During the Transform Africa Summit 2017 that was held in Kigali last week, A Ugandan made app called Smart Credit secured $100,000 (UGX 360m) capital from a group of investors. The Ugandan tech startup team, Killer Analytics, pitched to investors their idea and vision of their app for $200,000 (Shs720m) in investment but managed to raise fifty percent of their expected capital.
While explaining the use of the app the Project Manager at Smart Business Intelligence Mr. Peter Muzoora told Daily Monitor that “Smart Credit is a business intelligent engine that processes SME transactional data to individualized credit data and financial statements. It started with the aim of helping small businesses access credit,”
In Uganda and most parts of sub-Saharan, access to credit is a hug e challenge for small businesses, and the Killer Analytics team believe that their app will solve this problem in the private sector.
“We looked at the data from the small business survey and we realized that the vast majority of businesses accessing credit are primarily from money lenders and mobile money.”
Peter further explained that “these avenues do not adequately help SME’s to thrive. So we asked ourselves what is the better way for SME’s to access credit?”
Killer Analytics faced off against 6 other African countries and were placed second a a position that was able to bring them closer to potential investors.
The criteria for the contest in 2017 was being able to provide an ICT solution that can solve a problem for SME’s.The Transform Africa Summit 2017 concluded on Friday.