Pngme’s financial data platform is transforming how small businesses access credit.
In Q1 2020 we originated our first agent e-float loans through the Pngme platform to a number of small businesses on the ReadyCash network. These loans mark a year of planning and building within our global team of engineers, business development professionals, and marketers. Pngme’s hypothesis is that the key to reaching the financially excluded is through mobile money agents. In order to reach those unserved individuals, agents need access to float loans to grow their business outside of traditionally well-served, high-foot traffic, urban areas. Globally, the World Bank estimates that 1.7 billion people remain unbanked, we believe that with new data sources and digitization, we can help put banking within reach of millions of un/underbanked in Africa.
Over the past two weeks, we have had the incredibly validating experience of witnessing the impact of these e-float loans. Entrepreneurs on the ReadyCash network were able to acquire a line of credit previously inaccessible to them. Once the agents submitted their applications through the Pngme platform, credit was accessed quickly and with little-to-no friction. For the first time, these agents were able to capitalize on business opportunities as they happened and by securing emergency funds in times of downturn, their businesses were able not only able to survive, but thrive in light of Covid-19.
We’re enormously proud to share a few customer testimonials. Onadeko Omolayo, Michael Iheanacho Oka, and Segun Okungade of Nigeria outline tough economic conditions and detail the impact Pngme’s e-float loan has had on their businesses and lives.This is just the start, with applications in the works for a number of partners, we look forward to delivering this level of economic enablement at scale.
Michael Iheanacho:
D. O. Investment
Located at: Samland Junction, Mowe Ogun Stat
WhatsApp: 07083850705
Ondeka Omolayo
House of Treasure
Okeoko Ishawo Agric Ikorodu, Lagos State
WhatsApp: 08050266215
Segun Okungade
Shegsgold enterprises
Lagos
WhatsApp: 08184924022
What are the challenges working with traditional banks in Nigeria?
Segun Okungade: Their current interest rates make it very difficult for me to apply for credit. In addition they ask for collateral which I can’t provide being a small business owner.
Michael Iheanacho: Accessing loans here in Nigeria as a small business owner is impossible, the banks can’t meet our requirements and make it it difficult to scale even minutely.
What is the main benefit you received from the Pngme e-float loan?
Segun Okungade: For me it’s enough time to pay back. I can now lend to small businesses that have lower cashflow, helping them build. I was able to sustain my business in a period of economic downturn.
Michael Iheanacho: Loan offers are fast and the customer care is top notch. The process of getting support funds is seamless compared to what I have experienced in the past. If I had an issue or problem Pngme was fast to respond and offer support.
Ondeka Omolayo: I was able to improve and build my business as a result of the e-float loans.
What is the main challenge to your business in 2020?
Michael Iheanacho: Simple access to finance. We’re a hardworking entrepreneurial nation with incredible potential. Unfortunately there’s been little private or public infrastructure to support business owners.
Ondeka Omolayo: It’s not only access for me; myself and other business owners need more capital at better rates.
How has COVID-19 affected your business?
Michael Iheanacho: Low sales have been the order of the day, products have been inflated by dealers and it’s getting worse. Additional funds are desperately needed to keep businesses afloat. Many of these businesses are essential to rural communities.
Ondeka Omolayo: Covid has made it harder to access already limited financial services.
If you could add a service or product to Pngme what would it be?
Segun Okungade: Add iOS!
Michael Iheanacho: Other financial services e.g fund transfer, bill payment, airtime top up.
Ondeka Omolayo: An increase in loans for those who have successfully repaid.
We’re happy to say the above functionality is in the works. :)
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