ABOUT SURECREDIT

1. Current Application Process

User visits website and applies for voucher loan specifying amount and
tenure of payback. The following information is required:

Personal Information: - Name, Age, Gender, Email, Phone Number,

Home Address
Company Information: - Employee Status, Company Name,
Employment Date, BVN*, Monthly Net Salary* and Date of Employment*
Eight companies are listed on the application form. These are
a) Suregifts
b) Ventures Garden Group (VGG)
c) ESL
d) Gamsole
e) Diamond Bank
f) Heritage Bank
g) Connect Marketing
h) Fidelity Bank
There has not been any defined strategy towards activating new
companies, and practically all of the listed companies were listed based
on personal relationships with key staff of the organisation.

Applicants who visit the website are expected to select one of these
available companies during their application. After the application is
received, the borrower is contacted via email with a lending agreement
PDF which he is required to complete. His HR manager is also required to
underwrite the agreement before sending it back. Voucher is approved
shortly after these terms have been fulfilled.

It is important to note that this agreement only worked with VGG, as that
was the only company where the HR agreed to underwrite the
agreement for the borrower.

Borrowers are expected to begin repayment immediately with each

payment expected by the last day of the month until the monthly
payments are complete and principal + interest paid in full.
Towards the end of the month, customers are reminded by SMS and
email to remember to make transfer to the Company account which is
also sent as part of the reminder messages.

Going Forward:

This will still be primarily achieved via a fluid approach where contact
details will be sought from certain focus groups/ channels (WhatsApp,
LinkedIn) containing talent managers & HR personnel. A brief marketing
brief/description of SureCredit will be sent to them, detailing the benefits
of having their employees having easy access to credit for their lifestyle
purchasing needs.

Another strategy will be to add SureCredit as an addendum to the

SureGifts marketing brief. Prospective companies will be assured that
their staff can still access SureCredit without necessarily signing up with
SureGifts – as SureGifts and SureCredit are separate products of Sure
Group.

Other activation channels that will be explored are Social Media. Where
a call to action will lead potential customers to get their company listed
on SureCredit – via a simple form which will be used to get in touch with
the HR manager of their company.

Once contact has been established and terms are agreed. The
company gets listed and the employees are able to apply for voucher
loans.

During application, additional requirements will be added to ease

determination of credit limit. This will include statement of account,
government issued-ID & usual date that salary is paid in the organisation.

Immediate Modifications to online application process:

o Net monthly salary should be marked as compulsory.
o Account Statement for 3 months should be uploaded but marked
as optional.
o No error message on incomplete form
o Confirmation message doesn’t look good (increase font size)
o Insert CTA on success page (Follow us on SM, Send value anywhere
in the world).

2. Possible Bottlenecks/Problems with Process Flow and SureCredit

Platform
a) Activation of new companies
i. Initiation of initial contact/ leads
ii. Verification of company information
iii. Uptake by company decision maker/talent manager
iv. Level of underwriting required by decision maker – deduct at
source or not
v. How to ascertain that company itself pays salary regularly (if
no deduction at source)
b) Customer Acquisition
i. Acquiring new target users
ii. Ability to engage and retain returning customers
iii. Lack of any referral/incentivising structure in place
iv. Need to get SSL certificate (https://) so users know their
personal information cannot be intercepted by 3rd parties.
c) Loan Application Process
i. Poor UX design
ii. Need for mobile technology so as not to exclude mobile
iii. Effective screening of duplicitous applicants.
iv. Lack of proper means of identity verification
v. Lack of proper means of phone number verification
vi. Reluctance of applicants to using work email address
d) Voucher Approval Process
i. Need for better user dashboard management for ongoing
loans and re-application.
ii. Many vouchers are used for online spending. Users want to
keep the remaining balance for subsequent use.
iii. Need quicker interface that borrowers can use in uploading
account statement
iv. Need to design more objective credit assessment processes
e) Payment
i. Lack of dedicated account for collecting and recording
payments.
 ii. Need of integrate payment service providers
(Flutterwave/Paystack/Remita) which will facilitate direct
debit on payment date.
iii. Need to evaluate other payment options e.g. GT Collections,
iv. Need to define means of protection of capital risk.
(Insurance)
v. Need to outline steps to recover capital from defaulters

3. Go to Market Strategy
Advertise at merchant locations? Set triggers..