Wednesday, September 15, 2010

CEO Update - Wednesday September 15

Hi everyone,

We have our August numbers in and it was another month of growth. Key highlights include:

We processed nearly $1.8 million in transaction value through our system. This is a 583% increase since January.

Our system processed a total of 42,886 transactions, a 441% increase since January.

Voucher transactions for August broke through the 20,000 barrier for the first time. We are targeting over 28,000 voucher redemptions for September with WFP, CFU, and FAO leading the charge.

We paid out nearly $40,000 in unbanked microfinance loans and casual worker payments.

In June, July, and August, we processed over 9,000 system payments to Dunavant Farmers worth $1 million.

Finally, August finished off with the founder shareholders, CAD, investing $75,000 cash into the business.

The focus in September is Traction Traction Traction. We have aggressive growth targets, and we want to quickly scale our banked and unbanked payment products to complement vouchers and money transfers. We've had a couple months to test these in the market, and we will now switch to selling and implementation. Brad will focus on Corporate, SME, and Government sector sales, while I will target the development and microfinance sectors. In addition:

We are launching both banked and unbanked payments for the Zambia Emory HIV Research Project (ZEHRP). We anticipate processing in excess of 500 payments per month for ZEHRP at full capacity.

We are hiring 3 new IT development resources in Cape Town to beef our our capacity and meet client demand. Focus areas will be on current contracted work for our existing clients, followed by a new agent cash reconciliation tool and other product enhancements.

Brad will be travelling to the US to speak about our electronic voucher product at a conference hosted by Catholic Relief Services, one of the largest NGOs in the world.

Expect September to be another busy and fruitful month. We've got a big challenge ahead of us but I am confident that the Mobile Transactions team is up for it.



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