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Motito- Paylater
Motito is a tech start-up that builds tools that help lenders and sellers reduce risk and increase access to consumer credit for the ordinary African. We do this primarily via our mobile application; PayLater.
We provide infrastructure to lenders (such as identity verification, creditworthiness assessments, e.t.c) which reduces the rejection rate of individuals who want to apply for their facilities
We also work with sellers of consumer goods to accept installments as a payment option in their respective stores. With our technology, more and more people will have access to credit to better their lives.
Define three specific objectives that you would like to achieve with your proposal.
1. Making consumer credit accessible to majority of people who have been excluded because of traditional credit scoring mechanisms.
2. Creating a secure, convenient and safe way to apply for credit.
3. Fostering sustainable financial freedom for peace of mind and comfort
What problems (particularly in value chain competitiveness and global disruption) are your community’s stakeholders facing due to the Covid-19 pandemic?
In the wake of the Covid-19 Pandemic, it goes without saying that economies, as well as social life have been hard hit. A lot of people have had to take pay cuts and some unfortunately have been laid off, therefore the purchasing power of individuals has reduced.
Vendors have also seen a reduction in their sales not only because of reduced purchasing power of the public but also due to measures taken to reduce the spread of the virus. Ghana has reported over 31000 COVID-19 cases and taken several measures to stop its spread, including closure of borders and lockdown in 40 districts and municipalities (now lifted). Similar measures are in place in at least 40 countries on the continent – including neighbouring Burkina Faso, Côte d’Ivoire and Togo. All these measures have led to a significant disruption in supply chain and reduction in consumption.
It has become more difficult for lenders to lend to more people because of the economic uncertainty.
Motito is digitising retail financing with the aim of building better creditworthiness instruments for Africans to promote financial inclusion. We do this by using technology and modern tools to achieve the above. Our fully online technology stack allows lenders to ;
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Verify identity of applicants online.
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Verify employer details
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Receive automated card or mobile money repayment
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Analyze qualitative and quantitative data on applicants to access creditworthiness.
Motito’s platform will allow these lenders to extend their services to people in a secure and convenient manner, with little or no human interaction. It will also allow individuals who need these facilities to access them hassle free.
What minimum viable solution(s) are you proposing to address the challenge(s) in your community?
Access to credit in Africa is very low, this is mostly because lenders lack the needed infrastructure to verify creditworthiness. This situation has gotten worse due to the Covid-19 Pandemic.
We provide infrastructure (through a mobile app- Paylater) to lenders (such as identity verification, creditworthiness assessments, e.t.c) which reduces the rejection rate of individuals.
We also work with sellers of consumer goods to accept installments as a payment option in their respective stores
Share your story (your narrative)
7 years ago I found myself in a new region (Accra, Ghana) with a new Job that was much better than what I did before. I was excited to start my promising new career but I knew no one in Accra I could stay with until I sorted out my accomodation.
I decided to apply for a loan to pay for my rent and was horrified to learn that I needed a long list of things I didn't have such as collateral. With my new job, paying for the loan would have been a breeze. This period was a very frustrating period for me however, i am grateful for it because it birthed this business idea which is going to improve the lives of many people in my community
Please provide any additional relevant information that you would like to share.
Our Product Secret Sauce
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Build credit profiles from existing purchase and payment history
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Use of mobile phones to generate data useful for assessing creditworthiness
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Partnership with payment processors implement subscription model and automatically deduct pending payments
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Connect buyers, lenders and sellers using mobile technology
Here are some of our growth and marketing strategies
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In-Store advertisement at retail stores
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Partnership with financial institutions to help them scale their independent consumer finance products
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Partnership with e-commerce sites (e.g Jumia)
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Informational / educational content, blog posts & social medi
Motito’s traction & milestones from 01/01/2020
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We’ve launched two MVP’s
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We partnered with bigger brands such as Samsung, TCL, e.t.c
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We’ve generated USD1,000 in revenue
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We have 35 paying clients and 80 signup
Hi, Betty!
Congratulations on a great idea to promote financial inclusion, which is fundamental to help insert people in the digital economy.
I would like to invite you to elaborate a bit more on your proposal, to give us a better idea of how this project is/will be implemented (e.g. more details about your "secret sauce", and on the items your online technology stack allows lenders to do would be useful to have).
I would also like to know, as you are generating a platform to increase access to credit, how are you addressing cybersecurity concerns from different fronts: platform itself, customer's behavior (including trust in the platform itself, and avoidance of risky behaviors), etc.
Hope you find these comments useful.
Best of luck!
César
Hello Betty, well done on your idea. It would be great to know how you intend to integrate to mobile wallets as theae are widely used in Africa and also how you will monetise the idea. All the very best
Hi Betty.
This is a good idea. However I would like to understand how you plan to counter the risks involved with credit e.g defaulting. Who bears the risk? Do you foresee either one party transferring the risk to Motito?
Please review my idea and provide insight/ questions too. Your vote will make a difference.
nice idea, but what is your business proposal
Hello Betty
Great move
How are you planning to implement security measures to all members transparency in use of the system.It would be nice if you highlighted your major goals of the project to users In the interior areas who need your services but have no access to mobile devices.
All the best
Kind Regards
hey betty, kindly view my idea called the feminine gender deserves to know under women in technology so that i can refine it
Nice idea! I love the logo.
Well-done Betty, your app that provides loan without collateral is a nice one. I will like to know how Covid-19 pandemic has affected repayment. Covid-19 pandemic has undoubtedly affected salary earners, can you extend your business model to include freelance community? Thank you.
Hello fwloow entrepreneur
i see youre new here and i love your idea and how it works
Anyway this is a small piece of advice My advice Start small and build momentum, Being a social entrepreneur can be very difficult, you are constantly in a field dominated by changing dynamics, you will often face business challenges, and you have to start small and build your enterprise from the ground up. You must be resilient, realistic, and passionate about your goals and the impact you are trying to achieve. To add to your solution, I am sharing with you questions from one of our trainings that can help in refining our ideas and projects What business model will you follow to implement this idea? What methodology or strategy will you use during different processes of implementing this idea? Which are the processes you have to go through until the finalization of the idea? What means or tools do you need to implement my idea? Which are your potential collaborators, investors? I honestly suggest that before you submit your idea or project, please and ask yourself these questions and even if you have submitted their project, do remember that we still have opportunity to refine our ideas and resubmit. I hope that you find this useful. Also, please create time and take the campus online trainings as the trainings are there to help campus members understand what it is to be an entrepreneur. Consider my idea vote and comment on it Let co
Hi Betty . I really like your project and it contribute as mine to financial inclusion I would
like to know how much do you charge if a financial institution like mine want to partner with Motito in order to provide loan ?
Nice initiative. Your idea articulation is thoughtful
Hello Betty,
This is a good idea, especially that we need applications like this during this pandemic.
Betty, how do you address the issue with a user defaulting to repay a loan with the strong case of unemployment sampled by Covid19?
That's a great idea. The use of digital ID could help improve the verification mechanism. I would also suggest exploring blockchain as a potential tool for ensuring trust.
Good day Betty,
I wish to convey my gratitude for your well-being.
Let me congratulate you on your solution which is well positioned to succeed in this pandemic. I'm particularly impressed in that your solution makes provision for customers to pay for consumer goods in installments - this is a very important feature!
Allow me to share a few considerations.
1. Consider changing your objectives into SMART objectives that reflect on the steps you will take to develop your idea into a prototype in the years to come. You have actually made mention of these steps in the additional relevant information section however it may be more suited for the objectives section. Visit https://thedigitalprojectmanager.com/project-objectives/ for a detailed explanation.
2. Consider adding sources or citations for the facts/stats quoted throughout your post, more especially in the problem section to give them more credibility.
3. Consider shifting the second part of your problem section to the minimum viable solution section.
Regards.
Ps. You've got my vote!
Users tagged:
What does a user go through in order to become creditworthy?
Your project is innovative. In addition to my other comments on your idea, I am sharing with you a simple business plan to help you further refine your project for a successful implementation. P
: What problem will your business solve
PROMOTION: How will your target customers learn about your business
SOLUTION: What will your business provide to solve that problem
COMPETITIVE ADVANTAGE: What will your business do better than the competitors
BUSINESS MODEL: How will your business make money
FINANCIAL PROJECTIONS: How much money do you need to start? How much will you earn every month And how much will you spend every month
TARGET CUSTOMERS: What type of people will purchase your products or services
FUNDING REQUIRED: How much money do you need to start the business
I honestly suggest that before you submit your idea or project, please ask yourself these questions and even if you have submitted your idea, do remember that we still have opportunity to refine our ideas and resubmit. I hope that you find this beneficial to your idea.
Also, please do create time and take the campus online trainings as the trainings are there to help campus members understand what it is to be an entrepreneur.
I hope you will derive some benefits from this.
Finally, I have voted and commented on your idea; please consider supporting my idea with your votes and comments
Hi Betty, I want to know if you have a partnership with a bank or not? if the answer is not, do they see you as a competitor?
Hi,Betty i am impressed with your idea and i think is a good one.I will like to know 1.How will your platform guarantee that a consumer will be willing to pay for the balance if allowed to make installments as a payment option 2.Your objectives should be smart 3.Make clear your target customers.You have my vote on this and i will need you to visit my idea for your contribution and vote at https://cocreate.itu.int/post/3466710
Hello Betty, This is very impresive for the African market. Keep it up
Hi Betty,
Good initiative. Once you've made consumer credit accessible to your clients, how do you assist them, in case collateral is needed?
Hello Betty, awesome idea. I love the fact that you're working on financial inclusion something I am passionate about to help create digital economy for Africa. What are some of the risks for your business and how will you intend to address them? The likes of frauds, privacy and alike.
Hi Betty, nice one! In Kenya we have something that kinda does something similar, Lipa Later (lipa is swahili for pay). More info can be found here: https://www.nation.co.ke/kenya/life-and-style...a-later-1244740
If I understand you correctly, you provide the middleware services (CRE, KYC, loan processing and disbursement, etc), correct? I have worked with a company that did something similar back in the day, called simbuka, have you hear of them? https://www.simbuka.com/
In the meantime, you may want to have a look at our idea and vote for it if yo like it: https://cocreate.itu.int/post/3496670
Nice Idea based on your experience? How long did it take you to generate the revenue you have? Which methods do you hope to use to increase on the revenue? When will your break even occur?
Hello Betty,
Great concept.
PS: Please like or give advice to my project https://cocreate.itu.int/post/3488310
Hey Betty. Awesome idea, and relevant to the pandemic. I am not sure if you already thinking of this since you did not drill down much into how the solution will work, but maybe also look into pattern recognition and data analysis to see how to leverage those technologies in order to automate the processes such as the assessments.