Kenya - Startup under 3 years old

Décrivez votre projet en quelques mots

Mywagepay offers an infrastructure for embedded credit (Embed, Score Check, Capital) to enhance financial inclusion for Africa's 44 million SMEs that need more finance than they can access, resulting in 65% of them failing within 3 years.

01.01 Décrivez votre startup en détail

Mywagepay is a pioneering fintech company based in Kenya, dedicated to transforming the financial landscape for small and medium enterprises (SMEs). With over 44 million SMEs in Africa, 65% need more financing than they can access, leading to financial stress and a survival rate of less than three years for most. This creates a $421 billion financing gap in the market. Mywagepay aims to unlock SME lending by building an infrastructure for embedded credit. The company offers three innovative products: Embed, Score Check, and Capital. Embed integrates financial solutions directly into aggregator partners' ecosystems, Score Check leverages machine learning and data analytics to evaluate creditworthiness, and Capital extends funding to underserved SMEs. By collaborating with fintechs, payment service providers, and other lenders, Mywagepay empowers these aggregators to extend financial solutions, enhancing financial inclusion and supporting the growth and stability of SMEs.

01.02 Quel est le problème principal que vous essayez de résoudre ?

The main problem Mywagepay is trying to solve is the significant financing gap faced by small and medium enterprises (SMEs) in Africa. Despite being critical to economic growth and job creation, 65% of Africa's over 44 million SMEs are unable to access the financing they need, leading to financial stress and a survival rate of less than three years for most. This results in a $421 billion financing gap. Mywagepay aims to address this issue by providing innovative financial solutions that enhance access to credit and financial inclusion for underserved SMEs.

01.03 Dites-nous quels sont les principaux avantages et/ou bénéfices de l'utilisation du produit/service fourni par votre startup (au moins 3).

1. Enhanced Access to Financing: Mywagepay bridges the significant financing gap for SMEs by offering tailored financial solutions. This access to credit helps SMEs overcome financial barriers, ensuring their survival and growth in a competitive market. 2. Data-Driven Credit Evaluation: Through Mywagepay's Score Check product, SMEs benefit from advanced machine learning and data analytics to assess creditworthiness accurately. This reduces the risk for lenders and ensures that more businesses can secure the funding they need based on reliable credit assessments. 3. Seamless Integration for Aggregators: Mywagepay's Embed product integrates financial solutions directly into the ecosystems of aggregator partners such as fintechs and payment service providers. This integration not only simplifies the process for SMEs to access funds but also enhances the value proposition for aggregators by enabling them to offer additional services to their network of SMEs.

01.04 Veuillez décrire précisément à qui s'adresse le produit/service de votre startup. Quels sont les bénéficiaires visés ?

Mywagepay's products and services are aimed at serving small and medium-sized enterprises (SMEs) across Africa, particularly those facing significant financial constraints. The targeted beneficiaries include: 1. SMEs in Need of Financing: SMEs that struggle to access the necessary funding to grow and sustain their operations due to the significant financing gap. This includes businesses across various sectors such as retail, manufacturing, and services. 2. Women-Owned and Marginalized SMEs: SMEs owned by women and other marginalized groups who often face even greater barriers to accessing credit. Mywagepay aims to support these enterprises to promote inclusivity and economic empowerment. 3. Aggregator Partners: Fintechs, payment service providers, and other financial intermediaries who have a network of SMEs under their platforms. By partnering with these aggregators, Mywagepay extends its financial solutions to a broader base of SMEs, enhancing financial inclusion.

01.05 Quand votre entreprise a-t-elle été créée ?

05/07/2021

01.06 Vendez-vous déjà votre produit/service ?

Oui

01.07 Combien y a-t-il de propriétaires de votre entreprise en plus de vous ?

4

01.08 Parmi les autres propriétaires, combien sont des femmes ?

1

01.09 Veuillez décrire le profil des autres propriétaires de votre startup (compétences, expérience, etc.).

Beth Mwangi, CEO - Masters in B

01.10 Si vous avez un site web, une page sur les médias sociaux (Facebook, Instagram, Linkedin...) ou une application, veuillez fournir le(s) lien(s) ici :

https://www.mywagepay.com

01.11 Quel est le secteur d'activité qui décrit le mieux votre entreprise ?

Services financiers

02.01.01 Ma startup contribue à l'objectif 'Pas de pauvreté'

7 - tout à fait d'accord

02.01.02 Justification de la contribution de ma startup

By empowering underserved SMEs to access capital, Mywagepay helps them contribute positively to the economy. These companies are enabled to become sustainable

02.02.01 Ma startup contribue à l'objectif 'Faim Zéro'

7 - tout à fait d'accord

02.02.02 Justification de la contribution de ma startup

Among the SMEs that Mywagepay supports are those in the agribusiness sector. These SMEs work towards eliminating hunger and Mywagepay provides them with capital

02.03.01 Ma startup contribue à l'objectif 'Bonne Santé et Bien Être'

7 - tout à fait d'accord

02.03.02 Justification de la contribution de ma startup

While Mywagepay is not directly in the healthcare sector, it nevertheless supports SMEs in this sector financially.

02.04.01 Ma startup contribue à l'objectif 'Éducation de Qualité'

5

02.04.02 Justification de la contribution de ma startup

While Mywagepay is not directly in the education sector, it nevertheless supports SMEs in this sector financially.

02.05.01 Ma startup contribue à l'objectif 'Égalité entre les Sexes'

7 - tout à fait d'accord

02.05.02 Justification de la contribution de ma startup

Mywagepay is an equal opportunity employer and understands the importance of helping underserved SMEs which include those led by women to solve the problem of disparate access to financing that discriminates against women

02.06.01 Ma startup contribue à l'objectif 'Eau Propre et Assainissement'

5

02.06.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.07.01 Ma startup contribue à l'objectif 'Énergie Propre et Abordable'

4

02.07.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.08.01 Ma startup contribue à l'objectif 'Travail Décent et Croissance Économique'

7 - tout à fait d'accord

02.08.02 Justification de la contribution de ma startup

Mywagepay helps support underserved SMEs, ensuring they are sustainable, create employmet, and contribute to economic growth.

02.09.01 Ma startup contribue à l'objectif 'Industrie, Innovation et Infrastructure'

7 - tout à fait d'accord

02.09.02 Justification de la contribution de ma startup

Mywagepay is an innovative fintech startup and contributes to enhanced financial inclusion through leveraging technology with our Embed and Score Check products.

02.10.01 Ma startup contribue à l'objectif 'Réduction des Inégalités'

7 - tout à fait d'accord

02.10.02 Justification de la contribution de ma startup

By providing embedded finance infrastructure to underserved SMEs, Mywagepay contributes in reducing ineq

02.11.01 Ma startup contribue à l'objectif 'Villes et Communautés Durables'

3

02.11.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.12.01 Ma startup contribue à l'objectif 'Consommation et Production Responsables'

7 - tout à fait d'accord

02.12.02 Justification de la contribution de ma startup

Mywagepay provides financing for companies to enable them circulate these revenues in the economy, ensuring responsible consumption and meeting of production goals.

02.13.01 Ma startup contribue à l'objectif 'Lutte contre les Changements Climatiques'

3

02.13.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.14.01 Ma startup contribue à l'objectif 'Vie Sous-Marine'

4

02.14.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.15.01 Ma startup contribue à l'objectif 'Vie Terrestre'

4

02.15.02 Justification de la contribution de ma startup

02.16.01 Ma startup contribue à l'objectif 'Paix, Justice et Institutions Efficaces'

4

02.16.02 Justification de la contribution de ma startup

While Mywagepay is not directly in this sector, it nevertheless supports SMEs in this sector financially.

02.17.01 Ma startup contribue à l'objectif 'Parteneriats pour la Réalisation des Objectifs'

7 - tout à fait d'accord

02.17.02 Justification de la contribution de ma startup

Mywagepay's business model entails working with aggregator partners such as fintechs, payment service providers, and others to support underserved SMEs.

06.01 Un grand nombre de clients utilisent déjà un produit/service très similaire au nôtre.

7 = Tout à fait d'accord

06.02 Notre produit/service représente un type de produit/service entièrement nouveau

6

06.03 Notre produit/service pourrait être décrit comme une nouvelle technologie

6

06.04 Notre produit/service est une amélioration d'un produit ou d'un service existant

7 - Tout à fait d'accord

06.05 Notre produit/service pourrait être décrit comme une extension d'une gamme de produits ou de services

7 - Tout à fait d'accord

06.06 Notre produit/service répond à une demande ou à un besoin qui n'a pas été satisfait par d'autres produits/services.

7 - Tout à fait d'accord

06.07 Notre produit/service est une nouvelle version d'un ancien produit/service

7 - Tout à fait d'accord

06.08 Justification

Mywagepay is both a new innovation and a build up on existing financial structures. The innovation is in the use of technology in ways that had not been widely envisioned before in Kenya such as through the Embed and Score Check features.

06.09 Analyse compétitive

Mywagepay's main competitors are other digital lenders, traditional banks, family, and friends who provide financing to SMEs.

11.05 Menez-vous des actions au sein de votre communauté pour promouvoir le rôle des femmes entrepreneurs ?

Mywagepay is facilitating access to funding for female-led SMEs