Proposed Experiment

[Proposed Experiment]: Malawi SoCon: Tailored payment plan

Lean Phase: Channels/revenue

Assumption: People are willing to work with us to design a tailored payment plan. People will understand and follow a payment plan that they have responsibility for designing. A payment plan that suits the customer better will have higher repayment. 

Time Period: 1 Week (July week 1)

Criteria: repayment %

Success Metric: 

Success Point: 70% of new customers are willing and able to work with us to design a payment plan for themselves. More than 70% of new customer sample follow their payment plans accurately.

Green Light: Proceed to use this method in designing customer repayment plans. Build the necessity into a CRM.

Orange Light Point: Between 50-70% of new customers are willing and able to work with us to design a payment plan for themselves. 50-70&of new customer sample follow their payment plans accurately.

Orange Light: incorporate tailoring into the payment plan, with allowances made (for missed periods, or pauses of the loan) and more flexibility.

Failure Point: Less than 50% of new customers are willing and able to work with us to design a payment plan for themselves. Less than 50% of new customer sample follow their payment plans accurately.

Red Light: Disregard this avenue.

Experiment Build:

1) Organise a Community Meeting outside of Nancholi and without Watson. (Test in an isolated environment).

2) As well as the payment plan pitch in the solar presentation, build a presentation on the importance of budgeting/saving and recognising expenses. 


a) Build a questionnaire around home expenses and income to understand when people may be able to pay. 

b) Build a flexible calendar that can be delivered to people at POS. This should outline the date, amount, wether or not they paid, how much they did pay, if they did pay the full amount, what would be their balance? It will serve as a personal loan tracker for the customer as a failsafe for texting communications. 

4) When presenting in the community meeting offer the ability to purchase on a structured payment plan or a tailored payment plan. The tailored payment plan will have to have a flexible price dependent on duration of the loan; ie it will be beneficial for people who believe they can pay it off sooner than the payment plan duration.

Take numbers of who prefers which options. This will give us an indication of if people are interested/able to help us tailor a payment plan to their needs. 

5) If there is demand for tailored payment plan, sit down with customers and work out a set of timings of how much they can pay and when. Fill this into the flexible calendar. 

Observe the repayment rate over the period of their loans and make the judgement. Communicate as we would with other customers providing confirmation of transaction etc.. 

6) If this is a successful result, develop this flexibility into a CRM. 

edited on 25th February 2019, 19:02 by Kurt Michl

Lucy Noble 3 months ago

Status label added: Proposed Experiment

Reply 0