How FinTech firm MyBucks plans to offer access and financial inclusion to Unbanked in Africa

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Dr. Christiaan Van Der Walt Dr. Christiaan Van Der Walt

MyBucks is a leading African company in FinTech that focuses on staggered banking among emerging economies, which offers personalized banking, insurance and loan services to a list of over 1.5 million customers who now see the brand expand beyond Africa and well beyond Asia Pacific, Europe, and potentially the United States, from quoting on the Frankfurt Stock Exchange two years ago, operating today in 13 countries.

With innovation, interconnection and shared development in the forefront of discussions at the BRICS summit in Johannesburg, I had the opportunity to speak to Dr. Christiaan Van Der Walt, Chief Technology Officer of MyBucks, about the brand's ambitions to offer access and financial inclusion in Africa and subsystems and sub-services in all the world. [19659003] First, provide us with an up-to-date perspective on MyBucks, the first financial technology provider in Africa (or "Fintech")

MyBucks excels because it pays close attention to innovation; we use artificial intelligence ("A.I") to operate and scale more efficiently and build innovative products for our customers that would not be possible without the use of next-generation technologies.

Using our artificial intelligence algorithms to the state of art, we are able to include those individuals in the financial system without any previous traditional credit records. We do this by using alternative data obtained from various sources (such as their cell phone), to run the credit score. More efficient operating costs thanks to digital automation also make certain products, such as fully automated, economically feasible nano-loans – which in turn contribute to greater financial inclusion for current and future customers.

MyBucks has also developed a number of other AI systems in our "AI and Innovation Lab", with the aim of optimizing business objectives. These include an internal, text-based virtual assistant (called TESS), capable of interpreting text or voice input to answer business support questions and an AI system called the MyBucks Artificial Intelligence Collection (MAICA) Algorithm. to predict – payment behavior of customers several weeks in advance.

We are enthusiastic about the technologies we develop and implement for the improvement of our customers, showing them as a holistic supporter of financial integration led by the fourth industrial revolution.

MyBucks has consistently advocated innovative strategies to provide access and opportunities for the unbanked of the continent – Tell our readers about your app Haraka which allows unrestricted access to the credit.

Haraka (& # 39; quick & # 39; in Swahili) & nbsp; is a fully automated nano-loan mobile loan app developed by MyBucks, which can lend a loan to a customer (in minutes) that operates without a bank account or any traditional credit record. Haraka was initially launched in Kenya with great success and has since been launched in Tanzania, Uganda, Zimbabwe and Swaziland.

This is a great example of a product that would not have been possible without technology and artificial intelligence since the loans amount are extremely small, and a system where human intervention is required for the credit score and loan disbursements would not have been financially feasible. Haraka makes it impossible with the loan in real time. This product is also highly scalable since no human intervention is required during the loan process.

What are the challenges and opportunities to operate in the financial technology sector within a competitive pan-African environment and in the expansion of the portfolio for both Asia and Pacific than for Europe?

In Africa there is a large unpopulated population that does not use formal banks or semi-formal financial microfinance institutions, while the penetration of mobile phones remains very high. This represents an opportunity for MyBucks to bypass traditional institutions, offering an innovative range of high quality digital financial products and services at affordable prices. Africa is on an ideal frontier to advance ahead of brick and mortar financial services, such as banks and move directly to digital banking, lending and insurance. The main challenges are therefore opportunities, opportunities that we see abundant in Asia-Pacific and also in the regions where we currently operate in Europe, in particular.

Would you say that there is a Corporate Social Responsibility (CSR) intrinsic to the MyBucks offer? Could it be perceived as a "turnkey solution" for the myriad of multinationals that integrate into the continent?

The MyBucks business model has an intrinsic social impact by providing financial solutions to people who would otherwise be excluded financially; to fathers, mothers and families working in both urban and rural communities. MyBucks is proud to have received the validation of three subsidiaries within its group, with social impact assessments from the international rating agency MicroFinanza. GetBucks Botswana scored a B + social score. Also the Opportunity Bank Uganda and Opportunity Bank Mozambique have been recognized by the rating agency, with a rating of BB and B + respectively. The social evaluation process examines the management of social benefits, customer protection systems and alignment with the global mission of companies and the group and we are proud not only to exploit the monetary advantages of hosting a business venture. financial technology leader in Africa, but to play a role in the economic upheavals and in the advanced industrialization of the continent

What were the challenges of the pioneering of the first credit scoring technology in Africa and where you imagine it in the future , both in the development of industry and in intercontinental distribution?

The main challenges concern the acquisition of correct data, since the controlled AI algorithms learn from the example. & Nbsp; We have different types of AI models with credit score, depending on the type of training data.

For example, certain & nbsp; the models work where there are traditional credit agencies and models of artificial intelligence can therefore be trained on traditional credit assessment features, while other models (for example, in the case of Haraka), require us to use data sources and functionalities alternatives to train our credit-scoring models & nbsp; This is both very exciting and stimulating at the same time.

The credit score based on artificial intelligence is certainly the future of the credit scoring industry. These models allow us to obtain an extremely high credit score accuracy by integrating data from many traditional and non-traditional data sources and we believe that artificial intelligence services, both in the industry and created by internal they will make it possible to better connect companies from emerging and the so-called first world alike, taking those who felt disconnected or disenchanted from the current financial system and empowering them to tap into and play a contributing part of the globalizing market.

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Dr. Christiaan Van Der Walt Dr. Christiaan Van Der Walt

MyBucks is a leading African company of FinTech that focuses on banking in unbanking in emerging economies, providing banking, insurance services and custom loan and services to a customer list of 1.5 million customers who now see the brand expand beyond Africa and beyond into Asia Pacific, Europe and potentially the United States. grew significantly from the present at the Frankfurt Stock Exchange two years ago, which operates today in 13 countries.

With innovation, interconnection and shared development on the front line in the discussions at the BRICS summit in Johannesburg, I had the opportunity to speak to Dr. Christiaan Van Der Walt, Chief Technology Officer of MyBucks, about the brand's ambitions to offer access and financial inclusion in Africa and under-affiliates and subservices in t utto the world.

First, give us an up-to-date perspective on MyBucks, the first African financial technology provider (or "Fintech")

MyBucks excels because it pays close attention to innovation; we use artificial intelligence ("A.I") to operate and scale more efficiently and build innovative products for our customers that would not be possible without the use of next-generation technologies.

Using our state – Artificial Intelligence Algorithms, we are able to include those individuals in the financial system without any previous traditional credit records. We do this by using alternative data obtained from various sources (such as their cell phone), to run the credit score. More efficient operating costs thanks to digital automation also make certain products, such as fully automated, economically feasible nano-loans – which in turn contribute to greater financial inclusion for current and future customers.

MyBucks has also developed a number of other AI systems in our "AI and Innovation Lab", with the aim of optimizing business objectives. These include an internal, text-based virtual assistant (called TESS), capable of interpreting text or voice input to answer business support questions and an AI system called the MyBucks Artificial Intelligence Collection (MAICA) Algorithm. to predict – payment behavior of customers several weeks in advance.

We are enthusiastic about the technologies we develop and implement for the improvement of our customers, showing them as a holistic supporter of financial integration led by the fourth industrial revolution.

MyBucks has consistently advocated innovative strategies to provide access and opportunities for the unbanked of the continent – Tell our readers about your app Haraka which allows unrestricted access to the credit.

Haraka (& # 39; quick & # 39; in Swahili) is a fully automated nano-loan mobile loan app developed by MyBucks, which can lend a loan to a customer (in minutes ) that operates without a bank account or any other corporate credit record. Haraka was initially launched in Kenya with great success and has since been launched in Tanzania, Uganda, Zimbabwe and Swaziland.

This is a great example of a product that would not have been possible without AI and technology since the loan amounts are extremely small, and a system in which human intervention is required for the credit score and loan disbursements would not have been financially feasible. Haraka makes it impossible with the loan in real time. This product is also highly scalable since no human intervention is required during the loan process.

What are the challenges and opportunities to operate in the financial technology sector within a competitive pan-African environment and in the expansion of the portfolio for both Asia and Pacific than for Europe?

In Africa there is a large uninhabited population that does not use formal banks or semi-formal microfinance institutions, while the penetration of mobile phones remains very high. This represents an opportunity for MyBucks to bypass traditional institutions, offering an innovative range of high quality digital financial products and services at affordable prices. Africa is on an ideal frontier to advance ahead of brick and mortar financial services, such as banks and move directly to digital banking, lending and insurance. The main challenges are therefore opportunities, opportunities that we see abundant in Asia-Pacific and also in the regions where we currently operate in Europe, in particular.

Would you say that there is a Corporate Social Responsibility (CSR) intrinsic to the MyBucks offer? Could it be perceived as a "turnkey solution" for the myriad of multinationals that integrate into the continent?

The MyBucks business model has an intrinsic social impact by providing financial solutions to people who would otherwise be excluded financially; to fathers, mothers and families working in both urban and rural communities. MyBucks is proud to have received the validation of three subsidiaries within its group, with social impact assessments from the international rating agency MicroFinanza. GetBucks Botswana scored a B + social score. Also the Opportunity Bank Uganda and Opportunity Bank Mozambique have been recognized by the rating agency, with a rating of BB and B + respectively. The social evaluation process examines the management of social benefits, customer protection systems and alignment with the global mission of companies and the group and we are proud not only to exploit the monetary advantages of hosting a business venture. financial technology leader in Africa, but to play a role in the economic upheavals and in the advanced industrialization of the continent

What were the challenges of the pioneering of the first credit scoring technology in Africa and where you imagine it in the future , both in the development of industry and in intercontinental distribution?

The main challenges concern the acquisition of correct data, since the controlled AI algorithms learn by example. We have different types of AI models with credit score, depending on the type of training data.

For example, some models work where traditional credit agencies exist and models of artificial intelligence can be trained on traditional credit assessment capabilities, while other models (for example, in the case of Haraka), require us to use sources of data and alternative functionalities to train our credit-scoring models. This is both very exciting and stimulating at the same time.

The credit score based on artificial intelligence is certainly the future of the credit scoring industry. These models allow us to obtain an extremely high credit score accuracy by integrating data from many traditional and non-traditional data sources and we believe that artificial intelligence services, both in the industry and created by internal they will make it possible to better connect companies from emerging and the so-called first world alike, taking those who felt disconnected or disenchanted from the current financial system and giving them the power to tap into and play a contributing part of the globalizing market.

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