To Musoni’s partners,
The new additions to its product range are attracting new business opportunities for Musoni Kenya
and for its clients, while the Individual and Agriculture loan uptake is on a positive trend. Thika Branch, in conjuction with the government’s agriculture officer, trained over 120 agricultural clients and their non-Musonite invitees on “Farming as a business”. Musoni’s unique Agri loan was hailed by both the clients & the Government officer.
Both Musoni staff and clients have been beneficiaries of different trainings. The Elewa Musoni (Client orientation on Musoni policies & products) were held across all branches and at least 1500 new clients were trained before receiving their first loans. Awareness on Musoni’s Environmental policy alongside product orientation for the staff was part of the training programs for the first quarter. Towards growing our market share, marketing campaigns were also held in Rongai, Machakos, Muranga, Kagio, Narok and Njoro. Last but not least, 21 clients who were between their 10th to 17th loan cycles received a recognition certificate from the CEO.
has started marketing its IT solution to third parties and successfully expanded its client base as a consequence. Have a look here
for the new Musoni website. Musoni Services now licenses its software to seven organisations across Kenya, Uganda, Tanzania and Zimbabwe. Expanding into Zimbabwe marked an important milestone for Musoni, demonstrating the potential of the Musoni System to MFIs also outside of East Africa, and in a market where the success of Ecocash (with over $4bn processed in mobile money transactions so far) will give Musoni’s clients a further competitive advantage.
We have continued to develop the IT system, adding new features including integration with Airtel Money (Kenya), integration with Payway (Uganda), and the addition of the PPI Surveys & Analytics, enabling MFIs to better monitor their social impact. Over the next quarter, Musoni Services will continue to add new features, in particular accruals accounting and the SMS module.
Over the past quarter our clients have experienced 100% uptime and feedback from our partners has been extremely positive, with one of them commenting “The system is fantastic in terms of real time reporting, user friendliness and security. The people behind the system are a wonderful team.”
We are currently in licensing discussions with MFIs in Ghana, Senegal, Uganda and Tanzania and are always interested in introductions to new MFIs, cooperatives or asset financiers (cooking stoves, solar energy etc) who are looking for a highly innovative IT platform to efficiently manage their operations.
Rural market research in South west Uganda
The preparations for Musoni Uganda
are well underway and we are in discussions with potential investors and donors aiming to ‘soft launch’ operations in the end of this year, reaching over 60,000 rural clients nation-wide within five years. Early 2014 we have embarked on further market research in Central and South West Uganda, to identify the potential of Musoni's innovative and client-focused microfinance services in selected areas in rural Uganda which are feasible to target from launch. Traditionally, very few formal microfinance services have been available in these areas, and the costs of those services which are available are typically very high. Musoni can make a clear difference here, offering for the first time convenient, transparent and affordable financial services to the rural population. We do this following the Musoni methodology, performing all transactions via mobile money transfers and Musoni staff penetrating deep into rural areas with the use of tablet computers for the digitized processing of all client data.
One of the pillars of Musoni Uganda's rural strategy is the cooperation with local rural networks to more easily reach the rural poor and (groups of) farmers, and to expedite its growth and impact. The organisations we are discussing partnerships with work with a total of circa 500,000 farming households providing inputs, capacity building and/or market linkage services. Access to financial services, provided by Musoni Uganda, will be a complimentary component to the offering of these rural networks, and will increase both their and Musoni Uganda's overall impact. Besides farmers, Musoni Uganda will also offer its services to micro-entrepreneurs such as market traders and shop owners. We will keep you informed on the progress.
If you have any questions please do not hesitate to contact us. As always we would like to thank you for your continuous support and we look forward to being successful partners for the years to come.