Peppermint Innovation has lodged its September Quarterly Activities and Operational Report.
Key highlights included:
- Launched bizmoPay – after being granted a financial licence by the Philippines Securities Exchange
- Initiated a three-month pilot program which rapidly expanded from 10 agents to more than 150 agents due to significant demand for our bizmoPay micro-enterprise offering
- Loan participants have demonstrated – based on an analysis of pilot program data – an average eight-fold increase in their level of transactions across the bizmoto ecosystem of services
- Next commercial phase of bizmoPay will allow recipients to apply for micro-loans via their bizmoto mobile App – expected to be rolled out next month
- September quarterly cash receipts of $472,000 – representing an 83% increase on June 2021 quarterly cash receipts
- Strong cash position ending September quarter with $2.7M cash at bank
- Increased numbers of registered bizmoto agents to 56,605, bizmoGo riders to 672 and Merchants to 747
- Progressed application process for Electronic Money Issuer (“EMI”) licence to Stage 2 of a three-stage process
“The September ’21 quarter delivered some outstanding results for the Company with respect to our alternative non-bank micro-enterprise loan offering, bizmoPay,” said Peppermint’s Managing Director and Chief Executive Officer, Chris Kain.
“We had more than 150 agents sign up for our micro-enterprise loan offer during the last two weeks of September and by the 12th October we had issued 359 loans across our three different loan products – Platinum Plus, Platinum and Silver.
“An analysis of the first 45 days of our bizmoPay pilot program showed about 20 loan recipients transacted more than 50 times while five agents completed more than 100 transactions and one agent undertook more than 250 transactions.
“On average, the total number of loan recipients completed 13 transactions during the first 45 days of the bizmoPay pilot program, yielding A$1.05 per day in transaction value. That volume of transactions would represent an additional circa AUD$22 million per annum in revenue if extrapolated across our 56,000 registered bizmoto agents.”
Read the full September Quarterly Activities Report and Operational Update.