has approved the loan,the money is sent to the mpesa agent number or sent to the mpesa number of the applicant depending on the decision of the micro finance institution.The person goes to the mpesa agent,identifies himself with the necessary details to ensure the transaction is up to the expectations of each party.Th money is then handed to the applicant and the MPESA agent remains with security of the loanThey both receive a confirmation SMS from E-MICRO FINANCE,Safaricom and The micro finance institution.The person can also repay the loan through us(our website)using the same process but the person this time sends the money to the micro finances account through the MPESA agent.E-MICRO FINANCE embraces the mobile payment technology to enable more people who are closer to MPESA agents than branches of banks easily access loans to support their businesses therefore empowering the Kenyan Economy.E-MICRO FINANCE only supports small loans due to security reasons for the MPESA agent and the institution

Expected impact of your idea on sustainable development

We are actually targeting people in marginal areas in Kenya who cannot access loans from banks but have one resource that they lie on for money(The mpesa agent)Most of these people at least have a phone and can access the internet,if not the person can rush to the nearby cybercafe and make the application there.With this kind of technology,we will enable more Kenyans have access to loans which are limited to many in the marginal areas.The measure of our success will be how many people use the platform to get loans per one financial year,how many micro finance institutions will be able to implement the idea.with these platform many Kenyans will be able to run their businesses successfully and get all the micro financing services from their convenient location without rushing to bank branches and micro finance branches around the country.Simple,efficient and easy to use for the average Kenyan.

Plans for implementation and sustainability

we intend to materialise the idea through partnerships with the major mobile providers in the county e.g safaricom and Airtel who have the most efficient,secure mobile money transfer service in the country.These are the key institutions that we will rely on for the implementation of the idea to end and they will help us push idea to the market efficiently since they have a large customer base in the country.This is the most efficient way of marketing the idea in Kenya since they are the most trusted operators in the country.We will finance the whole thing from money from our own pockets,willing sponsors,family members and organizations that will be willing to sponsor us e.g Nailab which was launched currently in helping startups.

Your profile

I am a 19 year Old currently pursuing Bachelor of Economics and Statistics in The Nairobi University.I have passion for entrepreneurship in that it enable me create jobs,offer solutions facing the current Kenyan market and the Kenyan economy in general.I find my motivation in looking for sustainable solutions to these problems that are pulling Africa back economically.I am a go-getter who see an opportunity goes for it and taking NO for AN Answer from people who always try to oppose my objectives.Since my high school days I have participated in local competitions e.g science congress in which I got awards from Sponsors e.g Coca cola company which once sponsored one event in high school(The Alliance High School)and i was recognized.

Stage of Idea

start-up stage

Your idea has a positive impact on

poverty reduction, sustainable trade

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July 2, 2014 17:13