By: Tebogo Mokwena
Fintech start-up owners Kyle Manganyi and Mamello Mofokeng, who went through a Fintech Startup Accelerator Programme, have found solutions for small businesses and informal traders. These include helping informal traders migrate into the digital world and simplifying administration for small businesses. Although the programme is not yet completed, the entrepreneurs are already implementing their solutions.
Kyle Manganyi’s business, Streamz Pay, provides informal traders with a platform that not only makes online transactions safer but also gives them an opportunity to make extra income by buying airtime and withdrawing from them. The app went live in December after he started the programme, and it already has 4000 downloads and is processing between 10 and 15 transactions a day. The app currently has 398 informal traders from Soweto and Ekurhuleni townships.
Manganyi told Vutivi News that the informal traders have reported a significant drop in crime and barriers of entry. One of the main concerns Manganyi identified in finding out why informal traders did not migrate online was that they were used to carrying cash every day. This exposed them to being victims of crime. The app fixed the problem by providing them with an online wallet where registered users could deposit the money into the vendor’s account, which was linked to a bank account. “We are trying to bridge the information symmetry market and give informal traders a way to benefit without fearing online transactions,” he said.
Mofokeng’s business, Asiyesonke, connects customer data with premium payments for small funeral parlours. The business was launched in 2020 in an attempt to address issues relating to debt and policy claims. She said that the programme taught her to be realistic with the expectations of the business, be clear on its objectives and have a roadmap for the future. “We were learning how to make our businesses viable and practical, and look at the market that we cater for and tailor-make solutions,” she said.
Mofokeng also said that she learned about the programme while attending a hackathon the month before, and started with the programme in December. The Fintech Startup Accelerator Programme, which began in December, will conclude on 15 March when the entrepreneurs will pitch for investment at the Johannesburg Stock Exchange. During the programme, they were given masterclasses and coaching sessions by a number of experts, including people from Absa, Nedbank, the Insurance Sector Education and Training Authority and Anglo-American.
