South Africa’s finance industry is one of the fastest growing sectors in Africa; this positive development led to the growth of peer-to-peer lending market which has been heightened by the introduction of a start-up called Rocmypeer.
Rocmypeer was established by former television producer Grant Mashale with the objective of assisting consumers to advance cash online to each other through a smart “peer-to-peer” platform which enables people to advance and recover money from their peers directly.
How does it help small businesses?
Through Rocmypeer, small businesses are able to purchase advances to their customers let alone advance cash and collect payments for goods and services automatically at a date they determine. The idea was established following the unsuccessful of his first project, Dine Ticket – a ticketing system which was designed to compete with Computicket. This led him to divert his attention on e-commerce with much attention on peer-to-per payment systems.
How was Rocmypeer developed?
The start-up was developed by using a secure online payment system called Payfast; payfast is a common South African e-commerce platform that ideal to many online stores. This system was structured in such a way that it works across all devices although no device specifications are available.
To use Rocmypeer, users are charged a fee of 2% of the transaction including R20 which is levied on the recipient; the R20 is included to the repayment balance. Aprt form the above services, the company now provides airtime, data and electricity voucher advances of up to R250.
The service is only applicable to people in South Africa but Mashale has plans to establish in other countries.