SIMPOA PAYMENT SYSTEM

Team Leader

Reginald nsowah

Solution Overview

Solution Name:

One-line solution summary:

We are to develop a payment system for the informal sector. This will allow small business to access to fintech with/ without internet

Pitch your solution.

Simpoa is an Akan word in Ghana meaning the simplest form of money. Simpoa is a payment system directed towards the informal sector of the economy, small businesses, market women, traders etc. To provide them access to financial technology and digital money with or without internet. The main features are as follows

1. Ussd option to support offline payments.

2. QR code option for online and in store payments

3. API integration option for third party apps and services.

Film your elevator pitch.

What specific problem are you solving?

The informal sector in West Africa is a primary driver of economic activity. In Sub-Saharan Africa, 89 percent of employed women and girls are in the informal sector workforce, which accounts for 80 percent of total employment and 55 percent of total GDP. Ghana is no different, due to the lack of education and technology most of these small business are excluded from financial technology and the digital economy. As a result they are not able to scale, grow and create wealth and opportunities.

Mobile phone technology penetration is around 90% but most people still find it a mystery to use the internet.Mobile money exist but it is cumbersome and difficult to register as a merchant and use for business. That is why we are coming up with a simple system to help the informal sector grow and demystify and simplify fintech to them.

What is your solution?

Our solution is called Simpoa, a payment system that will allow small business transact payments with or without internet. Very simple digital accounts that can easily be understood and managed by the educated and the least educated. The main features are:

1. Ussd option to support offline payments.

2. QR code option for online and in store payments

3. API integration option for third party apps and services.

4. Easy to set up

5. Simple to use

6. High security

7. Low charges.

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

This solution will create the opportunity for small business owners and traders to grow and scale their businesses. They are the major drivers but often neglected when it comes to technology. It will give them a financial service they can manage, and it will protect them from robbers and thieves attacking them for their physical cash.

The solution, will provide them the confidence in technology and help them build trust and courage to transact in new markets and other African countries.

It will help them reduce the burden of financial management and bulk cash management.

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

Enable small and new businesses, especially in untapped communities, to prosper and create good jobs through access to capital, networks, and technology

Explain how the problem, your solution, and your solution’s target population relate to the Challenge and your selected dimension.

This solution will enable small business prosper, scale and create new branches throughout the country. It will help educate and raise the game of our small business owners and traders. It will help develop the community and transform the business owners from just traders to real entrepreneurs.

In what city, town, or region is your solution team headquartered?

Accra, Ghana

What is your solution’s stage of development?

Concept: An idea being explored for its feasibility to build a product, service, or business model based on that idea

Who is the primary delegate for your solution?

Victor James Owusu,

Your Business Model & Funding

Solution Team:

Reginald nsowah