DooMula

DooMula is an on-demand and robust digital microloan application that handles the 360 loan application process without paperwork and creates digital credit recording through the use of artificial intelligence.

We solve the simple problem of access to emergency microloans at last mile, personal and payday loans.

The digital credit record will be generated through tracking digital transactions and will be the basis for key financial decisions such as digital loans, insurance and various other products that can be accessed digitally such as microinsurance.

Access to affordable credit to low income households in Africa via digital (online and mobile) platforms to meet life's day to day requirements and to create wealth. Problems being solved include:

1. Underserved and unbanked lower income clients

2. High interest loan sharking

3. Limited to no credit records

Low income LSM groups first in South Africa then the rest of the continent.

We are currently developing an app that will be accessible to them via online and mobile platforms. 

The solution will address their needs as it will be unsecured loans without conventional KYC requirements except those collected by our AI technology. They will be able to access credit anywhere, anytime.

We solve the simple problem of access to emergency, personal and payday microloans at last mile. Our job is to bring the unbanked and underserved into the mainstream banking system.

Doomula gives you the independence to access a microloans, sometimes to paid off in a few days, to solve some of life’s inconvenient situations. We believe there is a market for small, consumptive loans that will meet the needs of our largely lower LSM market focus.

Doomula will be launched first as app for download before being implemented in our branches to handle end-to-end loan transactions in order to cater to our lower LSM clients that do not have access to both handy smartphones and mobile data.

Doomula is currently being integrated or in talks to be integrated with Delter Webfin (loan management system), Wari, Flutterwave and have approached MTN (MNO) to partner to dispense loans in mobile wallets and collect loans for an economic benefit to the MNO and well as Shoprite (supermarket chain) to be a payment partner.

Our solution is innovative in that it 'grades' users according to their digital transaction behaviour to determine credit worthiness as well as future access to further financial products like microinsurance. However, we aim to be the first service in Africa to provide open banking principles by allowing consumers decide how their data is used.

The technology of digital lending is not new but we apply it by underlaying it with AI to create digital credit recording that we can use to help low income groups enter the mainstream financial services system.

Because of the accessibility of mobile in Africa and our affordable interest rate band, we look to be a sustainable solution that delivers wealth creation for our low income consumers.

We are currently in development and not serving any clients.

We look to be serving 500 000 clients in the first year.

We look to be serving 3 million clients in 5 years.

Barriers include lack of operational infrastructure and mentoring, funding and jurisdictional finance regulation.

We are however a registered credit provider in South Africa.

By raising capital through an incubation process where we also get operational infrastructure and mentoring.

In terms of regulatory compliance, we look to partner with in-country partners that tick all the regulatory compliance frameworks in the home countries in order to implement our solution quicker.

1 person full time and 2 part time.

Our team is transnational and has diverse skills. Our Nigerian co-founder is a Microsoft and Xamarin certified software developer. Our South African co-founder is Nuclear Science PhD. Our Zimbabwean co-founder is a former finance and private equity professional.

We are best placed to deliver on this solution as we know the challenges of the low income African on the ground as well by our skillsets.

We are looking to partner with mobile network operators, supermarkets and digital payments providers. We have integrated with Flutterwave which allows payments and transfers across Africa in any currency, are in talks with MTN (MNO) and looking to engage Shoprite which is a chain of supermarkets in South Africa.

We will provide value by allowing low income consumers to access microloans on an integrated digital platform. 

We will make money from interest rates and initiation fees that will be below market exorbitant rates.

We will both raise funding rounds as well push on building our loan book to R100 million in the first three years of the business.

Our Ask

1. Seed funding- to lease loan management system, provide loan capital, build back office team of developers and operations

2. Key industry relationships- MNO’s, Supermarkets

3. Infrastructure- office space, mentoring, app integrations

Mobile network operators

Payment partners- for example supermarkets

Other key technology players for API integrations to bolster our offering and technology

The AI enabled digital credit record will be generated through tracking digital transactions and will be the basis for key financial decisions such as digital loans, insurance and various other products that can be accessed digitally and otherwise.

By allowing financial inclusion in Africa by bringing the low income market in the financial services mainstream applying open banking principles of consumer sovereignty over their data.