We power prosperity
A multi-purpose digital financial services platform for Africa’s rising digital economy
SmartMoney is the first digital financial services platform to attract customers from Africa’s diverse rural and urban markets, releasing the full market potential of Africa’s rising digital economy.
Our platform combines high-touch localized marketing with mobile-based digital savings, investment, payment, credit and insurance products. Our “rural first” market entry strategy starts in untapped rural markets, then expands into urban.
In markets where there is high mobile penetration, low financial literacy, and lack of accessible solutions, the path to more income starts with having the financial tools, knowledge and discipline to accumulate investable savings.
In 2018, we introduced a multipurpose digital financial service platform and targeted rural Africa for its alignment with the above market characteristics.
The result? In 2021, 50% of customers continue using our platform weekly to invest an average 15% of their annual income in new income generation. Customers are incentivized by their own success. driving an account penetration rate >20% higher than competing banks, MNOs and microfinance organizations.
Across rural Africa, communities lack the understanding and tools necessary to increase economic prosperity.
Too often, the only source of desperately needed quick cash is high-interest micro-loans. Availability of financial education is limited and loan proceeds are typically consumed instead of invested. The result is no additional income, loan defaults, loss of collateral and a further fall into poverty.
To mitigate these effects we train rural households and businesses, mostly living below $3.20 per day, to save and invest in childhood education, farming, business and other income generating opportunities.
The result? 50% of SmartMoney customers invest an average 15% of their annual income in new income generation.
NEW YORK
193 Malcolm X Blvd
New York, NY
United States
10026
UGANDA
Plot No.47 Rwenzori Road
Kasese, Uganda