On your marks, get set, go!
GetBucks Kenya, a subsidiary of Frankfurt-listed Fintech MyBucks, is excited to announce the launch of its Haraka rewards programme. The innovative loyalty and incentives programme is the perfect match for the revolutionary Haraka microfinance app that has proven incredibly popular in Kenya and all the markets where it has been released.
The Haraka app has taken Kenya by storm. Haraka means “quickly”, and that is exactly what this ground-breaking app delivers: fast access to finance opportunities for the unbanked, underbanked and informal sectors. Borrowers begin with small loans which build up a credit history, ultimately enabling higher loans and longer terms further down the line. By developing technology that is able to measure client behaviour and risk, MyBucks is poised to continue benefiting from the burgeoning informal and SME market in Africa.
Now, thanks to the innovation and creativity of GetBucks, the new rewards programme is a novel concept, to match the market-leading Haraka app. Based on the idea of a race, the user starts off at the back of the race as a slow contestant and as the user progresses through the various levels the user becomes a faster player each time, progressing up the field. The messages that appear in the app at the various stages of the race are simulated to mimic race commentary.
Running races are very popular in Africa in general, and Kenya has a global reputation for being a world-leader in marathons and on the track. It is a perfect match. And so, as the Haraka app user scores rewards points, the competitive and fun nature of the simulated race makes for an exciting experience all the while unlocking better value for the user. Points are gained for referring friends to download Haraka, as well as points for every time they take out a new loan.
An additional incentive feature is the refer and earn feature, where the user sends a special QR code to their friends and if a friend takes out a loan, a cash reward is given to both the friend and the original user.
MyBucks CEO Dave van Niekerk said he is very excited about the innovation and creativity of the new rewards programme, which he believes is the perfect match for the agile and fast lending app. “The reason the rewards were designed to be along the theme of a race is so the loyalty and incentive programme can relate better with the Haraka app itself - fast loans, while symbolising MyBucks - working towards leading the pack in the FinTech industry.”
Van Niekerk explained that the rewards programme has been designed to support MyBucks’ mission of bridging the finance gap. “In many markets around the world, and specifically in Africa, there is a large unbanked sector. The rewards programme is tailored to help us reach our target of providing accessible finance to everyone who has been ignored by traditional banks. Unlike traditional banking, a lack of clients with formal credit histories does not provide an obstacle to the success of Haraka. Instead, dealing with this reality is a core strength of the app and business plan. The phenomenal performance in Kenya informs our mission to spread the app to more people and hence this new exciting rewards programme.” The animals chosen range from a snail to the fastest animal in the world, which happens to be African. “Users will start as Speedy Snail and evolve into Turbo Turtle and eventually at the highest stage they will become Charging Cheetah,” said Jaco Coetzee, Country Manager for GetBucks Kenya. “The way they will evolve is by referring friends and taking out loans. Every loan they take out equals 100 points and if a friend they refer downloads the app, they earn 300 points. Each level earns a maximum of 1000 points. With every level the user progresses, there is a maximum amount they can take out on a loan. Obviously this is still dependent on affordability.
“The refer and earn programme is a bit different and results in a cash incentive. Once the referred friend takes out a loan, having entered the QR code they were sent, they earn a cash amount, along with the friend who sent them the code. In Kenya this is KES100,” explained Coetzee.