Microfinance has a long history around the world and for centuries has filled an important need. However, traditional microfinance has limited reach, and solutions have been targeted towards poor farmers and small business owners. Middle class consumers and business owners in developing countries have an unmet demand for credit, but the current financial infrastructure in these countries does not support credit underwriting.
The World Bank states, “Financial inclusion has been broadly recognized as critical in reducing poverty and achieving inclusive economic growth” (Source: World Bank, page 2). Financial inclusion, defined as people’s ability to use financial services, is now a major focus of most public and private organizations focused on reducing poverty and promoting economic growth. L-Pesa was founded with the vision to improve people's lives through efficient access to credit and related financial services. L-Pesa started offering microfinance services in Tanzania in 2016 and has grown its service offering and geographic footprint at an increasing pace in pursuit of this vision.
THE L-PESA SOLUTION
The idea for L-Pesa was incubated for a decade, and the business was launched at the time four important market forces converged to allow for rapid scaling:
L-Pesa has harnessed these market forces and built technology and a proprietary credit scoring model that allows it to quickly scale microlending in developing countries while keeping loss ratios below 10%. The solution is highly automated, allowing a small back office team to support high volume loan origination.
L-Pesa has built a proprietary credit underwriting system which is one of the keys to its success. L-Pesa’s model is based in part on a trust ladder: users start out with very small loans (typically $1.00) and are allowed larger loans after the smaller loans have been successfully repaid on schedule. Furthermore, L-Pesa relies on other service providers to screen users; in its current markets, L-Pesa customers are required to have established accounts with mobile money service providers such as M-Pesa prior to setting up an L-Pesa account.
The keys to L-Pesa’s business model are:
- A highly automated back office system which allows for almost complete automation of the tasks related to loan underwriting and loan servicing.
- Integration with mobile money service providers for efficient loan disbursement and collection of payments.
- highly efficient loan origination process—fully online and almost completely automated.
- A proprietary credit scoring model which has been fine-tuned over the first 38,000 loans issued by L-Pesa to result in a loss ratio below 10%.
- L-Pesa customers have access to affordable financing options that can help them improve their lives.
- L-Pesa third party capital providers can deploy capital that earns attractive returns.
- L-Pesa shareholders and employees can earn a reasonable return on their investment and labor.
L-PESA TOKEN AND ADDITIONAL FUNCTIONALITY
L-Pesa token and crowdfunding smart contracts The token distributed during the token launch is known as the LPK. The LPK token is a standard ERC20 token (on the Ethereum platform) that allows one to use the LPK applications. The utility unlocked by the LPK token is the ability to participate in token offerings of LPK project, get access to functionalities only unlocked through the use of the token that is exclusive to the L-Pesa network. Over time, more functionality will be released that helps increase network utilization through tokens for the benefit of the network. The token contract is equipped with functions and modifiers allowing the owner to restrict transfer of tokens only to authorized parties during the crowdfunding campaign, so contributors can’t sell their tokens to others until the campaign is over.The campaign will have two general stages:
- Presale, during which the minimum amount of contribution will be set to 0.5 ETH and the bonus offered will be 50%.
- Public sale will last for 30 days, during which the minimum amount of contribution will be set to 0.25 ETH and the bonus offered will be 0%.
Team
| Team | Ron Ezra Tuval – Founder, CEO
Bo Henriksen – Owner, CMO Jordan Balindo – Country Manager Andrew Langat – Country Manager Dominic Gichomo – Country Manager Amitabh Roy – Project Manager Angualia Daniel – Legal Counsel Khaya Maloney – Operations Manager Desiree Domo – Copywriter & PR Uttam Kumar Karmakar – Designer Malcolm Ngugi – Legal Counsel Bernard Kipkuri – Support Mselem Said – Director Leonard Jackson – Marketing support Yunia Warioba – Support Analisa Mtetemela – Support Sandipan Paul – Accountant Riaz Laskar – Developer Somsubhra Saha – Developer |
| Advisors | Tamir Hodorov – Hodorov Law Firm Paulii Good – ICO Social Media & Marketing Advisor John Petersen – Business Development Steve Good – Strategic ICO Advisor Bogdan Fiedur – ICO Advisor and Blockchain Tech Kevin Donovan – ICO Advisor Shaun Saunders – PR ICO Advisor |
Quik Links
| Website |
| Whitepaper |
| ANN Thread |
| Medium |
| Telegram |
Written by : Elroiy
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