Cash Credit received an award in the category "Innovation for 2016" in South Africa!
The event organizer was Mondato - consulting company specializing in financial technology.
More than 30 companies participated in the competition all of them are established names in the business. In the final Cash Credit compete with Blackberry Messenger, which were competing with their new platform for mobile payments. DFC Innovation Award of the year Finalists: Blackberry M; Cash Credit; Edge Point Digital Company.
The main reasons Cash Credit to be chosen as a winner in the category "Innovation" are:
- Unique model for evaluation of alternative telecom data;
- Our special partners work model;
- Technology identification using neural networks and self-learning systems;
- International presence.
What makes Cash Credit’s product innovative
Cash Credit is unique not only by our business model but as well as our view and approach towards lending and the delivery of the service. The key difference to other micro lending models is our partnership with telecoms to use non-traditional telco data to offer the service to the entire group of telco subscribers and not only the ones where traditional data is available.
Another unique point about the Cash Credit’s service is that within the unsecured micro lending space we focus on analyzing not only a potential borrower’s ability to repay a loan but place much more focus on his willingness to do so. We believe that in the unsecured lending space willingness to repay just as important or even more than the ability to repay. Cash Credit uses the big telco data to perform analytics of the behavior patterns of our potential borrowers using psychometric approach to our hypothesis setting.
Last but not least, our model of offering a white labeled service to the customers creates a true alternative to the predatory lenders serving these customer groups. Cash Credit has a big focus on responsible lending and education of our customers of the risks of entering in the dangerous debt spiral.
And that's not all! The professional presentation of Cash Credit provoke the interest of established companies participating in the event, as with some of them we conducted meetings.
Congratulations to the team! On one hand this is step forward in our development, and on other this award reinforces the importance of our business model and the recognition of our uniqueness.
Event & Award
The Mondato Summit is a conference hosted by Mondato, a company that specializes in strategic, commercial and operational support for the mobile finance and commerce (MFC) industry.
Mondato holds these summits annually in Europe, Africa and Asia. These summits are industry focused with emphasis on networking, learning, innovation and investment in the MFC space. These sessions are especially beneficial as they provide valuable insight into MFC through case studies, debates and in-depth discussions.
These summits have been introduced as a direct response to demand from MFC players and professionals. The aims of the summit are to add clarity and to connect entities in the MFC environment – to make it grow.
The summit may be beneficial as it could provide a means of development in terms of recognition, media coverage, networking and investment, as well as allowing one to see other projects, goods and services present in the MFC environment.
Some of the parties that have taken part in the summit in 2015 include:
Barclays Africa (ABSA), MTN Group, CNBC Africa, Facebook, TYME, Uber, IFC, Google, FBN Insurance, World Bank Group, Telkom, The Gates Foundation, MicroEnsure, MasterCard and many more. Entities are able to apply for the Mondato Awards for Mobile Finance & Commerce Innovation and Digital Finance plus Social Impact in Sub-Saharan Africa.
- Mobile Finance & Commerce Innovation – this will be awarded to the MFC provider whose product or service exhibited the most the most innovation in their given market in Africa during 2015-2016.
Any technology, product, equipment or service submitted must have been launched in Africa on or after January 1st 2012. Entries can be submitted by companies, non-profits, public institutions and joint ventures.
2015 winner was InVenture, which is a company offering credit scores and accounting tools to individuals who lack access to formal financial services. InVenture is an innovative, fast-paced mobile technology start-up, which provides a credit scoring and reporting platform to financial services institutions in emerging countries. InVenture's vision is to provide a standardized global credit score for anyone with a mobile phone thereby revolutionizing the financial services sector in emerging markets.
- Digital Finance Plus Social Impact in Sub-Saharan Africa - will be awarded to the provider whose product or service delivered measurable social value in their given market in Africa during 2015-2016. Preference will be given to products and services that target "Base of the Pyramid" (BoP) customers or that meets the specific needs of traditionally under-served populations. The potential for commercial viability, growth, and profitability will be considered alongside the service's social impact.
Any organization or company, whose products/ services have been launched, or are in beta/ early stages of development in Africa. At minimum, all applicants must have a Proof of Concept (POC). 2015 winner was Fenix International, a company which offers a platform allowing customers to pay for Fenix solar energy systems over time. With any mobile money system, they allow customers to make payments via their mobile phone to have access to solar power, until a next payment is due. They are partnered with MTN.
- Three finalists from each category will be selected to receive a complimentary pass and a chance to pitch their solution at Mondato Summit Africa 2016 in Johannesburg on April 12th & 13th.