Jog Biyog (+-) ; Enabling Access to Finance to MSMEs

1. INVESTMENT READINESS: Banks and other formal financial institutions require a basic level of preparedness from their clients to decide to extend the financing facilities like; Organised financial data, business plan, trade license, and proof of ability to repay loan are often mandatory. The financial institutions also need information to make a constructive evaluation of a borrower’s credit worthiness. In Bangladesh, an overwhelming majority of small businesses lack of this preparedness. Consequently, they resort to the informal financing sector, where interest rates are too high. Our direct support to MSMEs to improve their technical and managerial skills, it includes improve business capacity, access to latest agri-tech, and finally advanced skill sets for tapping to forward market are preparing these small businesses and becoming investment ready. Helps them to access financial and other services needed to grow their businesses.

Bangladesh has 8.00 million SMEs that contributes 25% in country’s GDP and employees nearly half of the total workforce. But still access to finance (A2F) is one of the key challenges for SMEs . The situation of Agri-MSMEs is worse than the urban businesses. Several research shows, There are some key challenges that hinder the path of A2F to MSMEs and enlarge the funding gap approx. BDT 529 billion (USD 6.8 billion).

Inadequate accounting records, financial statements and lack of business plans  makes difficulty for lenders and investors to assess the creditworthiness of potential SMEs; 

1. Despite of numbers of bookkeeping and accounting software which are available in the market, there is still no customer centric mobile bookkeeping and Accounting solution specially for Agri-MSMEs, What I mean is that a mobile bookkeeping and Accounting solution like; Jog Biyog that unlocks the true potential of finance for Agri-MSMEs besides providing traceability of day-to-day business transactions for accountability+ real time data.
2. Most of the existing accounting tools/ software available in market, are generally created for qualified accountants/ professional. BUT, entrepreneurs who actually does not work with them or don’t have the proper knowledge on it, limits in accessing finance from formal financial institution(s).

   

We have developed an innovative product “Jog Biyog (+-)”. It’s a mobile app. and a complete business bookkeeping & accounting solution for MSMEs. Business Bookkeeping has never been easier with Jog Biyog (+-)”, very simple to registration, to navigate and use. No matter what’s your business, whether you went college or not, no matter where you live and even if you don’t have previous experience in business bookkeeping and accounting, now you can keep records and manage your day-to-day entire business transactions and financial management as a good professional accountant even while you are on the move.

• It Increases the record keeping practice of day-to-day business transactions with very minimum effort and cost, organize & manage the business financial data in a systematic & efficient manner, track the money receive, owe and are owed.
• An educative mobile app. which offers practical help, important for women MSMEs.
• Ensure transparency and accuracy in business operations and transactions and avoids drudgery of bookkeeping; It also allows entrepreneurs to view the data in an intuitive way and manage cash flows.
• Ensures balanced books and accurate reports;
  
• Through accessing ready information on business operations and company financials, allows entrepreneur(s) measure the real time performance and make better informed business decisions and generate better cash flow.
• It also helps a subsistence women entrepreneur to become a transformational one and provides enhanced credit access with lower borrowing cost.  
• You can track your daily business income and expenses and start visualizing your profit.
• Switch from paper and pen bookkeeping and start tracking your sales on your phone! Instantly, know where are your business stands, all about of your requirement, now @ your fingertips
• Available in English & Bangla both language.

  

Despite of numbers of bookkeeping and accounting software and application which are available in the market, there is still no customer centric mobile bookkeeping and Accounting solution specially for Agri-MSMEs, What I mean is that a mobile bookkeeping and Accounting management solution like; Jog Biyog that unlocks the true potential of finance for MSMEs besides providing traceability of day-to-day business transactions + accountability+ real time data.

• It is not easy to keep proper records and maintain day-to-day business transactions for a non-experienced or non-accounting background entrepreneur(s) (MSMEs) and even who doesn’t have adequate computer & accounting software technical knowledge, while I worked in bank in MSMEs financing, I find most of the existing accounting tools/ software available in market, are generally created for qualified accountants/ professional. BUT, entrepreneurs who actually does not work with them or don’t have the proper knowledge on it, limits in accessing finance from formal financial institution(s).
• A small entrepreneur(s) usually plays different role and activities for his/her business, and most of the time he/she needs to move and may not even be able to sit all the time in his/her laptop/ desktop or office premises. Therefore, s/he fails to take better decisions for the enterprises due to lack of real time information about business condition.
• The majority of small businesses who are also recording their business transactions in developing world still use pen and paper to do the same. That is why solutions like Jog Biyog that educate and offer transparency are very important.

• 

We are operating and managing our solution under our organisation title " ENTERPRISE CAFE"

Enterprise Café Limited (ECL) is an Entrepreneur support organization, provide various support to small business entrepreneurs building sustainable business and contribute to create enabling environment by helping underserved individuals, households, and small business owners to access affordable financial services, manage their income and expenses, and protect themselves from financial shocks.

The team who are operating and managing this solution is our founder of the organisation's.

Total 17

Our diversified professional background made us a best team

CVC Finance Ltd.

ADSL 

Noabikini GanoMukhi Foundation

Our self-sustaining business model are capable to run and continue of our project. We have very clear two (2) revenue sources: (1) our customers (MSMEs including Agri-SMEs) will pay us monthly service charges (approx. BDT.300-500/month) for using of the jogbiyog – an innovative effortless mobile bookkeeping and financial management solutions, for the first time in Bangladesh. The amount of service charge is very minimum in comparison of hiring an accountant, or purchase and operates an accounting software, whereas the outcome will be same. (2) Against our collaboration agreement with financial institutions (CVCFL, Pragati Insurance company), we earn revenues from them vide our match making (facilitates Access to credit, insurance) services. We also get the fees & commissions for acting as an agent of a bank (which is currently, getting from CVCFL & Pragati Insurance Company. We have an opportunity to earn commission by facilitating access to market for smallholders and rural based enterprise and connecting them with large scale companies supply chain.

Blended finance

1. Help to connect potential impact investors;

2. Fine tuning business model;

3. Explore the new market through international network of Tiger IT

1. International venture funding company;

2. Philanthropic funding org.