Fintech startup Planet9 was founded by 23-year-old Gandzhina Oripova. Although the startup was launched just a year ago, during this time it managed to expand its presence beyond Tajikistan to Uzbekistan and the UAE. Now, the co-founder of the company is ready to talk about how their company was conceived and the future prospects of expanding into the markets of the Middle East and North Africa.
"How did Planet9 come about?"
The fintech startup Planet9 was conceived jointly with my co-founders after my graduation from the New York University in Abu Dhabi. At the core of Planet9's mission is the desire to expand opportunities for migrants and their families by helping them overcome financial barriers through innovative solutions.
Our journey began when we joined the global Google for Startups program, becoming the first representatives from Tajikistan. Eventually, we created a banking product, bringing together a team of true professionals. Currently, our team consists of 15 people, each ready to contribute their efforts to achieve results.
We are already actively operating in the markets of Tajikistan, Uzbekistan, and the UAE, and in the near future, we plan to expand our presence in the markets of Indonesia and the Kingdom of Saudi Arabia. In Tajikistan, we started by partnering with Spitamen Bank.
We have already started issuing loans and aim to reach a portfolio of $10 million by 2024. Additionally, we are entering into partnership agreements with the three largest banks in the country in the coming month, which will enhance the provision of the best financial services to our clients, especially migrant families.
Furthermore, in Uzbekistan, Planet9 has also established partnerships with three leading banks.
"How did you enter the Middle East market?"
Our journey in the UAE began when we were selected among thousands of other startups to join the program by DIFC Fintech Hive. After obtaining a license, we joined the DIFC Web3 & AI campus.
Strategic partnerships were then established with leading banks and money transfer operators in the UAE.
We are also proud to be the first startup from Tajikistan accepted into the FIWAM program by Seedstars, highlighting our commitment to innovation and expanding access to financial services for migrant women and their families.
In the UAE, one of our partners is the Emirati bank CBI. By collaborating with such key organizations, we plan to issue $20 million in credits in 2024 in the UAE market alone.
"What is the reason for such interest from partners and clients?"
Our uniqueness lies in the strategic decision to focus on a specific but significant market segment - migrants and their families.
Companies operating in the banking sector often take a broad approach, overlooking the unique financial challenges faced by migrants. By focusing on providing quick consumer loans to migrants and their families based on money transfers through partner banks, Planet9 was able to immediately stand out in the eyes of clients, financial institutions, and investors.
"You mentioned that Spitamen Bank is your partner in Tajikistan. Let's now break down step by step how an ordinary Tajik can get a loan using your product."
- Data on transfers allow us to assess the financial stability and creditworthiness of the client using artificial intelligence technologies.
- 90% of users who received loans through Planet9 had never previously been approved for loans, meaning they are new clients of the partner bank.
- This can be done without visiting a bank, without a guarantor, without income and employment certificates, and all within 5 minutes.
By following this instruction, you can easily apply for a loan. Your credit application will be reviewed instantly. Upon approval, the amount will be credited to your Spitamen Pay online wallet.
You can repay the installments of your loan either through the bank's mobile application or at the nearest offices or branches of the bank. There are no penalties for early loan repayment.
"What is it like to be a female leader in the financial sector, which is predominantly male-dominated?"
I grew up in a family of financiers, where my father has over 20 years of experience in the banking sector, and my mother heads the finance department of a local corporation. My late grandfather on my father's side, Professor Abdullo Oripov, was the first head of the tax service of independent Tajikistan.
And my maternal grandfather, Azimjon Gafurov, is an entrepreneur and the head of "Atlas-i Khujand," the only enterprise for industrial production of national atlas and adras fabrics in the country.
"What are your future plans for the development of Planet9?"
I am excited about launching the first fully digital bank in Tajikistan. I see the future of banking products - from loans to transfers and investments - in the digital space.
I am driven by the vision that an entire generation of today's youth will grow alongside Planet9, creating their credit history and paving the way for the digitalization of the country's economy. This is especially relevant considering that 70% of Tajikistan's population is youth.
"How do you view the potential of the financial market in Tajikistan?"
Optimistically and with immense gratitude. It is thanks to the consistent efforts of President Emomali Rahmon to further support women that relevant authorities were tasked with developing and implementing the "National Strategy for Activating the Role of Women in the Republic of Tajikistan for 2021-2030." Presidential grants are allocated annually to support and develop women's entrepreneurship. With the implementation of this strategy, the status of women in our society is increasingly strengthened.
Moreover, the National Bank of the country is one of the most advanced regulators in the region, creating sandbox opportunities for experimentation and innovation.
Current examples of innovations in the Tajikistan market include the transition to cashless payments, online lending, and the implementation of artificial intelligence.
