Turning Traditional Bricks into Virtual clicks

Timothy Nuy, CEO CIO Applications
20 March 2018
Turning the traditional banking bricks into virtual clicks

It is true that technology revolu- tion has enriched the lives of mil- lions of individuals, making it easy and convenient. However, there remains a large section of people in the African countries that are still bereft of the fruits of tech- nological advancements.

The financial stance of such low in- come nations, plagued with stark poverty levels, is acutely unorgan- ised. Consequently, people often seek roadside credit assistance to meet their needs. While the ma- jority of the financial world is busy milking huge benefits from the developed economy, there is a mi- nority that invests in the emerging market of Africa. Catering to the needs of the middle-income un- banked or underbanked customer segments in the African nations, MyBucks, a Luxembourg based company, solves their financial concerns and challenges through technology, bringing order to the disarrayed marketplace.

Having lent credit of more than $400 million to date, the company is governed by a mission to eco- nomically empower the lagging African countries with technolo- gy-enabled financial products and services. MyBucks offers a slew of virtual banking solutions in Africa that includes lending, insurance and banking, which is corroborated by mobile banking, credit educa- tion, financial budgeting, and oth- er financial services. The genesis of the company is the outcome of its motto- “Turning the traditional banking bricks into virtual clicks”.

Unlike others in the market, My- Bucks’ core philosophy is not root- ed in profit making; instead, the company is engaged deeply in the financial welfare of individuals in the African countries.

The company provides business loans as a measure to uplift people economically. The fintech compa- ny also offers educational loans to individuals, thereby creating an in- tellectual awakening, which makes them better aware of the circum- stance and hence paves the way for true empowerment. Asides, MyBucks employs more than thou- sand individuals in Africa, creating opportunities for the populace of such nations. The company also rewards customers that have good repayment reports with further credit, allowing them to actualise their ambitions and objectives.

Speaking of the company’s self-learning credit scoring algo- rithm, Executive Director of My- Bucks, Timothy Nuy notes that unlike European and American market, there is no concrete credit database in Africa. Therefore, fi- nancial institutions have to rely on alternate database information to assess the creditworthiness of an individual. Nuy says “Whats good about self-learning algorithm is that it does not just tweak our process- ing power, but also increase loan approval rates.” The technological prowess also reflects in MyBucks’ major offerings GetBucks, GetSure, and Opportunity Bank.

This triumvirate of the prod- uct-suite assists customers to se- cure a loan, open savings account, and complete financial transactions through mobile, along with several other operations. All the services of MyBucks are accompanied by best-in-class security measures that encapsulate latest encryption technologies, annual security en- durance tests, among many others.

MyBucks not only acquires cus- tomers but also educates them about credit, credit scoring, and lending practises. The company assists its customer to manage their own money through its tech- nology - powered financial ap-plication better. In fact, in the initial stages, MyBucks’ agents assist in- dividuals to set it up and train them to use the application effectively. In a nutshell, MyBucks brings all the technology-empowered financial assistance at its customer’s finger- tips, building a long-term relation- ship in the entire process.

As MyBucks goes the extra mile in solving social challenges asides building technology-oriented fi- nancial solutions, the company was nominated for the European Fintech Award 2017. Continuing the journey forward, MyBucks en- visions preempting loan defaults by leveraging artificial intelligence. The company already has released chatbots that assists its customers to avoid loan defaults. Also, My- Bucks endeavors to expand into the Asian market towards the end of 2018.

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