Tell us about your partnerships
Our focus is on developing partnerships in marketing and sales with local players in target markets to gain traction.
- In Cameroon: We founded Maviance Cameroon in July 2012 with a local partner. Aim: Distribution of solutions in local market & to act as customer service support hub for central Africa.
- In Ghana: We established a distribution partnership with VBS Ghana – a consulting and implementation partner for microfinances in Ghana.
- In Nigeria: We are working together with a German business development company to identify and select a local partner for the market.
Are you currently targeting other specific populations, locations, or markets for your innovation? If so, where and why?
Initially, we are targeting the African market. Specifically Sub-Saharan Africa. However, our solution is applicable to other emerging markets that share similary characteristics like S. America and SE Asia.
WHY: These regions have large underserved populations and with MFIs trying to attend to their need. However, technology and infrastructure barriers expose the MFI companies to preventable inefficiencies and misuse that significantly increase the cost to serve or the perceive risk of engagements. Simply put, the need is big, the solution is right and the impact is biggest.
What type of operating environment and internal organizational factors make your innovation successful?
Factors that favour our innovation:
- The pain from lost funds due to unauthorized lending is real as field workers try to make a quick dollar by not immediately reporting collected money. Usually, the money cannot be recovered as the field agents cannot repay.
- Significant investments have already been made to existing core banking systems that can be leveraged
- Mobile penetration is on the increase and network reach is increasing
- Handset prices fall with increased functionality
- There is a large underserved population that needs financial products
- Regulatory changes to increase transparency within MFI and reporting needs in countries push them to address these situations.
- MFIs with no Core Banking System can use our solutions to strengthen their processes.
Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list
We have specialized in developing mobile solutions that take into account the particularities (mindset, technology and infrastructure) of emerging economies and can offer support in this area.