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M-MKopo which is a mobile e-loaning solution has done Sh 928 million in transaction volumes to date with 425,523 registered members countrywide since its inception in 2012.
Fredrick Alunala, the founder of Ndovu Group Investments, a financial technology company that runs M-Mkopo said that their main clients have been Saccos, Banks and Financial Institutions.
Alunala said that some of their partners and customers include Digital Ocean, Oracle, Safaricom, Onfon Media, UBA Bank,Connect Credit MFI, Lifeboat SACCO, Lompasago SACCO, Comodo SSL and Arcvil Security.
“Through the USSD *261*# Safaricom pushes members/user traffic to our servers to consume our products via USSD providing Saccos and Microfinance Institutions with mobile loans solutions that enable customers to use their mobile phones to apply for emergency loans,” said Alunala.
He said that some of the Mkopo product features include Sacco Instant Loans, Sacco Member Invite Friends, Repay Sacco Loan via Mpesa, Sacco Merchant Web Portal, Comprehensive Reports, System White label, Pay Merchant Bills and prepaid cards(Visa/MC/Verve).
Alunala said that some of the products under development under M- Mkopo include Android Application, Insurance Services, Buy Shares, Merchant Bill Integration (OTC), Peer to Peer Lending and Long Term Loan solution automation.
He said that through the Sacco Member Invite Friends feature allows Sacco members to invite friends into the platform for approval and use of the mobile loan services with this feature allowing payment of bills e.g. Electricity, Water, etc. via USSD.
“Benefit of M-MKopo to Saccos include Improved efficiency, Lower costs, Risk reduction, Secure Systems, Revenue growth, Access to Credit, Overdraft facilities and VISA Verve Cards,” said Alunala.
Alunala said the Sacco Merchant Web Portal is a portal assigned to the lender/financial institution for customer management, The Sacco Platform has 5 user levels and maker- checker functionalities.
He said that the solution allows a comprehensive reports and analysis both for merchant and ERP user, with their System White Label platform customized based on Sacco merchant/lender requirements.
The Ndovu Group Investment Founder said that the Repay via Mpesa paybill or Mpesa STK feature allows loan repayments to be completed via mobile money i.e Mpesa with this same can be done through the Sacco Wallet.
Alunala said that he conceptualised and developed M-Mkopo in 2012 and later registered a copyright for the solution at the Kenya Copyright Board in 2015 three years after developing a working prototype.
“We are currently working with various partners to further our business in Kenya, Tanzania and Congo DRC and look forward to spreading its wings to other neighbouring countries,” said Alunala.
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