InSight is a mobile tool that ingeniously solves one of the most common problems for millions of microentrepreneurs upon requesting and obtaining loans from financial institutions.
Currently, thousands of people in the world lack financial identity, ie they do not have a credit history, making banks see a high risk to give them loans.
InVenture is a b-corp, corporations commonly known as type B, which means it meets specific standards of social and environmental responsibility, along with transparency in its processes. This was created by Shivani Siroya, which offers credit accounts and accounting tools for people who are unable to access formal financial services, especially entrepreneurs who want to progress with their business, all through a mobile . The purpose of the organization is crearles overall credit history, giving physical evidence to present to banks, and mainly give detailed information about your financial status.
InSight is the first product launched by InVenture and arises from the need to “provide a comprehensive and standardized credit history for anyone with a mobile phone, thereby revolutionizing financial services in emerging markets”, as stated vision of the corporation. This tool enabled for any mobile that helps people perform basic accounting, demonstrating their solvency and allowing them to access financial services, thanks to SMS technology.
Through the software, InVenture combines data collected (income and living expenses) with demographic data to create loan accounts in real time, which is then shared with lenders to help eligible people to access loans. Besides being a useful tool InSight it is very easy to use; users send their income and expenses of the day through text messages and the system will return a simple account of results where they can see their daily earnings.
Today InVenture works in South Africa, India and East Africa and in its first year of operations the company “accepted 50% of applicants, for a total of more than 6,000 loans. Most were between $ 20 and $ 100, with no fees and interest only 5%. The payment rate was 85%, and over 75% of applicants returned for another loan “Siroya said in an interview to Fast Company.
Organizations like this increasingly encourage innovation based on existing needs and promote the development of the potential of people. InVenture presents a model that can be applied in all countries, as mobile technology is present globally and microentrepreneurs increase rapidly. It is a tool that raises awareness in users, giving them the opportunity to meet its financial position and allowing fuel the growth of their businesses. It also helps create jobs, increase savings and above all it is managing to change the operation of traditional credit in emerging markets, one mobile.