07 Mar 2024

Ipachi Mobile Application is a platform to help the informal sector have financial freedom and muscle to acquire property, CEO of Ipachi Capital, Mr Shine Monyatsi, said.

He said this on Tuesday at a media brief about the coming Home and Property Expo billed for March 15 and 16 in Gaborone. He said the application was envisioned to assist the informal sector to easily access capital they needed to finance their dreams.

He said over the years the company diversified into financial services to help small businesses with access credit opportunities. 

He said they understood that a lot of people wanted to buy into real estate and possessing assets. Mr Monyatsi said financial institutions targeted the privileged and the informal sector did not qualify for home loans.

“Financing someone who does not work is a high risk,” he said.The banks had a criteria for whom to finance and targeted formal customers. 

Therefore, they created a platform to work with financial stokvels which were the source of capital for customers in the informal sector. 

The platform enlisted more than 70 stokvels with potential to financing projects through their varied interest rates and payback terms.

He said the six year old Ipachi application was downloadable from Google Play Store and once downloaded, one could register and confirm their account and gain a 30 days free App trials. During the 30 days, one had to learn how Ipachi works; a free window period to enquire on budget, savings and cash advance.

Mr Monyatsi said at the end of the 30 days, one could opt to continue or terminate application services. Opting to use the platform attracted a P60 subscription fee per month. 

He said credit offered to customers was possible once their first instalment subscription fee was made, adding that money was credited instantly into the customer’s account.

Home and Property Expo Organizer, Mr Matshani Monty of Events Lounge said the initiative into a second year running, was intended to grow more economic opportunities for Batswana. 

He said they targeted more than 50 stalls for the expo and were growing the partnership with the Fields Mall for ten years. 

He said the event attracted interest from government and some business communities, companies in consultancy services, eco living, developers, architects and financial advisors. ENDS