Pay-Pay platform

The project is solving social inclusion challenges by applying using mobile fintech are 2G,3G,4G , 5G and the web as appropriate to accelerate financial inclusion.This will done by creating using appropriate technological platforms leveraging local talents with a last mile approach to foster job creation/entrepreneurship and social inclusion in rural and underserved communities. The solution will deliver on ease of access to financial services , generate actionable data that can facilitate a layering of a scalable retail and supply chain network connecting rural/local producers and business with a larger market.

Financial inclusion is a component of social inclusion (population access to basic services such as employment, health, housing or education). It thus represents a major economic and social issue, not only in developing countries but also in developed countries, which are not immune to financial exclusion.

According to World Bank 2017 Global Financial Inclusion report, 68.5%(+15 year old) have accounts , with rural average is 65.9%. In Nigeria 39.6%(+15 year old) have accounts , which 33.3% rural, 11% claim banks are far away , rural average is 18%, 18% claim they lack documentation requirements. 

However , there is growth in mobile adoption according Nigerian Inter-Bank Settling System, mobile money grew in value 183%, 2019 over 2017 and web payments grew in transaction volume respectively.

This solution will help the last mile access a variety of basic service with financial inclusion are the core and other service can be layered as a result of a robust data collect and verification platform which will create sustainable and scalable social inclusion leveraging mobile digital devices .

Mobile Money Operation with retail and supply chain network layer, across USSD, mobile app, web , point of sales devices with a robust data collection capability to include biometric scanning to cut off duplicity of data and ensure data integrity.

Technology will be mobile and digital devices, across a network of individual users and agents.

The target population is the last mile , semi rural and rural people with limited access to social services.

This solution will drive social inclusion by job creations, access to banking/financial activities/services, deliver on convenience and cost saving.

Research demonstrates the gaps and opportunities thus to deliver on this will be to recruit and engage community based locales to be agents , train them on required basic activities supporting them with appropriate tools.

The problem is financial exclusion through being unbanked or under banked .Currently there is a government mandate on banks issue out loans to SMEs , however ,unbanked population about 84 million people are excluded.

About 50% of population are farmers and 51% are rural dwellers.This solution poses the following opportunity:

1. Create jobs and entrepreneurship, facilitate local productivity does to savings in cost-time and resource of accessing brick and mortar financial services. 
2. capture and create robust data to  enable bank and government visibility and accessibility.
3. Leverage data to create a supply chain network across locations .

The innovative intent is :

1. the biometic capture- ensures integrity of data across interface 

2. Robust data- ensure transfer-ability and adaptability information

3. The layering of a retail (hub and spoke network ) and supply chain

4. Recruitment and training locales with the intent t develop local capability

The platform will be powered by existing technology-USSD, mobile , web, POS and card. The model is layering retail and supply chain network/pipeline using locales in location to drive ownership and social discipline of platform.

Integrate a financial technology platform across all mobile platforms with interoperability through 2G, 3G, 4G and 5G employing:

•Unstructured Supplementary Service Data (USSD), sometimes referred to as "Quick Codes" or "Feature codes"

•Point of Sales devices

•Mobile app

•Web/internet application

•Card

•OTP- one time password

Technologies are currently available across global , device type/feature and operating systems will determine appropriateness.

The penetration via recruitment is on-going as well , however , there gaps based on speed/drive and profitability on parts of operators.

My theory is that business is an exchange of value , value is money . The speed of value   exchange is turnover. The ease and convenience of transactions add its own value , making for attraction to simpler , better and faster.

Fintech enable an exchange at speed without the barriers of regular brick and mortar, either your using your mobile device or transacting from a mobile agent close to you , there is a cost savings. Your savings can be reinvested into other activities.

From research ,there has been a rise in adoption of digital financial technology due to the infrastructural gaps.  Growth 2019 over 2017 below:

Mobile money operations grew

•Agent grew 2055% , 226,039 from 10,491

•Transaction volumes 689% ,377million from 48million

•Transaction values 364%, N5.1 trillion from N1.1 trillion

Output: Recruiting and training agents creates jobs and builds local capability.

People served 

1 year- 1.8 million people registered , 9,288 agents  and serving -4 million people

5 years- 9 million people registered, 40,000 agents and serving -36 million people

Meaningful impact-18 million people

My goal is to use this platform to access social inclusion and social goods. Opportunities abound in bank loans m government and non government development grants.

My goal is to leverage robust and credible biometric verifies data to help people access other social goods. My plan is to partner with banks and government and non- government players to leverage the created retail /supply chain network to assess and access value in a symbiotic fashion.

I see the data due to it biometic capture feature be used for and transferable as government data collection -census, national idenfication , issuing of government document.

Agents and agency can be leverage for government data collection and service activity.

Take learning and apply across other challenged countries across the globe with similar challenges.

The challenge now , is financial , we have technical ,legal expertise. Cultural and market realities, there is a swift adoption in of fintech and innovation.

There barrier is the one of non transparent parties and institution - for example  government accessibility , currently , the government pays $30 to about 10 million people monthly. That is an opportunity to bank using fintech .

Work with financial institutions, they stand to benefit . To partner with them to motivate and induce customers to bank through an incentive pay-out that can be accessed once total data capture which includes biometrics is completed.

Once people are have accounts , it minimizes leakages and ensure transparency .

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Full staff- 11

Contractor- 811

The team leadership have backgrounds in e-payments/financial services, banking,retail and FMCG.

Olaolu Onibonoje- MBA, Hult International Business School, Boston , USA 

M.Sc, Political Science, University of Ibadan

Sales, Marketing and New Product Development professional with over 15 years of experience in multinationals within FMCG, Telecom, Consulting,ePayment/fintech Market Research and Food and Beverage industries. 

Olumide Bode-Thorpe- Master of Information Science , Cardiff University , Wales

Strategy and business development executive with extensive experience in client prospecting, capacity building, project planning and strategy execution. My experience spans across various industries; Nigeria E-Payment, ICT, Oil & Gas (downstream) and FMCG where I have successfully fulfilled leadership roles in service delivery management and customer engagement both in Nigeria and overseas.

Bunmi Ajayi- Master of Managerial Psychology, University of Lagos

Operations and service manager with more than 14 years of success boosting efficiency and streamlining procedures for operational excellence. Focused on smoothly overseeing financial, personnel and operational facets. Effectively balance targets with resources and optimize long-term success.

Kolawole Onibonoje- Master of Zoology , University of Ibadan

+5 year operations and logistics professional .

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The brand name is "PAY PAY " ,the business model is to leverage and adapt existing mobile technology and retail business drivers but intensifying quality and penetration and or availability

Seeking initial start up funds.The business is position to self run with minimal financial inputs,thus , the business and partnerships will generate funding but data sales , consulting and research 

Ensure to engage and get banks and the government to buy into solution

Funding is the major challenge right , however if there are new up to date innovation we can leverage for more value , then it will be welcomed.

I would like to partner with Bill Gates Foundation , Tecno phones , telecommunications , banks and international government agencies.

Our bio-metric solution ensure that barriers of documentation and closeness to financial institution is done away with

Women are the focus of our agency recruitment program

For every job and agent we create, they will impact a minimum of 10 people  daily.

Part of our solution is to teach simple appropriate technological knowledge and financial literacy

The solution is based on an interface of AI and human practical solution/user-ability.

This solution  will deliver on a global supply chain network in 5 to 10 years.