Pennysmart – Next generation bank for African millennials.
One Line Pitch:
Next generation bank for African millennials.
Pennysmart is the next generation digital bank that helps Ghanaians save anytime, anywhere with no cost. We are a Tier-4 Operator under Bank of Ghana rules and regulation of Microfinance activities, we launched in January, 2019.
With excessive charges, high minimum investment required with complicated KYC processes and low interest rates, those wanting to save will typically avoid using their bank accounts. Instead savings are stored in cash or mobile money, with their value steadily decreasing due to high rates of inflation.
A secure platform built on our proprietary software for millennials to access affordable financial services.
● Partnering with higher education institutions to create saving clubs on campus to encourage and teach saving habits amongst students.
● Partnering with the third party businesses to enable their users save towards their services (Travel and tour agencies, electronic shops etc)
● Referral program for current users.
Traditional wealth management services and banks as well as digital wealth management services such Cowrywise & Piggyvest in Nigeria and mshwari in Kenya
● Only company Mobile Money subscription payment in West Africa
● First Mover Advantage in Ghana
● Pan African team with previous founding experience
● Highly Scalable business model due to adoption Mobile Money in Africa
● Viral and high network effects inherent in our services enabling us to grow fast with less cost