Interview with Borrower using Monetix Platform
by Crescenda Babiera
Alex Baguma – CEO of Baka Links International, Uganda

Like the renowned American businessman (Sam Walton) once said, “there is only one boss. The customer. He alone can fire everyone else from the business, including the chairman” Monetix Loan Brokerage is head bent on making every customer a boss! Giving all its users maximum value and satisfaction.

Today, there are more than five thousand startups, businesses, and establishments across the globe. And one common challenge pertinent to these startups is- Funding!

An online poll revealed that 90% of failed startups directly result from limited funds. Thus the importance of our[Monetix] services. We are a body that mediates the loan procurement process to ensure that our clients get spot-on approval on every application that they make.

Monetix brings ease to loan acquisition, making the whole process as easy as slicing through hot butter. We have put this in place to ensure that small, medium, and large-scale businesses can confidently launch into the market with all the support they need to stay afloat in the current market status quo.

Although situated in the very heart of Switzerland, we at Monetix are saddled with the responsibility of bringing this new-age financial solution to developing countries (especially in Africa). It is our aim and objective to see to the growth of establishments that have little or no background knowledge of how tech-driven loan support can help increase their business yield.

Alex Baguma – CEO of Baka Links International, situated in Uganda shares his experience on loan procurement from CapitalSavvy using Monetix brokerage service. Alex is married with 4 children.  He resides at Nansana, a Kampala suburb where he has lived for over 8 years. Listen to what he has to say about our service.

Interview

Do you make use of mobile money?

Yes, I do a lot especially as a form of daily pay to suppliers and workers of my establishment here in Uganda. I also receive payment via mobile money and similar to the traditional bank transaction, I have made over 500 mobile money transfers over the past years.

Do you always carry cash around?

Yes, I ensure to have some cash on me, technically for procurement of unplanned expenses. However, I don’t like it as it bears additional risks with it.

Have you taken any loans in past years? And for what reason (if any)?

I have taken up to 4 loans in past years from DCFU Bank, Finance Trust Bank, and recently, CapitalSavvy using the Monetix platform. I do this occasionally so I can have a sufficient amount of money to work out capital requirements (like restocking) for my Agriculture business. I also take loans to settle suppliers and make biddings.

What interest rate range do you get charged on conventional loan procurement?

I usually get charged interest rates between 5 to 10 percent per month.

How long does the process of traditional loan application take you?

Well, to fill out the application as well as other paperwork that needs to be checked, it takes me about 2 days to complete the loan application process.

How about loan approval and payment?

The process of loan approval and payment after successful application with traditional banks like DFCU would take between 5 to 10 working days. Further, I need to go to the bank multiple times as they may have additional questions or documents need to be re-submitted. Using the Monetix platform , the whole process doesn’t take more than a day for existing users.

Can you briefly describe your experience using the Monetix platform?

I have used Monetix on two different occasions and I can boldly say that the user experience on this platform is very impressive. Initially, I felt that I would only make the loan application online, but I was able to receive the disbursement on my smartphone via mobile money.

What did you particularly like about the Monetix platform?

Two things instantly got me glued to the Monetix platform; the first is the speed of loan execution where existing clients like me can easily complete the loan application process in a few hours as all that’s needed is to update your application with new information and collateral.

Secondly, I loved the fact that I don’t have to walk up to a local bank to get my loan disbursed as I get disbursement on my phone via mobile money.

HIn what areas do you think the Monetix platform has an edge over traditional lending firms?

The Monetix platform stands out in efficiency and saves me a lot of time to attend to other things. I also don’t have to make physical contact with the lender’s employee – which is common with traditional lending firms and might be a big deal for me during this pandemic as I can apply for a loan remotely and more conveniently.

Most importantly, Monetix does well to reduce financial risk by making a transfer to you directly instead of handing cash over to you.

Would you recommend the platform to friends and family?

Yes, I would. So far, I have been able to refer 6 potential clients to CapitalSavvy using the Monetix platform.
Alex at work

Final Words

At Monetix, we invest our resources in state-of-the-art technological facilities that show great potential in enhancing our work efficiency in the business of loan brokerage. Our topmost priority is to significantly reduce hiking transaction fees and instill confidence in our clients as we improve data security and promote transparency in every of our business deals.

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