MyBucks: Turning Traditional Bricks into Virtual Clicks
Timothy Nuy, CEO
It is true that technology revolution has enriched the lives of millions of individuals, making it easy and convenient. However, there remains a large section of people in the African countries that are still bereft of the fruits of technological advancements. The financial stance of such low-income nations, plagued with stark poverty levels, is acutely unorganized. Consequently, people often seek roadside credit assistance to meet their needs. While the majority of the financial world is busy milking huge benefits from the developed economy, there is a minority that invests in the emerging market of Africa. Catering to the needs of the middle-income unbanked or underbanked customer segments in the African nations, MyBucks, a Luxembourg based company, solves their financial concerns and challenges through technology, bringing order to the disarrayed marketplace. Having lent credit of more than $400 million to date, the company is governed by a mission to economically empower the lagging African countries with technology-enabled financial products and services. MyBucks offers a slew of virtual banking solutions in Africa that that includes lending, insurance, and banking, which is corroborated by mobile banking, credit education, financial budgeting, and other financial services. The genesis of the company is the outcome of its motto– ‘Turning the traditional banking bricks into virtual clicks’.
Unlike others in the market, MyBucks’ core philosophy is not rooted in profit making; instead, the company is engaged deeply in the financial welfare of individuals in the African countries.
What’s good about self learning algorithm is that it does not just tweak our processing power, but also increase loan approval rates
The company provides business loans as a measure to uplift people economically. The fintech company also offers educational loan to individuals, thereby creating an intellectual awakening, which makes them better aware of the circumstance and hence paves the way for true empowerment. Asides, MyBucks employs more than thousand individuals in Africa, creating opportunities for the populace of such nations. The company also rewards customers that have good repayment reports with further credit, allowing them to actualize their ambitions and objectives.
Speaking of the company’s self-learning credit scoring algorithm, Executive Director of MyBucks, Timothy Nuy notes that unlike the European and American market, there is no concrete credit database in Africa. Therefore, financial institutions have to rely on alternate database and information to assess the creditworthiness of an individual. Nuy says “What’s good about self-learning algorithm is that it does not just tweak our processing power, but also increase loan approval rates.” The technological prowess also reflects in MyBucks’ major offerings GetBucks, GetSure, and Opportunity Bank. This triumvirate of the product-suite assists customers to secure a loan, open savings account, and complete financial transactions through mobile, along with several other operations. All the services of MyBucks are accompanied by best-in-class security measures that encapsulate latest encryption technologies, annual security endurance tests, among many others.
MyBucks not only acquires customers but also educates them about credit, credit scoring, and lending practices. The company assists its customer to manage their money through its technology-powered financial application better. In fact, in the initial stages, MyBucks’ agents assist individuals to set it up and train them to use the application effectively. In a nutshell, MyBucks brings all the technology-empowered financial assistance at its customers’ fingertips, building a long-term relationship in the entire process.
As MyBucks goes the extra mile in solving social challenges asides building technology-oriented financial solutions, the company was nominated for the European Fintech Award 2017. Continuing the journey forward, MyBucks envisions preempting loan defaults by leveraging artificial intelligence. The company already has released chatbots that assists its customers to avoid loan defaults. Also, MyBucks endeavors to expand into the Asian market towards the end of 2018.