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Card Pesa
Card Pesa
A Day of Firsts.

Today the new platform was able to dispatch an advance to a client who was using his Ugandan registered phone in South Africa using our new USSD code *217*260#

This development creates new possibilities for clients who may want to sign up for services from the diaspora and get local credit in Uganda to meet obligations within the country without having to transfer large sums of money whenever they would like to meet a local obligation with the associated costs that money transfer services may cost.

With Card Pesa you can now rest easy knowing that even when abroad you still have access to the platform and you can transact from anywhere in the world.
Card Pesa
Card Pesa
The story of US.

18th October 2020 was exactly 17 months or One Year 5 months since we put action to our aspiration of building a digital bank.

Our idea was to find a way to provide the ordinary Ugandan with credit based on their proof of social links and participation in economic activity without the need to recouse to collateral.

We based our hypotheses on the premise and belief by our principles that what holds Ugandan enterprise back is the inability of most of our financial institutions to provide credit to ordinary people who can't meet their kyc (know your customer) requirements and most would not have the aptitude and documentation that would enable them to get ordinary bank loans.

We therefore sought to make the registration simple. Our view was that a person who is involved in economic activity must be a natural person and can be identified using their national ID and has references who can vouch for what they tell us about who they are and what they do.

Based on the information provided on enrolment plus a review of their latest statements either bank or mobile money statement we would be able to get an indication of what the prospective clients average transaction size would be. And that would be the target of the level of credit we would provide them.

Our view was the loans we would provide should not be used to capitalise the business or a person's operation but to finance transactions so that business or economic activity of the client is not hampered or curtailed by lack of what we deemed to be working capital.

We partnered with an aggregator who allowed us to use their platform to dispatch and receive payments and started recruiting clients to use this platform from zero.

Our strategy was not to enrol as many clients as possible by signing them on for free. We therefore charged a subscription fee which we felt reflected the cost of servicing that client on the platform for a year and this we felt was key for we believe that if a person does not see the value of being able to access credit wherever and at whatever time they want and the efficiencies that creates then more likely they won't value the credit they receive which would result most likely in them not repaying the advances they get.

We have signed up a few hundred clients to date who took a chance on us and had no known links with the founders or our staff and based on the performance we can now say we have a greater appreciation of the credit behaviour of many a client in the country.

We can now through the system determine the credit risk/ probability of default of a client based on the performance of those the system associates with them, the way in which they repay and re borrow, their gender, their location, age and work they do.

As a business we are cognizant that to make an omelette you have to break an egg so our philosophy is to give everyone who signs up the chance to prove their credit worthiness and not write off any client who signs up if they meet our simple criteria or being able to demonstrate social links and economic activity

The data we have reviewed as a result has given us a better insight into the nature of operation of many a user on the platform and we will soon be able to accurately predict whether a client will repay or won't repay advances given to them based on the above information they provide and how they utilise the platform

What the system has also taught us is that bad credit behaviour is carried out in groups. We have noted that for most of our delinquent customers their is pattern seen where you can link all the clients to a particular person on the platform or a particular period of registration.

Covid was a once in a century occurance that upended our earlier presumptions somewhat.
During the tough months of Covid we noted that the clients with the lowest sizes of loans suffered the most and were more likely to fail to meet their obligations.

As a gesture of goodwill we cancelled all interest charged for the period the country was in full lock down and we adjusted the platform so it would not penalise late payers with adverse ratings.

The clients who had been in economic activity longer with more stable livelihoods were more likely to meet their obligations in a timely manner however we can still see strain within the economy as many good clients are exhibiting the effects of the challenges that Covid has presented to their enterprises or work lives.

As a business we have also taken the opportunity to evolve and now have our own platform with our own call sign *217*260#. We have moved from Axess and this will provide us with the platform to activate the use of Phoenix cards for online and vendor credit arrangements and payments.

*217*260# will also enable us to vary interest rates to meet different client demands as well as sign up vendors/merchants who would like to participate in creating a means by which ordinary Ugandans can get credit when transacting digitally on the platform on which they are transacting in the form by which they would require the credit.

Most importantly *217*260# recognises our clients on any and all numbers that they have registered with us and can accept payments initiated by a client for a loan to be paid by someone else if that person authorises the payment. So payment modes are limitless.

We have also built redundancy in the new platform which will allow for all sorts/channels by which our clients can interact with us. We can now dispatch and receive money through direct to bank, EazzyPay, Airtel Money, Yo Pay, MomoPay and Mobile Money to name but a few.

We will also soon be able to access card payments and creation of virtual cards that can be used anywhere in the world besides using The Phoenix.

We are also now looking for partners who we can engage to be able to finance hard to finance sectors like small holder farmers, artisans and small miners. We believe that the platform as it is structured now would be a good resource to provide these kinds of bottom of the pyramid workers with access to a lifeline they would not be otherwise able to get being their numbers location and unique needs.

As Card Pesa we believe that we will build a digital bank based on the needs of the indeginous Ugandans taking into consideration their unique circumstances and we learn and grow everyday based on what behavior we see on the platform

We therefore would like to thank all those who have believed in our vision, supported our vision and brought us to our current position where we believe that we are now at a stage where we are in take off phase and closer to meeting our vision than ever before.
Card Pesa
Card Pesa
*217*260

Card Pesa is now found exclusively on USSD Code *217*260# on any telecom network

Step into a world of simplified digital financing by signing up on

https://app.cardpesa.com/index.php/enroll/
Card Pesa
Card Pesa
Finance yourself and your enterprise digitally

With Card Pesa you can transact at any time.

Step into the future by simply signing up
Card Pesa
Card Pesa
Card Pesa Digital Finance Makes Life Easy
Card Pesa
Card Pesa
Introducing Eazzy Pay

Card Pesa is proud to introduce another option for transacting with us called EazzyPay.

Please see the images below for making payments either on Airtel and MTN.

Our Merchant Code is 000183

If you have an Equity Bank Account you can also pay directly from your App to the merchant using your pay bill option.

As Card Pesa our mission is to ensure that we can provide advances and facilitate digital commerce when and where the funds are needed when they are needed.

We hope this additional option helps meet that challenge
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