Fintech selling financial services that are more accessible, affordable and rewarding
In December 2021, three decided to establish a business that would address the need for accessible, affordable, and rewarding financial services for people in Kenya and beyond.
“We recognised the potential in technology to improve financial services in Kenya and beyond its border. With this in mind, we seized the opportunity to create a fintech company that could bring about real impact,” begins Enock Onsare, one of the founders of Mynt.
Mynt is a fintech start-up that offers digital banking services.
“Simply put, we are financial technocrats that provide a range of digital financial services, including money transfer, smart budgeting and instant access to credit via a mobile app. Our goal is to make financial services more accessible and helpful for individuals and businesses in Africa and beyond,” continues Enock, who holds a Master of Science in Entrepreneurship and Innovation from the University of Exeter, UK.
Enock and two of his friends, one a childhood friend, Humphrey Khisa, and a former classmate, John Murphy, whom he schooled with a Masters level, came together and pooled Sh2million, which they used to develop the Mynt application, getting down to business in December 2021.
“Since then, we have served 11,550 clients, given Sh5 million in loans and conducted a total of 240,000 transactions. I want to believe that as much as our growth has been gradual, we are making some significant strides because we were even able to do an official launch of Mynt in October 2022,” he notes.
Mynt has partnered with Lakehub in Kisumu town, who provides them with space to run their business.
“Save for the initial contribution we made amongst ourselves, we have established a partnership with Expert Dojo, a venture capital firm that has helped us access investment funding. Consequently, we are in discussions with Fimple, a UK-based technology provider that is seeking to enter the Kenyan and East African market,” adds Enock.
Mynt targets anyone in Africa and beyond who needs access to digital financial services.
“We offer very affordable and rewarding fintech services, another target being small and medium-sized enterprises (SMEs). What makes us unique compared to our competitors is the fact that we are focused on providing accessible, affordable, and rewarding financial services through a website and mobile app which is multilingual, a feature that can help us reach more people from diverse backgrounds and nationalities. We also have a proprietary credit scoring algorithm that is helping us provide credit to otherwise blacklisted borrowers. Mynt also provides a bouquet of services and that makes us a one-stop shop for all the financial needs of our customers.”
Currently, Mynt is neither on Apple Store nor Play store and for a reason.
“We got overwhelmed with downloads and requests for services at some point and had to put that on hold. Currently, we share the download links with a customer, who then installs the app,” he explains.
Like most fintech start-ups, the business faces regulatory hurdles and the headache of building brand awareness and trust with its target market.
“To navigate these challenges, we are focusing on developing strong partnerships, investing in technology and user experience, and building a team with the right skills and experience. We believe once we achieve this, we will confidently say that we have broken even,” explains Enock.
The start-up mainly makes money through offering financial services to its customers and earning interest on loans provided.
“But we are working on having other income streams such as transaction fees, foreign exchange gains and subscription services in more advanced markets like the US and the UK.”
Mynt’s future plans include continuing to grow its customer base and expanding the range of financial services offered through its mobile app. The ultimate dream is to venture into the UK and US markets. The fintech has its future anchored on four objectives, the first being access to credit. By providing access to credit, the start-up will help individuals to invest in their businesses, and enable small-scale farmers to buy quality inputs, therefore improving their productivity, leading to increased income and improved financial stability.
The second is improved financial management. The platform provides individuals with the tools they need to manage their money, including savings and payment solutions. This helps them to better plan for their future and avoid common financial shocks.
The third is increased financial literacy. The platform provides financial education and support to help individuals better understand how to manage their money and make informed financial decisions. This increases their financial literacy and helps them to make the most of the financial services available to them.
The fourth is promoting economic growth. Mynt's efforts to promote financial inclusion and support small-scale farmers and SMEs will contribute to the overall growth of the agriculture sector and the wider economy in Kenya. This will create new jobs, stimulate economic activity, and improve the standard of living for people across the country.
“My passion for this work and community is driven by a deep sense of obligation, a belief in the power of technology, and a desire to create a more equitable and just world. I am committed to using my skills and resources to make a positive impact and driven by the knowledge that this work has the potential to create a sustainable and scalable impact,” concludes Enock.