MIT Solve

Solution Overview

Solution Name:

Unique digital microfinance services

One-line solution summary:

Unique Fountain is a digital microfinance platform that leverage technology to make the process of savings, withdraw and borrowing easier.

Pitch your solution.

1.40% of Nigeria population, among low income peoples, petty traders, market women, transporters, Artisans, apprentice, youth in both urban and rural areas, have no access to Bank or underserved by formal financial institutions. They face the risks of carrying Cash around or keeping it at homes.

2.The solution - Unique Fountain driving financial inclusion by digitizing informal (traditional) savings group scheme through a partnership with Mobile Operators, such as, MTN Mobile Money and Artel Mobile as well as our corresponding banks, enable our customers to deposit, withdraw and make loan repayment using existing mobile phone and account.

3.Women and low income peoples are particularly vulnerable to global economic shock,increasing the need to support their resilience and recovery in this challenging and trying time of pandemic and beyond through group micro credit scheme. And make the repayment simple and easier for them,of which they can't get at formal banking systems.

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Film your elevator pitch.

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What specific problem are you solving?

You will support innovations in digital finance that are designed unbanked and underserved women access to and usage of financial solution so that they can achieve financial security and prosperity

We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus and in turn economic growth for women and low income peoples in general.

The solution will impact 5.6 million of Nigeria population.

The factors that contributed to this problems are:

1.Lack of savings mentality.

2.No access to Bank in rural communities.

3.Lack of necessary documents to get credit facilities from formal banks.

4.Insufficient time to queue at Bank.

5.Illiteracy.

6.low daily income.

7.Unwelcome charges from bank accounts.

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

TAM - Total Available Market = 150 million

SAM - Serviceable Available Market = 7.8 million

SOM - Serviceable Obtainable Market - 5.6 million.

Test pilot and market research on this category of people had been carried out.

Lack of savings and inability to access credit facilities make most of them vulnerable to economic shock.

They must save money for rainy day and unexpected expenses.

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

How can countries ensure that digital authentication mechanisms—which often require smartphones, computers and internet access—are accessible to marginalized and vulnerable populations to facilitate remote access to services and benefits?

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

Many women and low income people are vulnerable due to their unstable income, most of these people live in remote rural communities where there is no access to formal banking services.

Customers want to save money out of tokens money they get for unexpected expenses.

Mobile money platform using smartphone for personal transaction as well as transfer through POS,INTERNET, USSD,etc.

We train customers how to use smartphone for personal transaction.

We recruit Mobile Money Agents as Daily Collectors and field Marketing Officers

Our solutions are financial inclusion and digital inclusion.

Where is your solution team headquartered?

Ibadan, Nigeria

What is your solution’s stage of development?

Pilot: An individual or organization deploying a tested product, service, or model in at least one location.

Who is the primary delegate for your solution?

Ogunleye Simeon Adeyemi