Kenya - Startup under 3 years old

Describe your project or startup in a few words

I have developed a loan product that can be accessed via whatsApp chat bot eliminating the need for customers to install apps and

01.01 Describe your startup in more detail

Credit risk tick limited is a mobile lending service leveraging the accessibility and the convenience of WhatsApp to provide short term loans to customers. We empower individuals by providing them with easy access to short term financial assistance through a hassle-free process that prioritizes convenience, transparency and affordability

01.02 What is the main problem you are trying to solve?

The necessity to install applications and fill out detailed questionnaires undermines the overall user experience. Most apps need between 20MB to 100MB of space for downloading and installation Many solutions impose excessive fees and penalties for defaults, which are not clearly disclosed to users Need to queue and unnecessary paperwork

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

• Easy application process: Applying for a loan is as easy as sendiing a “Hi” message on whatsapp eliminating the need for lengthy paperwork or in-person visits. • Quick approval: our streamlined process ensures quick approval, enabling customers to access funds when they need them most. • Transparent terms:we believe in transparency, and our loan sterms are clearly communicated to customers upfront, ensuring they understand the cost and repayment terms. • Growth: limit is increased once a customer pays their loan on time. • Customer support: our dedicated customer support team is available to assist the customers throughout the loan process, addressing any queries or concerns they may have

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

All end users who have access to WhatsApp application, have an income through either business or employment and transact regularly through Mpesa application.

01.05 When was your company established?

2023-07-09

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

0

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

project management,sales and monitoring and evaluation

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://www.instagram.com/tickcredit?igsh=djNjeHVhbWNiOWQz

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

6

02.01.02 No poverty - Justification for my startup

when users are able to access funds through tick credit whose interest is low and grace period is adequate. one can start a business with the loan which when paid back on time will assist the client limit grow where they can borrow more and expand their business.

02.02.01 My startup contributes to the Zero hunger goal

6

02.02.02 Zero hunger - Justification for my startup

with access to financial assistance our clients are able to access food markets and also invest in farming as one can have a big loan with a good repayment record.

02.03.01 My startup contributes to the Good health and well-being goal

6

02.03.02 Good health and well-being - Justification for my startup

a good diet contributes to good health. with our loan services clients can be able to access a good diet, and also reduce stress of uncertainties which in return triggers diseases like cancer as one is able to meet their obligations through credit risk.

02.04.01 My startup contributes to the Quality education goal

6

02.04.02 Quality education - Justification for my startup

with regular repayment where one will have growth with us on loan increase, one can be able to access quality education as well as pay for their kids schooling, buy books and others

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

tick credit promotes gender equality 100% as no one is prohibited from applying for loans as long as one possesses as smart phone

02.06.01 My startup contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification for my startup

with access to finance assistance from credit risk, one is able to have clean water and sanitation as the money can be used for purchasing

02.07.01 My startup contributes to the Affordable and clean energy goal

5

02.07.02 Affordable and clean energy - Justification for my startup

the platform being a mobile phone there is zero or minimal chances of polluting the environment

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

economic growth is guaranteed with tick credit, employees salary and renumeration is reviewed every 3 months as the business grows

02.09.01 My startup contributes to the Industry innovation and infrastructure

5

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification for my startup

at tick credit we aim at reducing inequality in earnings based on age, sex, disability, race, ethnicity, origin, religion or economic or other status within kenya

02.11.01 My startup contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification for my startup

using only whatsapp as our tool of trade tick credit ensures no wastages

02.13.01 My startup contributes to the Climate action goal

5

02.13.02 Climate action - Justification for my startup

with zero emissions to the atmosphere tick credit ensures a safe environment and employees participate i tree planting activities.

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

6

02.15.02 Life on land - Justification for my startup

to protect, restore, and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss credit risk employees participate in tree planting as well as contributing to buying of tree seedlings

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification for my startup

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

2

06.02 The product/service represents an entirely new type of product/service.

6

06.03 The product/service could be described as a new technology.

6

06.04 The product/service is an improvement on an existing product or service.

3

06.05 The product/service could be described as an extension of a range of products or services.

4

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

5

06.07 The product/service is a new version of an old product/service.

3

06.08 Justification for my startup

the use of WhatsApp application for loans is new entrant to the financial market

06.09 Competitive Analysis

main competitors are other mobile money lenders in the market, my uniqueness is that unlike them where clients have to download large applications to their phones i am using WhatsApp applications which oi essentially in most smartphones and requires minimal data.

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

gender equality is crucial and integral in our modern society. i have employed female employees who make 50% of workforce.