RenMoney – MSME Finance to Small Scale Retailers Adopting the Baxi Box
In 2015, Capricorn Digital Limited introduced a unique technology-driven Point of Sale (POS) device known as Baxi Box (pictured above), to help improve online business transactions on a real-time basis for the mass market consumers (people who do not use smartphones) through a network of agents. Capricorn is a digital solutions and distribution company that supports the growth of agents, merchants and MSMEs through the efficient and effective distribution of digital products and services utilising its extensive distribution network across Nigeria.
RenMoney is providing loans to small retailers and other agents to fund purchases of a Baxi Box and associated float requirement. In the long term Baxi Box is a possible platform for RenMoney’s other products including small scale deposits.
The Baxi Box gives people access to limitless products and services which include airtime, gaming, utility bill payments, data bundles, ticketing, transport, collections through different service providers below:
Airtime vending – Etisalat, MTN, Airtel, Glo and Visafone
Power – Ikeja Electricity, Eko Electricity, Ibadan Electricity and Kano Electric
Gaming – Bet9ja, Winnersgoldenbet, Winners Golden Chance Lottery and Paddybet
TV subscription – Startimes, DStv, Gotv and Consat
Insurance – Leadway third party car insurance and Cornerstone Insurance
Education – West African Examinations Council (“WAEC”) examination pins for checking results
Broadband data – Etisalat data, MTN data, Airtel data, Smile data and Spectranet
Event ticketing – Afritickets
The device provides great business opportunities for the agents enabling them to generate significant income through commissions for every product the agent sells on the device. In addition, Capricorn renders support services to the agents which include technical and operational support through various channels such as customer service, emails, whatspp chat, and field support. The number of agents is expected to reach 10 000 by end 2017.
The introduction of the box was aimed at creating convenience so that people can have access to services, noting that not everybody has quick access to services such as “paid television subscription” for example, as many people have to visit their bank or their service providers’ office to make a payment, to enjoy such services.
Verdant Capital is mandated by RenMoney to raise debt financing for its ongoing loan book growth.