In most Third World and developing countries the driving force for growth and innovation is made up of Micro, Small, and Medium Enterprises (MSMEs). On a global scale they account for 90 percent of registered businesses and make significant contributions to production, job creation, exports, and the bridging of income gaps. These MSME's have the unique characteristics of being highly flexible and adapt to the rapidly changing business environment being small-sized. However these MSMEs are faced with myriads of problems that usually hinders their growth and living up to their potential.
Tokoin however, has come to shine a light on these MSMEs and give them the opportunity to scale higher. Tokoin helps MSMEs create a digital business identity and reputation to get an acceptable credibility scoring for suppliers and financial institutions. Tokoin presents a better and modern business ecosystem that offers valuable partnerships to address inclusive growth. Helping small businesses to achieve their potential by leveraging data.
The establishment of Tokoin is seen as a beacon of hope to many MSMEs, as it provides solutions to major problems of these small B2B and B2C business enterprises.
Major Problems faced by MSMEs
One recurring problem that has troubled many new and existing MSMEs is the lack of capital needed to boost productivity. Lack of capital impedes the growth of every business, especially MSMEs that are usually owned by small scale merchants who are looking to venture into emerging markets. Also, majority of MSMEs still lack access to financing opportunities mostly because, as relatively new or small businesses and lack proper legal documentation, collateral, and/or long-term credit history.
These MSMEs are also challenged when it comes to collecting and processing data. This is due to lack of means and requires expertise needed to understand thees data. Horeover, large corporations use this as an advantage to edge over MSME's as they have the resources to collect, store, and process a vast amount of diverse data.
Most MSMEs do not produce enough to take advantage of the economies of scale. Due to their low order volume they do not enjoy discounts from suppliers. This results in higher production and transaction costs compared to large enterprises who enjoys large volume discounts from suppliers enabling them to tap into rich global networks and leverage their low production costs to offer competitive products in any market they enter.
Tokoins Solution to these problems
Tokoin helps these MSMEs to create a trusted and reputable profile by assembling non-financial data from MSMEs, to be developed into a Digital Business ID. The Tokoin platform gives MSMEs the opportunity to establish a reputation profile that helps them build trust from banks, suppliers, and other service providers. It is a solution that levels up the playing field so that MSMEs can get access to services that were previously unavailable.
Tokoin has helped MSMEs to break the major barrier they face when seeking funding by giving them a digital identity enabling them have access to loans as they now have a credible business profile and good credit score. With access to these loans MSMEs can now enjoy economics of scale from suppliers as they can now buy in large volume.
As a platform, Tokoin captures and processes business information from the users as a valuable asset, which translates into a marker for trusted reputation of the MSMEs as users. This enables MSMEs to have access to previously inaccessible financial business services from providers needed to achieve business growth. Therefore, Tokoin links the business and financial sectors to launch a scheme of financial inclusion. The partnerships formed in Tokoin will subsequently contribute to the national economic growth.
Website: https://tokoin.io
Telegram Chat: http://t.me/tokoinglobal
Twitter: https://twitter.com/TokoinGlobal
Facebook: https://www.facebook.com/TokoinGlobal/
Medium: https://medium.com/@tokoin
Instagram: https://www.instagram.com/tokoinofficial
Linkedin: https://www.linkedin.com/company/tokoinofficial/
Quora: https://www.quora.com/profile/Tokoin-Official-1
Bitcointalk Username: Ahmodinho
Profile Link: https://bitcointalk.org/index.php?action=profile;u=2300504
Congratulations @ahmodinho! You received a personal award!
You can view your badges on your Steem Board and compare to others on the Steem Ranking
Do not miss the last post from @steemitboard:
Vote for @Steemitboard as a witness to get one more award and increased upvotes!