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Frequently Asked Questions (FAQs)

What is unique about MiKashBoks?
  • Firstly, our focus is not introducing a new financing model but rather finding innovatives ways to augment well understood existing ones and build new pathways for them on MiKashBoks.
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  • Additionally, being a saving model agnostic platform increases our scope and use cases. A user can be part of groups that practices a well defined methodology, for example VSLA, SUSU, SACCOS in Africa, Self Help Groups, Chit Funds in South Asia, credit unions in the United States and the UK. MiKashboks is also fully customizable to fit users’ requirements.
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  • Added to that having an Open API Platform, enabling open innovation and creating immediate value to users through partnerships with fintech innovators, lending institutions, and NGOs aspiring to service millions of these groups
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  • Lastly, when we bring users online – there is a huge opportunity to leverage tools of AI to improve their interactions with each other, experiences with service providers, and enable them. We build these positive pathways into how code is written keeping this vision in mind.
How does MiKashBoks handle privacy and consent issues

Users govern all interactions on MiKashBoks and informed consent is part of every step of their journey. They decide what groups they accept invitations to join and if they connect with external integrators, they initiate that connection, control permissions, and the length of that connection.

How do you safeguard data & asset security
We encrypt Personally Identifiable Information (PII) and rotate encryption keys regularly. PII is accessed by our team only on user consent, example during support requests, with these audited and timestamped.
How do you help users find value in their data?
At MiKashBoks, we regularly debate the balance between deploying summarizations and assessment algorithms, better consumed and understood but with potentially difficult to understand ethical pitfalls. We use artificial intelligence and data science to help make our service more convenient, impactful, and bridge that literacy gap through helping users save better, utilize credit better, and interact with MiKashboks using IVR and AI powered voice bots in their local languages. We focus on incentivizing positive behaviour and consciously decide not to penalize unfavorable behaviours. For example, positive behavior leads to pathways to discover new services from 3rd parties, while unfavorable behaviour is provided additional support like social nudges to improve, additional reminders to pay on time etc.
How are you designing for low connectivity and low literacy?
  • MiKashBoks is offline first, can be used without regular connectivity, and syncs transparently with the cloud when connectivity is available. To use MiKashBoks the group member recording the meeting only needs about a minute internet access a week so transactions they recorded in the last meeting are synced before the next.
  • Our UI and UXs are intuitive and simple to use having been developed through a human centered design driven process throughout the design and development process
  • An SMS interface into the platform provides an alternate interface for non-smartphones users, providing them with both data on their’s and their group’s positions, reminders in the form of automated SMS sent to them and simple querying capabilities
  • Finally we are working on an IVR interface powered by AI based chatbots and natural language processing that aims to in the short term provide in user’s local language voice based information on theirs and their groups position and important reminders and the long terms support voice based queries and recording of meetings. We believe that this will be a game changer for truly solving for our non-literate users
What is the MiKashBoks Open API Protocol
The MiKashBoks Open API Protocol helps users leverage the billions of informal financial data they generate for their own economic and social development. The Open API Protocol enables 3rd parties to innovate on MiKashBoks along with a set of rules that govern and safeguards user interaction with them. These interactions are strictly initiated and controlled by the user and puts their consent and privacy first.
What are some example use cases on the MiKashBoks Open API Protocol
The use-cases are limitless and some that we prioritize are those important for users of MiKashBoks.

  • Reference applications through which NGOs and community organizations can better monitor and support groups within their network when consent is provided by these groups.
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  • Nationally available services for users such as social protection programs and digital identity that can be extended now that many of our users who are informal workers can be discovered and supported through the Open API Protocol
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  • Financial services such as savings accounts, loans or insurance schemes that meet the daily and long-term needs of users.

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