Using a simple mobile phone, a farmer can request a loan to finance his cash flow, enabling him to purchase seeds or fertilizer. Moneylenders then review current information related to the harvest buyer and the farmer and loan accordingly. If approved, the loan is insured and the harvest is mortgaged. Once the harvest buyer receives the harvest, he pays the lender and the insurer first, and then pays the remaining fees to the farmer.
A holistic and accessible financial assessment of the farmer is built, which supports faster decision making by business service providers. This transitions the farmer from being an unknown entity with a financial need to being visible to service providers. This in turn allows the farmer to become a viable customer and more productive business partner.
nFrnds is working with a large African mobile operator to provide pharmacies with an easy-to-use remote ordering system enabling them to interact with potential customers and confirm the availability of required medication before the patient makes the journey to the store. In addition, the solution enables customers to pay through Mobile Money providing the potential for home deliveries. All data is stored in the cloud with no need for installation or local IT.
A lack of reliable communication and accounting practices makes monitoring large and disperse groups of borrowers a time consuming, costly and often inefficient process. Through the nFrnds platform:
Funds can be allocated and repaid
Updates can be sent from borrowers to the MFI: to confirm payments, request deferral, notify of challenges (e.g. adverse weather conditions, unexpected personal circumstances) or report progress
Updates or reminder can be sent from MFI to the borrowers: reminders of group meetings, repayment reminders, issuing receipt of repayments, request further information
The MFI also has the opportunity to send surveys, provide financial or business advice and participate in discussion groups via group chat
nFrnds is working with a major bank in Indonesia which has rapidly amassed more than 450,000 new customers to its branchless banking services and is planning to have over 3 million branchless banking users by end 2017.The nFrnds platform is enabling the bank to connect its branchless banking with the other divisions of the bank; connect with other services such as mobile money and offer a broad range of interactive banking services to help drive the rapid growth of these users
nFrnds loyalty service provides merchants of all sizes with a loyalty plan that they can offer to their own customers with no need for the merchant to install any hardware nor software.