Our philosophy and why we do what we do
OsusuMobile is designed to increase financial inclusion and empowerment by offering tools which enable people carry out basic banking activities such as savings, aided by the use of simple and everyday technology — mobile phone. We strongly believe credit empowers whether in form of savings or loans, and that is why we want to make it easy and convenient for people to save money and in the process build creditworthiness for loans.
OsusuMobile revolves around users — savers and agents, who continually help us shape our product design, and business process. We are always engaging stakeholders such as prospective savers, agents, banks, and other potential partners with financial services that may be integrated in our solution.
In the long term we hope to empower people with a number of financial tools to carry out activities starting with savings by making deposits with agents. We believe this will help savers create creditworthiness that can help us offer other services such as short and long term loans while affording agents a main or complementary stream of income. Driving the cashless agenda will also see OsusuMobile enable users carrying other activities such as credit pooling, payments, funds transfer, among other things.
With a growing and neglected underbanked and unbanked population who fall on the wrong side financial inclusion, the urgent need to disrupt banking and access to financial services emerges. We believe building either credit or creditworthiness should be easy and convenient without need to forego time that would have been spent making money at the place of business.
We also plan to focus on the exclusion induced by the urban-rural divide, scaling into the urban areas with target on the underbanked such as taxi drivers and market women and traders who hardly have time or avoid today’s bottlenecks that come with carrying out financial activities with traditional institutions such as the banks, not neglecting the unbanked rural dwellers from farmers to merchants.
OsusuMobile is novel in how it approaches solving the problem of financial inclusion. With the use of simple technology such as SMS via the mobile phone and familiar process of agent network, we bring an easy and convenient way to carry out financial activities.
We have looked at some players in the mobile money and payment space as they come closest to being competitors. The banks and telecoms are also in on the action, however we’ve decided to go after the market in a different way:
First with the financial activity that pushes for empowerment — credit power from savings and deposits, with simple and familiar technology and marketplace setup — mobile phone and agent network. This makes it possible for us to introduce add-on services that can only be carried out when a user possesses credit or creditworthiness.
With a mobile-first society and one that is conversant with agent network for distribution of goods and services, OsusuMobile does fit into the cultural, societal, and behavioral setup, so we invite you join us on our journey.