Coming from an outsider’s perspective (being recently hired as an Operations Fellow by this awesome team), I wanted to create a short summary of InVenture’s products, users, and impact. Consider this an “InVenture for Dummies” if you will, which I believe will be very useful for those learning about the organization for the first time. Or if you are already familiar with us, this entry will be a great read for updates on our current statistics.
To start off, we must establish one thing and that is InVenture’s mission is simple: to deliver financial services to those neglected by the formal marketplace. To support this goal, two applications have been developed namely InSight and Mkopo Rahisi. InSight is a feature phone accounting tool launched in India running primarily on an Interactive Voice Response (IVR) system combined with SMS. Over to another part of the world, the affordability and growing presence of smartphones in Kenya’s emerging middle class introduced an opportunity; Mkopo Rahisi (which literally translates to effortless loan) is an experimental Android application that provides instant loans using mobile money.
Users for both products consist of housewives, business owners, and everyday citizens with an average age of 29–31, generating an average income of $300 a month. Since launching early this year, InSight now has over 1,000 users to date with 30% using the product consistently for three weeks. Meanwhile, Mkopo Rahisi has over 2,000 users equating to more than 3,000 loans granted in just less than six months. In fact, with a repeat rate of 85%, one loyal user has just took out her 13th loan! Even more exciting is that Mkopo Rahisi’s growth rate of 150–200 new users per week has been entirely organic with 70% of our users spreading the good news by word of mouth. Our algorithm also shows that certain user groups have a repayment rate of 95%.
That being said, the data clearly provides evidences of users finding long-term value in our products. Aside from being absolutely free (a missed call system is implemented where calls are pushed back to users — eliminating fees), InSight as an accounting tool assists users to track their daily spending, which in turn highlights their savings and creates a habit of financial management. Mkopo Rahisi’s instant loans on the other hand, enable individuals to get quick and affordable access to the cash they need compared to available alternatives. We’re seeing that majority of borrowers use these loans for transportation and business purposes such as purchasing bus fares to attend job interviews and expanding business operations but, it is also being utilized in other ways — buying school supplies, paying maternity fees, and special occasions (i.e. birthdays, weddings). More importantly, with over 10,000 data points per user, our tools allow us to build credit scores for an underserved market establishing their financial identities while opening up a world of possibilities.
But don’t take our word for it! Here are some of what our users have to say:
InSight, India
Malathi, Housewife – “Now, even if I don’t have any income on a particular day, I am knowledgeable of my expenses. It is also great to see a summary of this in weekly and monthly reports. InSight saves me time and avoids confusions I used to encounter doing manual calculations.”
Mohana, Tailoring Business Owner – “Through Insight, I am able to regularly track my expenses. I can now easily identify areas where I spend most and seeing negative entries motivate me to increase my savings. Free calls and SMS also make the process very simple.”
Dinesh, Bakeshop Owner- “I like the way InSight is setup and the idea of encouraging people to track their own expenses. For me, it is important to track these expenses since I have children to take care of and constantly have to save for their future.”
Mkopo Rahisi, Kenya
Jackson, Construction Business Owner
“Good work, keep it up. You are going to give banks and even Mshwari a run for their money.” “This is the Kenya we want!!!”
Chepteek Hope
“My experience with Mkopo Rahisi has been great. Firstly, I got the loan after few hours of requesting. Secondly, the payment mode is very convenient. It makes me work hard to meet payment on time. And lastly, the interest rate charged is low and affordable. Really amazing stuff. Thanks so much for this InVenture”
Protus, Business Owner
“It is the fastest platform on mobile money loan solving our instant needs on the spot. Kudos Mkopo Rahisi.”
Growing up in a developing country like the Philippines, there has always been an inner drive to do more. Unfortunately for me, I just didn’t know where to begin. That drive led me to take up a Masters degree in Social Entrepreneurship which I recently completed last August. Through the process; you develop a higher appreciation for socially centered businesses, more so now that I am experiencing it first hand. So much is achieved with the given circumstances that one can’t help but admire the effort put in by every individual. Honestly though, this is only the beginning and there is still so much room for growth. I am waiting (and hoping) to see the day when I can be a part of InVenture’s efforts in the Philippines. Yes, it’s a little wishful thinking on my part but a definite possibility. In the midst of achieving its mission, these are definitely exciting times for InVenture and I couldn’t be more thrilled to be part of it.
