With technology, there are a million and one ways to solve a problem as well as endless opportunities for innovation. All it takes is a passion for creating meaningful solutions to problems.
Asides from creating COVr, an Agency banking solution that powers millions of transactions across Africa, another way we at Advansio are solving the Financial Inclusion problem is by creating a Platform as a Service product that further enhances Financial Access in Africa.
To start with, what does Platform as a Service mean? PaaS provides a platform for businesses to develop, run, and manage applications without building and maintaining the cloud infrastructure required to develop and launch such applications.
PaaS takes away the time, complexities, resources, and manpower that a business would have otherwise spent in developing their product from scratch and provides a ready-made solution that they can easily layer on.
This way, rather than reinventing the wheel every time, businesses can easily use an existing solution to develop and run their application, and it also eliminates the need for continuous maintenance. It enables the business to focus on what really matters, their actual product offering.
One of the keys to advancing Financial Inclusion is being able to provide affordable and easily accessible loans to individuals and we are creating a platform that helps more lending companies easily set up and launch their products.
In a few months, we will be launching Grappo. Grappo will enable companies to seamlessly set up and operate their lending products by improving identity management, reducing the cost of accessing finance, and delivering an overall better user experience.
Why are we building Grappo? Our reason is simple. We are passionate about giving more people access to financial services and one way for us to do this is by empowering other businesses to offer these financial services. The easier it is for businesses to run a fully functional digital lending platform in Africa, the more Africans can actually access credit.
Also, we believe collaboration is at the core of financial inclusion, it’s a fallacy to think one company or product holds all the cards to driving financial accessibility across Africa. Instead, it has to be a series of coordinated efforts by different entities across the continent, from traditional banks to Government institutions to FinTech startups. From LendTechs to Digital Banks to FinTech Infrastructures like what we are building with Grappo.
Developing cost effective and innovative infrastructure that power other financial technology solutions will immensely contribute to the growth of financial inclusion in Africa by saving time to market, reducing operational cost that would have otherwise been passed down to the end users and providing a better user experience for both the business and the users.
We can’t wait to unveil Grappo to you! Watch this space for more information on our launch!