April 14, 2009
Collaboration agreement with
Financial Ideas signedJanine
Firpo, the President of Sevak
Solutions, and Chad Schneller, the
CEO of Financial Ideas, completed a
collaboration agreement today
providing for the development and
deployment of new technology to
better serve the needs of
financially distressed US Military
personnel.
More...
January 5, 2009
Sevak Solutions President
Interviewed by CGAP
Janine Firpo spoke to CGAP’s
technology team about mobile banking
in East Asia and the Pacific.
More…. |
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| Prototypes |
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Working on prototypes provides insights and a deep understanding of the real-world challenges and opportunities encountered with implementing a solution in developing countries. To date, Sevak Solutions has worked on two key pilot projects, both of which sought to extend the reach of services into remote and rural areas.In
addition, Sevak Solutions is
currently working with another
partner to develop, pilot and
implement a new emergency micro-loan
initiative targeted at distressed
enlisted U.S. military personnel and
their families. |
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| Financial
Ideas, United States: MicroLending
to the Enlisted U.S. Military
Affiliate Community (2009) |
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In the United States, Sevak
Solutions has partnered with
Financial Ideas to pilot an
innovative technology solution that
will allow credit decisions for
microfinance clients to be made
electronically. These "SoCap"
e-credit scores will be paired with
financial literacy training and
referrals from accredited partners
to make final lending decisions.
Initial tests of the solution will
be carried out with U.S. Military
personnel and their families who may
be experiencing financial distress
due to limited financial literacy
and victimization by predatory
"pay-day" lenders. Once the model
has been validated with this
affinity group, the partners will
incorporate other types of
financially marginalized groups into
their program.
More... |
| Social Protection Payments (SPP), Kenya: Leveraging Field Experience for Social Payments (2007 – 2008) |
In Kenya, Sevak Solutions was the founding member of a consortium that also included Paynet Kenya and the Kenya Commercial Bank. The three companies came together to respond to the Social Protection Payment Challenge. After receiving a grant award, consortium members began developing the financial products, agent models, and technology solutions that could enable the Kenyan government to send money to the homeless and disadvantaged more easily and economically. More...
FSD Kenya and CGAP Press Release
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| Remote Technology Solution, Uganda: Proving the Agent Model (2004 – 2005) |
The first initiative, the Remote Transaction System (RTS) was begun prior to the founding of Sevak Solutions when one of the founders worked at the Hewlett-Packard Company. A point-of-sale and smart card solution was piloted in three different microfinance institutions, each of which used the solution with a different business model. The agent model piloted at Uganda Microfinance Limited proved to be the most successful.When Sevak Solutions was spun out of Hewlett-Packard, the founding team returned to Uganda to learn more about the details of the model. More...
Explore the RTS Archives for the complete history, financial analysis, documentation, and training materials related to the original RTS pilot.
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