| md@milelefm.co.ke; samboja@milelefm.co.ke; md@milelefm.com |
Business Plan
benki yetu
anyboby, anywhere, any amount, any time
KIPROTICH BII SAMOEI
28TH APRIL 2008
| The Business Profile |
| Description of My Business BENKI YETU is a saving concept that utilizes airtime vouchers and network to save money bit by bit especially by the middle and low income earners. It entails a subscriber purchasing a scratch card of any amount and instead of loading it to an airtime account, sends it to a virtual account provided by a mobile phone service provider. This can be done by any body, at any time of the day, for any amount of money, any where in Kenya . A client accumulates his/her savings with time and can check his/ her saved amount by dialing a specific number to be provided by a service provider. To withdraw savings, you dial a specific number, offload your required money equivalent and go to a bank counter, say Equity Bank, to be paid. BENKI YETU is simply taking chama and merry-go-rounds to the next level. |
| Targeted Market and Customers About ten million Kenyans have mobile phones, yet less than a quarter of these people have any account with banks. Turning ten million mobile phone subscribers into bank accounts will spur a banking revolution in Kenya . Since Kenyans are poor savers, they will be encouraged to save with ease by BENKI YETU. More so, few Kenyans have no confidence to take fifty, a hundred or even five hundred shillings to the account. Besides, access to physical banks is limited in most developing countries. With BENKI YETU, a matatu tout, jua kali artisan, mama mboga, house girl, teacher, kiosk operator or anybody will simply walk into an airtime dealer, buy a scratch card and load his/her account with any amount, anywhere and at any time of the day without queuing or feeling abashed that he/she is saving very little. Low and middle income earners who have no access to SACCOS, banking facilities or simply want to save with ease will obviously find a home in BENKI YETU. |
| Growth Trends In This Business Banking is an industry on the move. The trend is to reach as many clients in the grassroot as possible. Having a mobile phone number doubling as a bank account achieves this ultimate goal with relative ease and consequently, a large customer base is guaranteed. Since the drift in the industry nowadays has moved from making profits through interest charged on loans to making money from bank charges and other levies charged on savings, BENKI YETU enjoys an edge for its large customer base will assure profitability. BENKI YETU will enjoy enormous goodwill from the government because it will empower the rural poor. |
| Pricing Power 1. Kenya is under-banked hence will explore a large untapped market. Market accessibility is the highest. 2. Profits to be made on withdrawal charges. 3. Deposits can easily re-invested. 4. Saving is effortless and involuntary. Will attract a lot of savings 5. Compared to other banks and micro-finance institutions, there is no limit to the service in terms of time, (any time is business hours), accessibility, no stress in opening an account, no queuing to deposit. 6. Security costs and overheads on physical facilities are minimal. 7. People in a social group will be competing to save as much as possible. They will be comparing their savings and striving to match each other. |
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