Cashtree

13 million adults  Cameroonian do not have access to financial services and they need loans right now to grow economically and to improve their living conditions. 

 For many years, banks and other traditional financial institutions have failed to provide financial services to the 13 million people living in urban and rural communities.

 Without a way to prove their financial potential and their credit history, 13 million adults are formally excluded from the banking system.

 How can we help change this?

We have successfully developed the first digital loan app  called Cashtree which not only handles the entire loan process in one minute but can also disburse funds in less than five  minutes.

With the help of artificial intelligence and  machine learning algorithm, we have created an end-to-end lending process that is simple, fast, reliable, and transparent so that anyone can access financial services  via google play store anytime and anywhere.

Imagine having the ability to process a loan in 1 minute with no collateral, no guarantees, and no paperwork!

We have successfully developed a digital lending application that not only generates an entire loan within the 2 minute time frame but that can also facilitate disbursement to a customer in less than 5 minutes.

With the help of artificial intelligence and advanced analytics, we have created an end-to-end loan process that is simple, safe, fast, and transparent!

 According to the World Bank, almost 1.7 billion people throughout the world do not have a bank account.

In Cameroon 10% of the population have access to banking services, 39% have access to other formal non-banking services, 15% use informal non-banking services and 36% are excluded of both services  

One pathway to financial inclusion is through CashTree. And we are positioned to be the first digital platform in this effort in Cameroon.   The flexibility of our terms; the ease of use; and the transparency of our practices make CashTree a viable way to increase banking access while contributing to the creation of wealth, the improvement of living conditions, the development of the private business sector, stronger communities and drive economic growth.

Cashtree targets 51% of the adult population of a rural and urban area in Cameroon , which represents about 13 million adults who have  been excluded from the traditional banking system. This include 

These include

• Micro-entrepreneurs
• Small farmers and traders 
• Public transport cab drivers 
• motorcycle taxi
• low income employee
• Buyam&Sellam 

With the spread of the pandemic worldwide, governments, institutions and businesses are migrating to digital technology. We have seen new ways to connect; mainly via video chat such as Zoom technology and telehealth.  Grocery stores have moved to online ordering. Schools in many countries have moved 100% online learning. Cashtree follows the same logic by providing 100% digital services which aligns 100% with the Mission Billion challenge. The Cashtree application is user-friendly, simple and can be easily access by anyone with smart phone. Our mission is to promote financial inclusion and improve better living conditions of marginalized and vulnerable people 

Cashtree has   a unique and innovative approach  that will distinguish us from other local financial structures such as microfinance companies and potential competitors. Cashtree platform  has the following key capabilities that all the lenders in Cameroon  does not have:

• It has a Credit Scoring Engine powered by Artificial Intelligence that assesses the creditworthiness of loan applicants based on the data available on their mobile phones.  
• In-built fraud mitigation algorithm that cuts out identity theft and data integrity
• The platform provides detailed performance analytics for the businesses, that aid Continuous risk management including impairments and stress testing.
• The platform collects large data sets from the users. These data sets give a 360-degree view of the customer from their spending habits, number of loans taken from other lenders. 
• The platform can score thin file clients who have never taken a loan before 

Cashtree platform can identify traits associated with good and bad borrowers and base on the customer phone numbers and the geographic area, we can determine the borrower credit worthiness.

Regarding competition, there is not yet a single digital loan company in Cameroon but we believe that as soon as our activity is launched, our economic model could disrupt the traditional Cameroonian financial system and attract potential investors to the market. But we are not afraid of competition, on the contrary, we are very well equipped to face any competitor from anywhere.

The technology we will be using is a new application of an existing technology   that has been widely used in India in the microfinance. To use Cashtree application, all you have to do is:
1. Download the Cashtree app
Use your Android phone to download Cashtree from the Google Play store. 
2. Create your account
Fill out a simple form in under 5 min and submit for a quick review. 
3. Apply for the loan that meets your needs  
Loans are conveniently sent to your mobile money in minutes
4. Receive the loan into your account
Repay with your mobile account. Build your credit to unlock larger loan

 Our Business model

CashTree generates revenue by charging  between 0.5  to 1% interest per day on each loan. Loan made by CashTtree mature in 15 to 30 days.  In addition to each loan, we charge the processing fee which vary from 50c pour the minimum loan of $10 FCFA to $6 for the maximum $100. We also charge late and penalty fees for 1% per day.

About 13 million adults in Cameroon do not have access to financial services and they need loan right now to grow economically and to improve their living condition. One pathway to financial inclusion is through CashTree. And we are positioned to be among the first digital platform in this effort in Cameroon.   The flexibility of our terms; the ease of use; and the transparency of our practices  will make CashTree a viable way to increase banking access to honest citizens and workers while contributing to the creation of wealth, the improvement of living conditions, and the development of the private business sector and lastly, build stronger communities and drive economic growth. That's the change  cashtree will bring to the population of Cameroon. 

Our solution will open up opportunities such as access to credit, improved living conditions, and wealth creation for the most vulnerable and marginalized groups through inclusive and trusted digital ID. To access our platform we request  a national identity card because without it,  it  will  be impossible to have cashtree loan, so we will encourage and help vulnerable and marginalized populations to obtain a national card  because the lack of identification creates barriers  to access credit 

Cashtree solution is user friendly , anyone whose smart phone can access easily our application. To access our application , you should:

1. Download the Cashtree app

Use your Android phone to download Cashtree from the Google Play store.

2. Create your account

Fill out a simple form in under 5 min and submit for a quick review.

3. Apply for the loan that meets your needs 

Loans are conveniently sent to your mobile money in minutes

4. Receive the loan into your account

Repay with your mobile account. Build your credit to unlock larger loan

The Cashtree platform is available through API integration which allows our customers to pay back loan  and receive money and also facilitates risk management.

The Cashtree application is bilingual. Customers after logging into the cashtree app will have a choice of language between French or English with help instructions at the bottom of each page. It will help people with low literacy to navigate our app. Regarding poor connectivity, the government of Cameroon is doing more to extend 4G internet access to the entire region of Cameroon.

There is no current number because we have not yet started operations but we expect 1 million in the next years and 4 to 5 million in the next 5 years

Cashtree's  goals  are to expand on permanent basis access to credit to 51% adults excluded from financial services by rending the loan process simple, easy, fast, transparent, and with no hassle so that everyone can easily access credit. By doing so, we will close the 51% gap between people excluded from financial services and those who have access to financial services by 2025. We will contribute that way to the creation of wealth, the improvement of living conditions of populations, and the development of the private sector. 

There are two barriers that can slow down Cashtree's progress.
the first one is the lack of funding it means  Cashtree  does not get funding that allows us to provide loans to customers
The second obstacle is culture. The population is not receptive  to innovation because this is their first time getting a loan online. They may be afraid  that it can be a  scam.

 To overcome the two  Barriers , we should produce an explanatory video on social media  to give them why they should get the loan from Cashtree? and  provide them with good reasons to apply for a loan from cashtree. Regarding funding, we will partner with a financial  institutions and encourage people to invest in cashtree

Our solution team is not part of any organization 

just 2 for now but the number will  increase soon 

 Co-founder Romain Voufo , Bachelor Degree in management  and Master degree in Accounting and Finance . Former Federal reserve bank of Boston  employee . Senior Technologist at Houston Methodist 

Co-founder  Larisse Voufo is a Computer Science PhD graduate from Indiana University’s School of Informatics and Computing. She is currently a Software Engineer at Google

I am  planning to hire team member with diverse background in Marketing, banking , microfinance , finance  and information technology 

A this time there's no partner but I'm planning to partner with some  financial institution 

Currently, about 13 million adults in Cameroon do not have access to financial services and they need loan right now to grow economically and to improve their living condition.

These include:

• Low-income employees
• Micro-entrepreneurs,
• Small farmers and Traders
•  Public transport drivers 
• Moto taxi driver 
•  Buyam & sellam 

CashTree will offer loan to the 13 million Cameroonian  and will generate revenue by charging interest between 0.5 % and 1 % per day on each loan. The  loan made by CashTtree mature in 15 to 30 days.  In addition to each loan, we charge the processing fee, which varies from 250 FCFA (25c) pour the minimum loan of 5000 FCFA ($10) to 3500 FCFA ($7) for the maximum 50000 FCFA ($100). We also charge late and penalty fees for 1% per day. 

Cashtree will partner with some financial institutions to make loans as well, we will raise funds through crowdfunding and select visionary angel investors who recognize the importance of our business and the long term value it will bring to all parties. stakeholders.

No funds have been raised yet

Cashtree will be seeking between $250000 and 2 millions  dollars  after the pilot phase in December 2020

Castree estmated expenses for 2020 is $30000 

I am applying for the Mission Billion Challenge global award because I want to help transform the lives of the 13 million Cameroonians living in extreme poverty in urban and rural areas by providing  them a small loan that meets their basic needs so that they can grow or progress economically and improve their living conditions. In doing so, Cashtree will accelerate financial inclusion permanently by opening credit to people who have been excluded . 

 Cashtree is looking to raise funds after the pilot phase which will start by December 2020. So  we  need funds to start making loan to customers by January 2021.  We are  reaching out to visionary investors who recognize the importance of our undertaking and long-term value it will bring to all stakeholders. 

We will partner with any financial institution that will help us achieve our goals