Kripton- The Future of Microfinance Banking

The blockchain has revolutionized the world of finance, Today transactions take place just in a matter of seconds, without need of intermediaries and the transaction charge that comes with them drastically reduced! L-Pesa is an evolving Microfinance offering people access financial services, credit facility like traditional banking. the company L-Pesa was founded to help people that do not have access to credit facility from bank to access loan with easy without issues of collateral. L-Pesa creates blockchain-based, smart contract loans enabling people across the internet to grow their businesses and become thriving entrepreneurs. Hopeful visionaries can take loans in Ether or Bitcoin and then participate in L-Pesa’s curated marketplace facilitating peer-to-peer lending: the first crypto loan service in Africa.
L-Pesa was founded with the vision to improve people’s lives through efficient access to credit and related financial services. The first service offered by L-Pesa is microlending. L-Pesa was launched in Tanzania in 2016 and has already issued over 38,000 loans. Over time, L-Pesa expects to introduce additional financial services that would appeal to its user base, such as money transfer services. The company has a strong focus on automation. 95% of the user acquisition and loan underwriting process is automated and is therefore extremely scalable. They have spent two years developing its customer-facing and back office systems using a team of seven software developers. The user experience is based on mobile and web interfaces and marketing is primarily accomplished via social media and SMS. L-Pesa has built a proprietary credit underwriting system which is one of the keys to its success. Consumer credit reporting as it is available in Western Europe and North America does not exist in Africa, India, or other developing regions. A number of models have been tried over the years, some with more success than others. L-Pesa’s model is based in part on a trust ladder: users start out with very small loans (typically $1.00) and are allowed larger loans after the smaller loans have been successfully repaid on schedule. Successful repayment contributes to a credit score. The credit score is also impacted by other factors, such as completion of identity verification. Furthermore, L-Pesa relies on other service providers to screen users; in its current markets, L-Pesa customers are required to have established accounts with mobile money service providers such as M-Pesa prior to setting up an L-Pesa account. The credit scoring system allows L-Pesa back office users an efficient means of processing loan applications.
The process by which L-Pesa has used to achieved this success is described in the graphic below:

  • User registers an account on L-Pesa, often in response to a social media post or an SMS marketing message. Over time, L-Pesa expects 832754982.1 15 that a large number of account openings will originate from referrals from existing users.
  • User adds documentation to their L-Pesa account, typically identification documents such as driver’s license or passport.
  • L-Pesa staff performs identity verification. Much of this work is automated, and more automation will be added in the coming months.
  • The user submits an initial loan application, typically for the local equivalent of $1.00. In many cases, this application is automatically approved.
  • Subsequent loan applications are handled the same way: automation based on the user’s credit score is the key to success and scale.
  • Once a loan is approved, disbursement is processed in real-time using a mobile money service such as M-Pesa or Tigo Pesa.
  • Users are given a payment plan and are expected to make regular payments on the loan. Repayment is also made using a mobile money service. Users can prepay without penalty. Delinquent payments will impact the user’s credit score and will result in automated messages to the user. Delinquency handling is very efficient, resulting in a loss ratio of less than 10%.
  • User support is handled by the L-Pesa back-office team in Tanzania. User support is available in English and Swahili via social media channels, email, and phone.

ICO Details

Token price: 1 ETH = 17,500 LPK
Token lock up period: ​Until end of ICO.
Token activation: ​One day after the finish of the ICO
Total tokens sale: 2,600,000,000
Token storage: ​ERC20 Kripton tokens will be stored in the user’s L-Pesa wallet. During lock up period, user will be able to exchange ERC20 Kripton token on the L-Pesa social exchange.

Kripton L-Pesa ICO timeline: Pre-sale starts March 18, 2018 / 15:00 GMT
ICO starts April 10, 2018 / 15:00 GMT ICO ends May 10, 2018


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