- Our Size – we now serve 26 800 active clients (25% growth over last year)
- Our reach – we issued 7 790 loans to first time clients
- Our depth – we issued 20 620 loans to repeat clients
- Our clients business growth – the loan balance to clients as at end of Nov was R33.3mil (a 50% increase over last year). In this difficult economy, clients have been growing their businesses!
- Our branches – we now have 28 branches in 3 provinces (6 more than last year)
- Our Efficiency – We upgraded the computer system and rolled out tablets to all of our loan officers
In 2018 we plan to roll out another 6 new branches and continue to assist our clients in growing their existing businesses.
EXCITING UPDATES FROM THE FIELD
- Phakamani Foundation’s growth continues to be very strong. In fact we grew 50% over last year.
- We are piloting a few changes to our operating model: groups of six borrows instead of groups of five and six month loans instead of four. We are waiting for a whole cycle to end and at that point we will determine what percentage of these clients come back for a repeat loan. If it is successful, those clients that move to a 6 month loan will experience a 25% reduction in their fees from Phakamani.
- At the start of the year we aimed at acquiring a European funding partner and today we are happy to report we have three funding partners committed to partner with Phakamani for three years.
- Phakamani’s mobile system has now been rolled out to all branches! That means 170 loan officers now have up to the minute information about the clients at their fingertips.
- The Phakamani US Fund had another successful annual event in Minnesota in January. It was a wonderful evening. Thanks to all who came out.