Updated Mar 01, 2019
Akellobanker is a data-driven mobile and web-based digital platform that enables low-income earners including farmers, Youth, women, and disabled persons to access mechanized Agricultural services, improved seed and medical services on credit.www.akellobanker.com
Jean anthony Onyait
Agriculture is the mainstay of Uganda's Economy employing over 80% of the Ugandan workforce. However, those involved in the sector struggle to increase their production and productivity due to limited access to credit services. Credit is a key catalyst to production, yet less than 10% of the commercial bank credit is channeled towards the agricultural sector. The commercial banks have sighted lending to farmers as risky, due to lack of collateral and financial history to facilitate credit.
Akellobanker offers easy access to tractor hire, improved seed, medical services and farm labour on credit, by leveraging data & mobile Tech to offer structured re-payments compatible to the user needs. The platform integrates mobile money and the use of USSD to facilitate instant access, disbursements and repayments. Moreover, the data historicals collected is used to generate unique Credit Identities, which track user credit behaviour and assign appropriate credit scores.
We aim to serve the over 2.2 billion farmers, youth, women and the disabled persons who need to engage in productive agriculture, yet lack access to financing, resources, and equipment to boost the production and productivity of their farm and non-farm enterprises. In addition, we serve the cash trapped Savings and Credit Cooperative Societies (SACCOS) and Merchants, who want to reduce the risk of credit loss while maintaining good cashflows and improved service delivery.
Akellobanker offers easy access to tractor hire, improved seed, medical services and farm labor on credit, by leveraging data & mobile Tech to offer structured re-payments compatible to the user's needs. The platform integrates mobile money and use of USSD to facilitate instant access, disbursements and repayments. The technology uses the historical data collected to generate unique Credit Identities, which track the user credit behavior to assign appropriate credit scores. It is believed, that everyone has a financial history, except for the fact that it is not documented. The documentation processes form part of the customer journey towards making access to credit simple and easy.
To use the platform, the user can use their phone or walk to the nearest Akellobanker partner merchants who include SACCOS, Medical service providers, seed and tractor providers for assistance. The merchant can then sign up a user or a user who is currently enrolled can sign up another user. On signup, the SMS notifications with the user credentials are sent to the new user.
After the signup, a unique credit identity (CI) is assigned to a user. This CI contains both financial and nonfinancial data of the users. The data is used to conduct credit risk analysis, track user performance, track where else the user has taken credit. The generated score is then used to conduct ade-risking analysis to determine the best credit period and installment payments.
2. Increasing the number of users to 1Million in 12 months by digitizing 8,300 partner Merchants and providing incentives to users who bring other users.
3. Achieving a maximum of 0.5% default rate on nonperforming assets by integrating machine learning and Artificial intelligence.
4. Enabling Peer to peer credit assessment, approval, and guarantees.
|New Implemented Countries||Rwanda, Kenya|
|Recruit||1 Operations Manager, 5 Marketing & Sales Managers, 1 Technical Support Officers and 2 Software Engineers|
|New Feature||Peer to Peer enrollment, self-accounts management for farmers and enable information sharing, enable Stock taking and accounting operations for merchants, ability of the merchants to create new products accessible on credit and Ability of users to request credit rescheduling|