Patasente, founded by George W Bakka is a supply chain financing platform that enables people guarantee or to businesses in East Africa. Entrepreneurs get working capital loans to grow their revenues, and lenders finance the loans by buying a range of interest bearing promissory notes to earn extra incomes.
Unlike traditional banking institutions that offer credit based on physical immovable collateral, they instead base their decisions on the credit score ratings of their customers. They also provide financing that enables entrepreneurs to move goods and services to customers who need them most.
Let’s say that Jojus Logistics Ltd gets a USD 10,000 contract to supply food-maize flour to St Mary’s College, and needs USD 5,000 loan at 5% interest to deliver. 10 lenders can each buy notes worth USD 50 to collect the entire amount which then advanced to the entrepreneur. Once St Mary’s pays the client, all lenders are paid back with interest.
To date, 33 lenders have lent out $ 68,710 to 66 businesses with contracts worth $ 196,470. An example of their impact as a business is through one of many companies, Jojus Logistics, which is a commodity trading company that sources agricultural produce-maize and beans from rural farmers to sell to local and regional markets. His only limitation was capital to impact his suppliers and meet his clients. To date, Jojus has borrowed and paid back over $ 30,000 through LPO and Discounted Invoice financing, impacted over 300 small holder farmers and created 7 jobs. Through Jojus we are looking to expand our finance service offering to over 10,000 farmers in East and North Uganda.
Their goal is to further grow Patasente into Africa’s #1 Credit Marketplace. Unlike other platforms, Patasente enables entrepreneurs to access loans to finance lorchase orders, discount invoices and acquire assets. Investors finance these loans by buying promissory notes with 30-365 maturity days to earn solid competitive returns. Their next steps are to 1) Complete development of a robust secure web and mobile application 2) Raise internal funding to finance 50% of the loans on the platform 3) Grow our market base to profitability.
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