MoneyChaps

Founder: Thabiso Mabaka



Quick introduction




Moneychaps - Q and A




Business summary

Moneychaps app is a mobile based data driven solution that offers users: Business, Group and Personal financial tools.




Management

  • CEO: Thabiso Mabaka
  • CTO: Ravi Dwivedi
  • COO: Margaret Mwewa




Product / Services

  • Business Tools - Invoicing, Estimate, Profit & Loss, Balance Sheet, Cash Flow, Inventory.
  • Group Tools - Goal based savings, Peer to Peer savings, Rotating Savings
  • Personal Tools - Financial Education, Budgeting




Target market

  • Low to Medium Income (LMI) in urban and peri-urban settlements.
  • MSMES - Most MSMEs fail due to poor cash flow management practices. They need proper education and training. MSMEs also need to maintain proper records to accumulate data through which they can be assessed on for credit purposes and other value added services
  • Savings Group - informal Peer to peer banking is common in the LMI segment. Through digitization, the efficiency and effectiveness of these groups can be enhanced so that they are more impactful in people's lives.
  • Youth and informal employees - this segment of the market needs to be educated so that they understand basic financial products and are empowered to make better financial decisions.




Sales / Marketing strategy

  • Advertising
  • Direct Marketing
  • Personal Selling
  • Sales Promotion
  • Public Relations




Business model

With this solution, Moneychaps is pursuing an indirect revenue model where we prioritize pushing numbers on the app and getting value from the increased activity and data that can effectively be monetized.

The app has two types of accounts, the basic and premium accounts.

The basic account gives access to free basic tools. To access this account users go through minimal KYC and it is basically the on-boarding account with few hurdles before sign-ups. In this account Moneychaps makes money by applying Artificial Intelligence to target Ads to relevant users based on app activity. As users progress they can now move on to the Premium account where they can access premium tools and services. The main difference between premium and basic is the level of KYC needed to sign up for both. Premium accounts require more information and a higher level of authentication is needed to secure user data. There is no specific subscription for premium accounts but some features come at a fee and users only pay for what they use.




Competitors

  • Cloud and instant accounting softwares - Quick books, Fresh books, Oze, Wave, FNB instant accounting
  • Group savings online management - ABSA Botswana, Stanbic Botswana, Motshelo Mobile, Chamasoft
  • Personal finances and literacy - Mosabi, fundza, Kuba services, Mogwebi qwest, Liberty Life, Moneyversity, Oze




Competitive Advantage

Moneychaps stand out in the following ways.

  • Tiered KYC to allow for less tech savvy users to sign up
  • User friendly content to allow self usage
  • Interactive and hands on Financial Education (learn as you do)
  • Voluntary Credit scoring
  • No Subscription required
  • Covers different aspects of finance (all in one)




Target Market Entry

Take to Market Steps

  • Internal Launch with staff and close associates to capacitate them to sell the solution.
  • Trade Launch with strategic partners to leverage on their existing market share.
  • External launch to end users