mPEX is developing a new Software-as-a-Service technology that combines mobile applications with mentored peer exchange learning services to enable small and medium scale agri-food processors access finance to grow their businesses and for commercial banks to grow their loan portfolios at lower operating costs and risks. Software Group, is our digital finance partner.
We are developing a mobile phone application to link small and medium sized enterprises in agriculture value chains with local commercial banks and micro-finance institutions. With our mobile app SMEs can open an account, agree a seasonal operational loan, track and share key business and financial data with the bank to guide timely loan repayments. To help them along we provide our SMEs with a mentored peer exchange learning service through their WhatsApp communities.
What we are trying to do in partnership with Centenary Bank in Uganda is maximise the opportunities that digitalization presents for saving everyone’s time, and making it easier for SMEs operating a long way from bank branches to access and manage credit. We want to show that transparency and collaboration between SMEs and banks that digitalization brings has the potential to increase everyone’s efficiency, reduce everyone’s risks and allow Centenary Bank to expand their work on financial inclusion to many more AgriFood enterprises in Uganda.
With our new technology client food processors and their agents among the farmers and urban vendors can bring the necessary security, transparency and collaboration to streamline value chains from small farmers to urban consumers and access finance to grow their business.
Our technologies enable our clients to access financial services by providing real-time data feeds to their finance provider. Data feeds not only reduce the bank’s operational costs in the processing and management of loans but also their risks. Savings that will enable finance providers to expand their portfolios in the Agri-Food sector.