In Africa, more than 80% of income generating individuals receive a monthly salary of 160 USD or less. Most households account for more than 6.9 individuals with only 1.6 income generating individuals or less. Most of them are likely to run out of money in the middle of the month and still have to meet their household basic necessities.
Due to recurring expenses, people run out of money 5-10 days after their pay day which begs the question: How do we bring a customized alternative financing to these hard-working, income generating, household banner-men&women?
PayingTone is a digital credit platform that allows consumers purchase goods and services on credit in an effort to help them keep up with the basic standard of living. PayingTone assists eligible consumers by offering a digital credit line to compulsorily purchase product and service vital to their standard of living. The platform proves to be a catalyst of improved sales conversion and retention of the small merchants.