Zimbabwe - Startup under 3 years old

Describe your project or startup in a few words

Juvante is a financial services provider in Zimbabwe providing easily accessible, sustainable and affordable loans and insurance to underserved individuals and small businesses, promoting financial inclusion and economic growth.

01.01 Describe your startup in more detail

Juvante seeks to be become a registered microfinance institution in Zimbabwe providing accessible and affordable loans to underserved individuals and small businesses, promoting financial inclusion and economic growth. The company envisions becoming the most preferred non-bank financial institution delivering leading edge services and value to all key stakeholders in micro lending financial intermediation. Its mission is to provide competitive, easily accessible and sustainable financial products and services that transform lives both socially and economically. Juvante’s major objective is to create economic sustainability and self-reliance for all. CHOOSE SUCCESS CHOOSE JUVANTE is not just our tagline but also our mantra as a representation of our commitment in designing financial products and services for the benefit and convenience of our clients, working together with them daily to guarantee their financial freedom.

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

1. Access to credit: We offer loans to individuals or groups who lack collateral or credit history. 2. Financial inclusion: We serve populations excluded from traditional banking services. 3. Entrepreneurship opportunities: Microloans enable clients to start or expand small businesses. 4. Improved financial management: We provide financial literacy training and encouragement to save. 5. Increased income: Clients can invest in income-generating activities, leading to higher earnings. 6. Reduced poverty: Access to credit and financial services helps clients better manage financial shocks and improve their economic well-being. 7. Empowerment: our services benefits women, promoting independence and decision-making authority. 8. Convenience: We offer flexible repayment terms. 9. Building credit history: Repaying microloans helps clients establish a credit record.

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

Affordable

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

Low-income individuals, small business and entrepreneurs in urban and rural areas.

01.05 When was your company established?

2022-01-01

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

1

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.)

Edgar Isaac Chimhaka is the Founder and Managing Director of Juvante Enterprises Private Limited, a financial institution that specialises in insurance and loans broking services; with offices in Harare and an agency network that spreads across all the major cities in Zimbabwe. Edgar is differentiated by an uncommon complement of financial and risk management expertise combined with strong business acumen, allowing him to view business with a wide lens then narrow down to connect the dots, identify business drivers, understand complex issues, take action and drive results. He has partnered with market leaders in the insurance and financial services industry in Zimbabwe to provide flawless services which has transformed start-ups, SMEs as well as large corporations and has helped them grow their businesses significantly through giving them access to credit lines, securities and risk management services. He has also worked with women and youths around Zimbabwe.

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

https://www.facebook.com/juvanteenterpriseszw?mibextid=ZbWKwL

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

As Juvante we provide access to credit for marginalised individuals and small businesses, promoting financial inclusion and economic empowerment. We enhance clients’ economic well-being and reduce poverty by providing affordable credit for income generating activities such as agriculture, trade, or small-scale enterprises. We educate our clients on responsible borrowing, repayment and financial management practices.

02.02.01 My startup contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification for my startup

Through

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

5

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

Our business model ensures sustainable use of funds borrowed, we offer training and guidance on how borrowed funds can be utilized profitably. Micro-loans + training tools = Financial Growth + Happy families (better social well-being)

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

We offer educational loans and educational tools loans. Every child deserves to go to school. In moments when things are difficult we offer assistance in paying fees and repayments are tailor made to suit the client's ability and not strain them even more.

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

We provide credit opportunities specifically for women promoting gender equality and economic empowerment. They usually underserved by the formal financial services market hence we have made a deliberate effort to tailor make loan products specifically for women with better terms and conditions to allow more women to participate. We also created group loan and saving schemes to alow women to start and grow hheir business giving them support to run their business both financial and non financial.

02.06.01 My startup contributes to the Clean water and sanitation goal

3

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

We have partnered with energy providers to allow our clients to get affordable solar products on credit and pay in installments. Through this facility we have powered many households and businesses both in urban and rural areas.

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

Provide access to credit for marginalised individuals and small businesses, promoting financial inclusion and economic empowerment. Our target market is mainly the informal sector which is the highest employer in Zimbabwe. The sector takes up close to 65% of the economy and over 2.8 million people derive their wellbeing from this sector. Supporting the growth and survival of businessss within this sector ensures more employment and economic growth

02.09.01 My startup contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

4

02.10.02 Reduced inequalities - Justification for my startup

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

3

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

2

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

2

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

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

2

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

3

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.

7 - Strongly Agree

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

5

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

4

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

7 - Strongly Agree

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

6

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

7 - Strongly Agree

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

7 - Strongly Agree

06.08 Justification for my startup

We are mainly focusing on the market that is underserved by other financial institutions due to the high risk it posses. As Juvante we have taken time to understand the market and foster relationships with clients that are mutually beneficial. We have tailor made our products to suit each and every client within our target market of the informal sector. We have developed the products understanding the needs of our market and not a 1 size fits all type of product. We continue to innovate and implement risk management strategies that evolve with our ever changing market. We spend most of our time in the field to get a better understanding and appreciation our our clients thereby creating the innovative value they need and want.

06.09 Competitive Analysis

Zimbabwe has a total 19 registered commercial banks, 217 credit only microfinance institutions; 8 deposit taking microfinance institutions and 289 savings and credit cooperative societies (SACCOs) as at 31 March 2024. About 80% of these institutions are focusing on giving loans to formally employed individuals and businesses whilst only 20% focus on informal traders. According to the RBZ microfinance quarterly report September 2023, the microfinance industry is dominated by a few institutions with the top 20 microfinance institutions accounting for 79.09% of the sectors aggregate loan portfolio of $476 billion as at 30 September 2023. This presents a huge gap for gaining market share as the industry is mainly dominated by small to medium entities in terms of loan portfolio size. Leveraging on technology, expertise, our unique selling point of customizable products and competitive pricing strategy we will take the market by surprise and gain significant ground within the first year of o

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

We have tailor made loan products specifically for women promoting gender equality and promoting entrepreneurship among women. We create access to funding for them to start and grow their businesses. We also offer training to help improve their financial Literacy and utilize funds in a more suitable and sustainable manner.