Almond Finance

Team Name

Almond Finance

Project Summary

SUMMARY: Almond Finance is a mobile commerce app that enables communities in developing countries to grow revenue. By integrating micro finance, market mapping and digital payments into a single mobile application, Almond capitalizes on existing telecommunications infrastructure to bring financial inclusion and sustainable prosperity to unbanked rural communities.   

PROBLEM:  1) Lack of banking: 80% of 57M people in Myanmar are unbanked (despite >95% of Myanmar's population having mobile phone connectivity). Worldwide, 2B people remain unbanked.) 2) Lack of capital access needed to escape poverty (lending institutions require digital networks).  3) Lack of market awareness prevents buyers and sellers connecting, inhibiting commerce. 


SOLUTION: Almond achieves financial inclusion by allowing user access to digital banking and capital financing from lending institutions on a single platform. Almond also tracks purchases executed using this capital to map products and services for buyers and sellers, creating market awareness and improving commerce. The model widens the reach of digital banks and lending institutions to new markets, increases market visibility for local vendors, and offers the benefits of mobile finance to unbanked rural populations. In 2019, digital financial transactions worth $4.5B were executed and projected growth is 400% by 2025. For partner firm services accessed through the platform, a fee is received: 1-3% on loans and 0.25% on transactions for digital payments. 

Locality

• Myanmar

Sector

Project Video