Solution Overview

Solution Name:

HaleSave

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One-line solution summary:

HaleSave provides informal workers with smart savings solution and health benefit insurance while granting loans to small businesses

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Pitch your solution.

THE PROBLEM

The major challenge of governments and other stakeholders in West-Africa is how to extend coverage of health insurance to informal sector workers.

THE SOLUTION

HaleSave divides the informal sector workers into two categories: the business owners and employee or wages earner of the informal sector

HaleSave uses mobile application and onsite physical agent to register member into a Mini-Health Insurance Scheme (HaleSave-MIS)

The HaleSave thrift microfinance instuition enforce a strict continual saving plan withdraw-able at minimum of every 30-days.Also,It lends credit-worthy business owner small business loan from the contributions of the daily wage workers,refundable within 30-45days at a fair interest. A large percentage of the interest is turned into the HaleSave-MIS saving account.

THE BENEFIT

The HaleSave solution allows member to reach their financial goals by enforcing strict saving plan

It provides coverage against medical expenses for dedicated members

It provide loans to small business owner

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Film your elevator pitch.

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What specific problem are you solving?

IDEAL:

Ideally,we should be able to provide a health insurance scheme for all workers in both the formal and informal sector regardless of the financial and technological literacy level

REALITY:

According to the IMF and ILO report, The informal sector contribute 65% of the Nigeria GDP and 55% of the total GDP of the Sub-Sahara African in 2017.

Factors include legal and institutional frameworks,concentrated effort on capital-intensive growth,economic reforms and pervasiveness of government

The informal sector are ineligible for social insurance program because they are often not poor enough to be eligible for social safety net benefit and being outside the formal economy

EFFECT AND CONSEQUENCE:

The informal sector workers are vulnerable to economic shock,thus it is logical to say a fall of this sector indicate a fall of the economy and the continual support and improvement determines an increase in economy development since they contribute a larger percentage share of the GDP.

PROPOSAL:

HaleSave seek to address this issue by creating a mandatory contributions thrift system adapted to contributory capacity of the informal sector wage worker and also,small business loan for business owners with large percentage of the interest turned into insurance savings account.

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Who does your solution serve, and in what ways will the solution impact their lives?

INFORMAL SECTOR WORKERS

Business Owner have business that are unincorporated enterprises (i.e. not constituted as separate legal entities independent of their owners) they are also often not registered Typically, they operate at a low level of organization, on a small scale and with little or no division between labor and capital as factors of production.

No bookkeeping record: economic unit do not maintains a set of accounts required by law (e.g. balance sheets) or keeps some official accounts

Employee: They do not contribute into the social security of it employee and the economic unit has less than five workers and many times they are not located in a fixed visible premise

Job operational criteria: the employment relationship is not, in law or in practice, subject to national labor legislation, income taxation, social protection or entitlement to certain employment benefits (advance notice of dismissal, severance pay, paid annual or sick leave, etc.).

Personas framework and above criteria is adopted to identify informant in the country of our target population(Nigeria)

To understand their needs an observation of the target population is conducted based on an ethnographic approach which follows a customer and financial strategic focus population defined based on geographic,place of work,demographic,andincome

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Which dimension of the Challenge does your solution most closely address?

  • Deploying features that promote the continuity of contributions to social insurance schemes from informal sector workers, incorporating behavioral tools that incentivize and encourage financial savings, transparency, and accountability
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Explain how the problem, your solution, and your solution’s target population relate to the Mission Billion Challenge WURI West Africa Prize and your selected dimension.

HaleSave provide a mobile application which is technological based solution for members of the informal sector to save her income in a digital thrift-Like contribution system

This mode of saving is a means to an end,it purpose is to secure capital for the micro lending business which grant small business loan at fair interest rate.The Interest accrue is paid into HaleSaveMHIS

Hence providing a social insurance scheme for Informal sector workers.To accommodate the non technological literate we maintain a personal representative to a group of client also,USSD is put in place
Target Population:Business owners&Employee or workers of informal sector



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Where is your solution team headquartered?

Lagos, Nigeria
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What is your solution’s stage of development?

  • Idea: A plan or concept by an individual or organization.
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Who is the primary delegate for your solution?

BAMIDELE ISAAC

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More About Your Solution

Which of the following categories best describes your solution?

  • A new business model or process
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Describe what makes your solution innovative.

Our Competitors

PIGGYVEST and COWRYWISE

PiggyVest and CowryWise are limited to provision of mobile application that allows her customer to save for a certain period of time

what makes our solution different:

Our solution is unique because it encompasses diverse range of occupations at varying skill and income levels.it identifies with the vulnerable groups in the society., the business owners and wages worker of the informal sectors

We aim to support business owners by providing them with easy and fast business loans without collateral and also putting in place a scheme that allows HaleSave dedicated members to have access to health insurance program while enabling the Employee or worker of the informal sector to reach their financial goal by enforcing strict saving plan i.e locking away their savings for minimum of 30 days.

Our solution is a one cap fit all that provides a financial and technology inclusion for both non financial or digital literate persons by setting up physical boot across all Local government areas of the country
Also, We appoint a dedicated personal representative specifically to an individual client with no technology literacy and maintain an Automated Service and online community for the literate

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Provide evidence that your solution works.

DESCRIPTION

We aim to divide the informal sector into 2 major social categories,these are our ideal customer

1. Employee or worker of the informal sector

2. The business owner

HaleSave is set up as Thrift cooperative that can partner with any existing local thrift saving organization across the country to save for the Wage earner,

On registration the wage earner are required to register online or at physical office by providing any valid means of identification in the country

Members savings are locked away for a minimum of 30 days as they momentarily continues to save

The organization generate its revenue by taking the first-day savings of the 30-day savings of each member

HaleSave also operates as credit and loan facilities that borrows creditworthy small scale business owner small business loan (between N5,000 – N100,000) at an interest rate payable within 3 - 6 week from the HaleSave savings

The organization generate it revenue by taking a certain percentage of the interest, paying the larger percentage into the HaleSave-MHIS and accessible by registered and dedicated member of HaleSave

Physical office are set up in local government to bridge the gap between this two organization

CUSTOMERS FEEDBACK

Customer are interviewed to help focus on the product to meet our users need and response was amazing

OUR KEY ASSUMPTION

Business owner will maintain there credit score by promptly paying back their loan on or before due

Partnership with National Health Insurance Scheme and and other key health sector will be successful

 


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Please select the technologies currently used in your solution:

  • Artificial Intelligence / Machine Learning
  • Software and Mobile Applications
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What is your theory of change?

SITUATION ANALYSIS

The main problem to be addressed is an unavailability of health insurance program for the informal sector worker,Statistics shows that this sector contribute the largest percentage of the country GDP and yet they constitute the missing middle for social protection program

Research evidence shows that they use Out of pockect method to pay healthcare providers,studies show awareness is poor but attitude to it is encouraging

CAUSES AND CONTRIBUTING FACTORS

Educational background and literacy level

financial status and inconsistent income

Low level of trust in government public policies,transparency with funds

CONSEQUENCE

These include poorer health

social and economic disadvantage for the individual and his or her family

reduced productivity,gross effect on the GDP

FOCUSING AND SCOPING

Main Strategy:Media campaign and Advertisement,Analysis of credit score,partnership with existing local thrift organization,partnership with health and medical centers,Lead generation for new users

Desired Outcomes: strict savings,Provision of small business loan,social health insurance scheme

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immediate outputs:Savings which is an income not spent

longer-term outcomes: A portable social insurance program inform of Health and Medical benefit which we refer to as HaleSave-MHIS

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How can your solution be incorporated into social protection and service delivery systems in West Africa?

HaleSave uses a technology tool (Mobile Application) which can be deployed anywhere with internet connectivity and physical office location which can be equally be set up after due research about identifying the users need

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Describe how 'user friendly' your solution is to incorporate into social protection programs and delivery systems in West Africa.

Our Customer

HaleSave is organized and built around the needs of her user,the pain points, and sort of style they respond to. It employs research process to know who its user and creating a solution centered around their needs

The all inclusive approach that accommodate both the financial and technological literate and non literate is adopted

Simple, clean, and minimalistic are words that define HaleSave.The mobile application is designed to evade stress and put the user in control.

Limited Interruptions:we limit disruptions as much as we can,and interruptions are limited to the barest minimum

 Everything seems free: with our seemless process the informal sector enjoys away all the benefit at little to no cost

Study and Monitor User Behavior

With our technological and AI based model we can observe and detect any change in user pattern and predict if they are in distress



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How does your solution account for low connectivity environments and for users with low literacy and numeracy levels?

We appoint a dedicated personal representative specifically to an individual client with no technology literacy and also maintain an offline community overseen by the physical office in a particular local government area or region

We also make use of USSD transaction for low connectivity enviroments


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Select the key characteristics of your target population.

  • Women & Girls
  • Informal Sector Workers
  • Low/No Connectivity Settings
  • Low-Income
  • Middle-Income
  • Persons with Disabilities
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In which countries will you be operating within the next year?

  • Nigeria
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How many people does your solution currently serve? How many will it serve in one year? In five years?

Our goal is to reach one million people in one year of the start of our operation

we aim to reach 10million people in 5 years

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What are your goals within the next year and within the next five years?

The goal of HaleSave is to provide an health insurance for all individual in the informal sector and (ii) help them to reach their financial freedom

To achieve this we would plant an autonomous and self-sustaining replicas of HaleSave Organization at every district and communities in Nigeria

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What barriers currently exist for you to accomplish your goals in the next year and in the next five years?

Financial Constraint

Technical Constraint

lack of interest and language barrier among informal business owners


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How do you plan to overcome these barriers?

Source for funds through grant

seek venture capital and angel investors for our startup

Leverage on partnership to reach our target customer


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About Your Team

What type of organization is your solution team?

  • Hybrid of for-profit and nonprofit
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How many people work on your solution team?

Team Member: 5


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How long have you been working on your solution?

2 week ago

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Why are you and your team well-positioned to deliver this solution?

Team Members

BAMIDELE ISAAC (Software Engineer and Data Analyst)

JODY VAN SWEARINGEN (Creative Director)

MANTSEBENG SUZY MAEPE (Social Innovator)

OLUWATOSIN OMOLABAKE RUTH (Nurse RN,BNSC)

STEPHANIE EDE (Physiotherapist)


Our Team has a diverse background and required skill to architect and build a successful organization with a clear sense of purpose.The team has measurable objectives.

 Team members agree on the process for completing their work

Team members each do their “fair share” of the work.


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Your Business Model & Funding

What is your business model?

Complete model

HaleSave BUSINESS MODEL

THE CUSTOMER SEGMENT

Halesave operate a multi-sided platform business model

it identifies two distinct groups of customer segment,who are interdependent and present values to each other

1. The Business Owner

2. Employee or wages earner of the informal sector

The employee or wage earner are require to save their money for a minimum of 30 days and the business owners can request for small loans which are granted from the HaleSave savings ,the interest from loan is paid into HaleSave MHIS for the benefit of the registered members

VALUE PROPOSITION

HaleSave create both quantitative and qualitative values for it customer such as

Risk Reduction: Medical exigencies are unpredictable and the informal sector are consider vulnerable,health insurance scheme help mitigate this risk

Cost Reduction:Medical expenditures incurred by unforeseen illness and health condition can better be managed

Accessibility: with partnership have access to good medical care

Financial Freedom: Enable our customer to reach financial goal without eliminating the tradition

Low Interest Loan: To maintain business operations and increase its working capital among other financing is the importance of loan to our customers(The Business Owner)



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Do you primarily provide products or services directly to individuals, or to other organizations?

  • Individual consumers or stakeholders (B2C)
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What is your path to financial sustainability?

The HaleSave social enterprise shall generate its revenue by taking a a percentage of the share of the income saved to the company based off the indigenous long standing tradition of the thrift saving system which is (first savings of every 30days savings) belongs to HaleSave and furthermore through interest generated from loans granted to the business owners.

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If you seek to raise funds for your solution, please provide details.

how much funding you seek: $500,000

the type of funding:Series Funding,Angel Investor,Venture Capitals

when you hope to raise the money: 2020-2021

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What are your estimated expenses for 2020?

Monthly Fixed Expenses

Rent :                                                           $250

Utilities:                                                         $115

Phones (business phones and cell phones)     $30

Equipment Lease Payments:                          $120

Office Supplies:                                              $100

Advertising, publicity, and promotion commitments, like social media or continuing online ads:                                 $200

Website service fees:                                       $50

Professional fees (legal and accounting)         $150

Employee Pay/Benefits (This category is semi-fixed, because you may be able to lower your employee costs at times.) $1000

Miscellaneous Expenses                                     $120

Taxes                                                                   $30

Legal services                                                   $150

MONTHLY FIXED COST                                      $2315

ESTIMATED MONTHLY GENERATED REVENUE   $3000

ESTIMATED MONTHLY INSURED                          $600






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Partnership & Prize Funding Opportunities

Why are you applying to the Mission Billion Challenge WURI West Africa Prize?

for partnership, mentor-ship and support

For funding which would cover our Hiring plans,marketing plans and other operational expenses 

Building our Idea to MVP

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In which of the following areas do you most need partners or support?

  • Business model
  • Solution technology
  • Product/service distribution
  • Funding and revenue model
  • Talent recruitment
  • Board members or advisors
  • Legal or regulatory matters
  • Monitoring and evaluation
  • Marketing, media, and exposure
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Please explain in more detail here.

HaleSave idea can only be realized with strong partnerships and cooperation. we require Official Development Assistance to encourage growth and reaching our goal

We would leverage on all the Partnership and support provided since it is an important way to share ideas and foster innovation and most importantly promoting health insurance for all worker of the informal sectors is vital for sustainable growth and development which is the core goal of HaleSave

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What organizations would you like to partner with, and how would you like to partner with them?

The Federal Medical Center

The Teaching Hospitals

The Specialty Hospital

The National Health Insurance Scheme

They are closest and within reach of the informal sector workers and they are well equipped with qualified medical doctors and state of the art facilities.

Partnership would help meet the country’s healthcare delivery system and facilitate access to health care for Nigerians and it is vital to the overall success of HaleSave


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Solution Team

 
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