Killer Analytics, a Ugandan tech start-up, was named the winner of the ‘Face the Gorillas’ competition at the Transform Africa Summit held in Kigali, Rwanda. The event that was concluded on 12th May 2017 saw a host of many start-ups compete for the same prize.
Killer Analytics, with their solution ‘Smart Credit’ thus emerged the best. The company, led by Fred Otim offers a software platform that analyses and processes SME transactional data to individualized credit data and financial statements.
Killer Analytics team received Ugx360m investment at the Summit.
Platforms like Smart Credit if adopted will improve business sustainability and enhance job creation.
According to Peter Muzoora, the Project Manager at Smart Business Intelligence notes that, their aim was help small businesses access credit. “Limited access to sources of funding possesses one of the biggest challenges to many small businesses in Uganda. “We analysed data collected from small businesses and drew a conclusion that they accessed funding from money lenders and mobile money whose interest rates sour between 20 to 30 per cent monthly. This situation cannot facilitate SME growth in the country. No wonder there are SMEs closing shop.” Added Peter Muzoora.
Similarly, in 2015, Smart Business Intelligence developed an accounting system that formalizes payments using mobile money. They were able to secure a US$100,000 grant from the Bill and Melinda Gates Foundation to develop this application.
Innovative ideas especially mass driven like mobile money are great at driving SME growth. Platforms like Smart Credit if adopted will improve business sustainability and enhance job creation.
