MIT Solve

Step 2

Our Solution

WeSave

Our solution's stage of development:

Pre-Seed

Our solution:

Full participation of women and girls can be achieved by increased financial inclusion and women empowerment. Using the weSave Application to create Savings Groups among women from different backgrounds not only makes saving easier, but also offers a more convenient, safer and more transparent method.

Our pitch:

Women in Technology Uganda has trained over 600 girls from underserved backgrounds in Entrepreneurial skills, leading to the start of over 50 small businesses in the last three(3) years. This has improved their lives, as they can now contribute to their household income, giving them a say in the decisions made at home. However, saving for business growth and future investment is still a challenge. The ladies save their money in either piggy banks or on their Mobile Money accounts. They are reluctant to open bank accounts, either because they cannot easily access banks in their communities or they do not want to incur bank charges. Their methods of money saving right are not sustainable as they can access the money easily and spend it right away.

According to a three-country study, conducted in Ghana, Uganda and Malawi, released in Proceedings of the National Academy of Sciences, Savings Groups empower women, increase business investment, and provide greater access to financial services. As much as Savings Groups are helpful in local communities, they are susceptible to theft by the leaders that are not easily trusted. Women in Technology Uganda plans to create an application that will make creation and administration of Savings Groups easier. Through the weSave Web and Mobile app, users can create groups of up to 10 women to save with jointly. After agreeing on the amount to save, they can make deposits from their mobile money accounts using USSD. These enable the ladies to be accountable to each other, encouraging each one to be able to send in their weekly savings through the app’s notification service.

The weSave application can be scaled to be used in any part of the world as Savings Groups can be created anywhere in the world creating a group of empowered through technology.

The problem:

Having trained over 600 young women in Business and Entrepreneurship skills over the last three years and local research, we discovered that very few young women save money through banks greatly contributing to poor saving habits among them. They are reluctant to open bank accounts, either because they cannot easily access banks in their communities or they do not want to incur bank charges. The ladies save their money in piggy banks and Mobile Money accounts. Their methods of money saving are very volatile, and susceptible to theft as they can access the money easily and spend it right away.

Why our solution will solve the problem:

From the women and girls trained at WITU and according to a three-country study, Savings Groups empower women, increase business investment, and provide greater access to financial services. Creating groups of 5 – 10 women on the weSave app eases saving from their mobile money accounts, enhances accountability as notifications are given when a member fulfills their agreed amount to be saved and helps the women to grow financially through the business skills they acquire as members. In the long run, a generation of financially empowered women will be created.

Who recommended you to Solve - or - how did you find Solve?

The Solve Challenge was forwarded to our Organisation email.

Step 3

Step 4

Step 5

Step 6