UK-born Ghanaian international financier and investment banker, Mr Tutu Agyare, says he has discovered the next great financial system disruption in mobile technology-based lending service MoneyBoxx, a product of Renaissance Capital Solution Microfinance (RCSM), designed and piloted by award-winning, mobile value-added service provider, TXT Ghana.
Mr Agyare currently serves as Managing Partner and Chief Investment Officer of Nubuke Investment, a firm he founded in 2007 that specialises in African investments where catalysts for significant growth exist and companies most strategically positioned to capitalises on them.
Prior to Nubuke, he spent 21 years with USN Investment Bank, specialising in emerging markets.
What is MoneyBoxx
MoneyBoxx is the latest high-reward investment opportunity identified by Mr Agyare in Ghana, a country with a long history of political and economic stability.
MoneyBoxx is a lending facility entirely built around mobile technology — from the capture of customers’ information to pre-approval to disbursement.
It mitigates lending risk by working in tandem with human resource departments to provide loans for their employees secured by their salaries.
The service is tailored to the majority of those living and working in emerging economies such as Ghana where there is a strong need for the financial flexibility that a revolving credit line provides, yet there is little availability of such to the average consumer because of the challenges in quantifying risk.
The MoneyBoxx Know-Your-Customer system, however, reduces the default rate to a negligible amount by directly deducting loan payments from employees’ salaries, as well as providing a strong pool of data for determining credit worthiness.
Explaining the tremendous growth opportunity in MoneyBoxx, Mr Agyare said, “Technology’s ability to disrupt everybody’s needs is demonstrated through what MoneyBoxx has done and can potentially become for Africa with high growth in micro-lending and even higher growth in mobile penetration.
“In an emerging economy that lacks many of the structures and a system of a more developed one, mobile technology isn’t a luxury; it’s a necessity for survival. Any service with a viable chance for enhancing people’s lives must embrace mobile as the most efficient way to interact with its customers.”
The investment by Nubuke is expected to deliver to MoneyBoxx $20m in capital infusion, systems upgrade and corporate governance expertise to jumpsuit the Pan-African ambitions of the brand.
To align with Bank of Ghana (BoG) regulations, MoneyBoxx and TXT Ghana’s holding company, the TXT Group, completed the acquisition of RCSM in June 2015, thereby opening the door for a nationwide deployment of the service.
With the completion of this acquisition and the investment of Mr Agyare’s investments, MoneyBoxx has begun a massive recruitment drive across all business segments, with an ambitious expectation of 50,000 sign-ups by the end of the first quarter of 2016.
The Chairman of the TXT Group, Nii Sodza Laryea, expressed his excitement by stating, “The support of Mr Agyare, in conjunction with MoneyBoxx’s proven system, will allow MoneyBoxx to scale faster and move quickly to become the leader in financial technology solutions for the African market that we envisioned it would when we conceived it.”