CenteMPEX

CenteMPEX mobile application is provided exclusively to Centenary Bank by mPEX International and it is powered by SoftwareGroup. It connects all players in the Agriculture sector with Centenary Bank.

With the CenteMPEX app users can, without having to visit the bank branch, open an account, analyse cash flow and borrowing needs, apply for a seasonal loan, and track and share key business and financial data with the bank to guide timely loan repayments. CentePEX app makes it easier for agriculture producers and processors operating far from bank branches to access and manage seasonal loans.

The CenteMPEX app also provides direct links to ‘WhatsApp’ communities to share ideas and information with others engaged in agriculture around the country. A WhatsApp group dedicated to support users learn how to use the mPEX app effectively is also provided.

The easy to use App dashboard takes the user through a four-step process as follows:

Step 1: Customer KYC: Enter your personal and contact info necessary to open a bank account.

Step 2: Credit/Loan Request: Enter your business enterprise and purpose of the loan. Select your last full year of business information setting two historical and two projected years of business information on which to base your loan.

Step 3: Financials & Projections: Enter your business information for your last year and two historical years as well as projections for the next two years on:

1) Raw materials used in business process, their description and units of measurement.

2) Overview of products their description, units of measurement and total monthly production capacity, as well as the product composition as a percent of raw materials used.

3) Annual operating costs for each costs type (labour, etc) and percent for which the cost is fixed or variable.

4) Inputs used each month of raw materials, the price and purchased quantity including beginning stock. Yearly values being calculated for you.

5) Product sales each month of each product, the price and sales quantity. The App calculates product sales value each month and percentage of production capacity used. Yearly sales figures and gross margins for each product are also calculated.

6) Cash flows showing cash inflow from sales, and cash outflows from purchase values and operating costs as well as cumulative seasonal cash flow are calculated by the App. The data are displayed as monthly graph for easy understanding.

Step 4: Loan: Enter your seasonal loan requirements and information necessary to apply for a loan as follows:

1) Loan Plan: Select projected year for your loan and enter the loan rules of a) percent of financing need bank will provide, b) percent of cash flow set aside to repay loan, c) annual loan interest percent, and d) loan application fee. The App will calculate your monthly finance need, loan draw, principle repayment, loan interest costs, and cumulative loan draw based on the loan rules and your projected business information. The data are displayed as monthly graph for easy understanding.

2) Loan KYC: Enter your business and contact information necessary to apply for a loan including information on: fixed assets, liabilities, financial statements, bank loans, deposit history, collateral, providing photos of key documents.

Business performance tracking: Update any changes in raw materials, products and operating costs with the actual data to track your cash flows and ability to make your loan repayments on schedule. Update your loan plan as you make your loan interest and principle repayments.

Your data is shared with Centenary Bank each time you save it on the phone providing real time communication between you and your loan officer. This communication bridge makes it simpler and faster for you to apply for a seasonal loan to grow your business.

We're constantly improving the CenteMPEX app, if you have a problem with our software, please contact Centenary Bank help line or visit any branch.