ICT tools facilitating agric financing for banks
This write-up is sequel to the piece published in this segment July 16, this year on revolutionary agric financing products which were unveiled at the recent Agricultural Value Chain Financing Programme (Fin4Ag) held in Nairobi Kenya. These tools have been tested and proven in at least one African, Caribbean or Pacific (ACP) country and can be adapted in African any country. The others include:
The Musoni System
This is a cloud-based Management Information System (MIS), aimed at micro-finance institutions and savings and credit cooperatives looking to use technology to improve efficiency and reduce their operating costs. Aside from the core MIS functionality, the system integrates with mobile money transfer services (enabling microfinance clients to receive and repay their loans and savings through their mobile phones); send automated SMS reminders to clients; and enables loan officers to carry out client registration and loan applications in the field using the Musoni app. All these features make the system perfectly suited to organisations working in rural areas.
Tangaza Pesa
This is the brand name for a mobile virtual network operator business, licensed by the Communication Commission of Kenya and the Central Bank of Kenya to Mobile Pay Limited (a fully owned Kenyan company). Tangaza Pesa offers mobile money transfers, voice calls, and access to the internet and data in Kenya across multiple channels.
One of Tangaza Pesa’s market solutions is the Value Chain Automation Service. Specific to agri-value chain financing services, the platform enables prospective farmers seeking financing to securely register with the financiers, apply for loans and credit, receive loans, and make repayments from the comfort of their mobile phone (across all networks). The financiers are able to automate the loan application and approvals process, disburse funds, and monitor loans performance through customised reports and communication.
On value addition through marketing, the platform allows farmers to register and ‘post’ their produce onto the virtual market place for buyers to see. It also enables buyers to register and order, aggregate (at collection centres which ensure quality control) and make payments.
UMarket disbursement portal
UMarket disbursement is a portal system that addresses the bulk payment needs of organisations via mobile phones. The system targets farmers, remittance firms, teachers, manufacturers and other businesses. Registered Tigo Cash users and all other network users are able to receive money through this platform. Money sent to them is redeemable from accredited Tigo cash agents. They are also able to use their electronic money to pay for peer to peer transactions and airtime purchases.
Umati Capital
The Umati Capital platform is a suite of integrated mobile and web applications which are able to track supply information from source to point of processing. This information is then utilised to provide credit to various entities within the supply
OLUYINKA ALAWODE