A Kenyan microcredit firm, MoDe, has won the IBM SmartCamp global award for providing a platform which enables Airtel and MTN customers get airtime on credit. Photo/File
What you need to know:
MoDe was recognised for building a platform that allows mobile subscribers get airtime of between Sh5 and Sh500 on credit, the platform which is used by Airtel and MTN networks.
Other than the exposure the award has given the firm, MoDe will also be linked to venture capitalists to enable it get funds to meet its expansion strategies.
A Kenyan mobile microcredit firm, MoDe has won this year’s IBM SmartCamp Global award which recognises early-stage startups that use technologies to improve the lives of people.
MoDe was the only non-Latin American startup from the SmartCamp Regional’s in Brazil after winning the kick start event in Cape Town, South Africa in October, 2012.
MoDe was recognised for building a platform that allows mobile subscribers get airtime of between Sh5 and Sh500 on credit, the platform which is used by Airtel and MTN networks.
Other than the exposure the award has given the firm, MoDe will also be linked to venture capitalists to enable it get funds to meet its expansion strategies.
“MoDe goes to the heart of what it means to make the planet smarter by providing a solution and helping out people who had nowhere else to look, MoDe is making a difference,” said Jim Corgel the IBM General Manager of ISV and Developer Relations.
IBM SmartCamp was launched in 2010 with a goal to identify early-stage entrepreneurs who are developing business ventures that align with the IBM Smarter Planet vision, and give them the visibility, mentorship, and resources that only a large company like IBM can provide.
These mentoring and networking events put entrepreneurs in touch with investment firms, serial entrepreneurs, academics, marketing, communications, and technology experts that can help accelerate the solutions of startup companies to market.
“You’ve heard of microfinance, well we operate at a level below that, we call it nanofinancing,” said Julian Kyula, group CEO and co-founder of MoDe. “We have customers who may only need to borrow as much as $20.”
Josphat Kinyua, group commercial director and co-founder of MoDe said to date the company has facilitated more than 200 million transactions in the five African countries where it has operations, which has helped mobile network providers such as Airtel and MTN to increase both subscriber revenues and talk time on their networks.
Mr Kinyua said MoDe is about to enter another five countries as demand for its services continues to grow.
“One thing we have to deal with is the issue of companies wondering whether they can rely on a company based in Nairobi,” Mr Kyula said. “Of course they can. But that’s where working with a big name like IBM comes in handy.”
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