Alomo System is a cloud-based loan servicing solution that provides automation software and a web-based platform that helps lenders consolidate, monitor and manage their day-to-day operations effectively. Alomo Systems provides lenders with easy to use financial dashboards, loan amortisations, interests and principal balance tracking, automated flagging, tracking and penalising of defaulted loans. The business was founded in 2018 by Blessed Mwanza. He is a purpose-driven Fintech and Big Data entrepreneur, building solutions for Africa. He is currently creating software that pushes the boundaries of human limitation and increases yield in all aspects of work operations.
Blessed is a self-taught programmer, he started programming in 8th grade.
“I got obsessed the first day I saw a computer. I would save money meant for a school bus so that I could pay at an internet cafe and learn more about programming. In my 11th grade, I built Zambia’s first music lyrics streaming website. My passion for programming grew even more and I kept building more things.”
What inspired Alomo System was the need to contribute to Africa’s development. Blessed was looking at ways he could contribute to Africa’s development to make it more competitive.
“The idea started in high school, My friend, who is also the co-founder of Alomo System was running a money lending business and he used to frequently encounter the problem of lost paperwork. I proposed to create a platform that would help him manage his business in one platform and he liked it.”
Blessed and his friend went on to share the platform with other money lenders and at that time, five money lenders were interested in the platform and were willing to pay for it.
“We initially planned to give access to the platform for free but the interest that people had shown made us realise that we can turn it into a business.”
Now that Alomo System came to be as a business, there was a challenge of delivering to customers on time.
“The demand was high and we were just a small team so we would delay in execution and delivering to customers. We did not face a lot of financial difficulties because every time we pitched, people loved the idea and they were willing to pay.”
Blessed participated in the 2nd cohort of the FinTech4U programme which we conducted in partnership with UNCDF. Blessed shares his experience and valuable lessons he got from the programme.
“FinTech4U was an opportunity we needed because we did not have enough experience on how to run the business. First of all, we did not understand the regulations, processes and procedures in the Fintech industry, the programme made it so much easier for us to understand the regulations and the key players of the industry. Through insights from industry experts, we gained valuable information on opportunities we can tap into.
Topics like market and product validation, the customer acquisition process, buyer persona and how to interact with clients gave us a blueprint of how we were supposed to run our business. Our other most important takeaway lesson was the lean model of operations. We didn’t know about it but when we tested and applied it, we started building more and even better products and the results are worth sharing in the long run.”
Blessed also shares the impact of Alomo Systems on the clients.
“Our clients have testified that our platform has made their business processes and operations easier. They can now save time because the platform performs major functions as team management and procurement on behalf of the client. Additionally, through the platform, our clients make data-driven decisions, thereby maximising profits.”
As part of the plans to grow and expand, Blessed mentions that he recently founded another startup called AfriLending. This is a Peer-to-Peer lending and borrowing platform with instant mobile money payments implemented for remissions and disbursements.
“It is a location-based technology platform that allows for both individuals and institutions to lend to anyone in need of urgent financial needs based on GPS location. From payments of funds to the management of business finances and transactions, AfriLending comes with tools that enable anyone to start a lending business and or borrow from any neighbouring nearby lender at a click of a button.”
In conclusion, Blessed says Alomo System is looking forward to partnering with other businesses, institutions and investors to see how they can all work together to keep bridging the financial gap.
At BongoHive, we conduct programmes that support entrepreneurs from the idea to the investment stage. Take a look at our programmes to see which one is suitable for you.