Mobile Chilimba Savings

It is a mobile platform that allows traditional savings groups to save their money (contributions) digitally. Group members will be able to individually deposit their money (contributions) to their group bank account from their locations using their mobile phones through an easy to use, safe and convenient digital system.

• What is your solution?

A mobile money system that will integrate mobile phones and bank accounts to enable people to deposit money from any location straight to their target bank accounts.

• How does it address financial inclusion?

There are 10.9 million mobile phone subscribers in Zambia representing a mobile penetration rate of about 70 percent. Despite efforts by different stakeholders financial inclusion levels in Zambia were at 59.3 percent as of the year 2015, a level that our platform will help increase by enabling Zambians to deposit, store and transact money in digital form using their mobile phones. Millions of people who have no bank accounts or have a hard time accessing their bank accounts will be safer, more productive with their time and their money, and will be able to take advantage of increased socio-economic opportunities. The platform will also enable many households to escape extreme poverty.

• If scaled, how will it effect change across the world?

It will be the fastest, cheapest and safest way to transfer money than the alternatives, such as slow, costly transfers via banks and post offices, or handing an envelope of cash to a bus driver. Rather than a person spend a day travelling by bus to the nearest bank, recipients in both rural and urban areas will spend their time doing more productive things. The incomes of households using our platform will increase considerably once they start using it. Our platform will also provide a stepping stone to formal financial services for the billions of people who lack access to savings accounts, credit and insurance.

The inability of women, households or groups to access financial services in an appropriate form due to a cause or a consequence of social exclusion, or both. Access to financial services is essential for citizens to be economically and socially integrated in today's society. It is also a requirement for employment, economic growth, poverty reduction and social inclusion.

To see a world where people will be able to have financial services as and when needed through their mobile phones/devices. Our platform will be easily implemented by telecom companies because it will be mutually beneficial for them in terms of revenues and expanding their service offerings. Our platform will also enable them to develop new long-term revenue streams while also expanding the global financial systems for the benefit of the entire world population regardless of economic standing.

• Poverty reduction among diverse households.
• Increased access to financial services to both the banked and the unbanked.
• Financial resilience and safety from economic shocks for all.
• Integration of our platform in all businesses, organizations and government agencies.
• Reduced transaction costs related to banking.
• Growth of the savings culture which will enable locally instigated increase in economic growth

1.The number of people using our platform - We will conduct widespread market research every 3 months with our 3 core impact measurement scales being:

2.What the people use our platforms for -

3.Variety of financial services accessible through our platform -

Currently there is no similar product available in Zambia. Individuals and groups have to travel and spend money to reach their banks in order to deposit money which has proved to be expensive, time-consuming and insecure. Our platform will solve all that at a go and provide massive additional benefits to the population and country as a whole.

In order for the ease of transactions through the platform to be successfully implemented, we will engage retailers (including business people and individuals) to set up small retail shops where people will deposit their money after which they will receive a text message confirming they have deposited a certain amount of money in their mobile phone or bank account (either individual account or group account). Those retail shops will be banned by humans and will be called “Chilimba Agents”. The agents will have a mobile account connected to the bank (s).

We will partner with every telecommunications company to integrate and roll-out our platform through their SIM cards. This will enable everyone with a mobile phone in Zambia to access our platform

When we started with the development of this concept, we dedicated and gave our all for the success of this project. That includes us putting our personal savings together. Now that we we are in the pilot stage,we have attracted some small grants and we have participated in entrepreneur startup competitions. Therefore, going forward we seek to continue attracting grants and also attract investors who will help us fulfill our mission of financial inclusion.

• Lack of funding to develop, market and roll out our platform.
• Banks and other financial institutions viewing our platform as a threat to their traditional revenue streams.
• Lack of regulatory frameworks to govern our operations.
• Lack of widespread knowledge of our platform among the general population.

https://www.facebook.com/profile.php?id=100005125487920

https://www.facebook.com/chilimbasavingsgroups/

I believe Innovation is one the best and quickest way to make a positive impact in the communities around us and therefore, it is up to us the youth to rise and take responsibility for the challenges we are facing. I believe when you take a group of like-minded youths who share a passion to change and make a positive impact in society, magic will surely happen. Therefore, my motivation to participating in this event is to share ideas and learn from my fellow young disruptors and also learn from the industry experts who will be with us.

Currently,I am working with a team of three. Two developers and one marketing lady. We are in the process of securing a partnership deal with mobile network providers for us to to integrate our system

MTN Zambia, AIRTEL Zambia and Zamtel.