Unique digital microfinance services
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.
Tweets
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.
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.
- 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?
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.
- Pilot: An individual or organization deploying a tested product, service, or model in at least one location.
- A new application of an existing technology
1.SOBIC AND COMPANY
2.LAPO MICROFINANCE.
3.SEAP MICROFINANCE
What make it innovative is the involvement and application of Mobile Agents reaching out to our clients in their various homes, shops, outlets, villages and market places.
We accept daily savings as low as #200 Nigeria currency which less than $1.The money contributed via smartphone or cash will be transferred to customers' accounts or wallets, from which users can continue with any transaction.
This will make them have proper financial record keeping.
This solution and technology is Fintech model and well accepted in this trying time of COVID-19.
To maintain social distance is possible.
Mobile Agents or Mobile collectors reach customers from one place to another.
- Crowdsourced Service / Social Networks
- Internet of Things
- Software and Mobile Applications
From my point of view and survey we had carried out, we discovered that people of low and unstable income are discouraged of going to banks even before COVID-19.They count long queue at formal banks waste of time, that the time they would have used to make more sales.
Not only that, some of low income people accept that there is no assistant or financial support they can get from banks.
Meanwhile, they want to save money,make withdrawn especially those at rural communities where there is no commercial banks.
These are the gaps we bridge serving unbanked and underserved women and low income people in the rural communities.
These category of peoples ready to save money with trust worthy organization.
Through KYC (Knowing Your Customers).
As we partner with Mobile Operator which will supply SIM to customers and register them by collecting their data.
Digitalise the traditional savings thrifts will be of help to incorporate into identification systems
Through smartphone and Mobile Operator the user will be incorporated into a digital identification system.
Partner with Mobile Operator such as MTN Mobile Money and Artel Mobile Money will make existing technology works effectively and open standard.
Our clients will be trained and guided how to make use of their existing smartphone for transactio.
- Women & Girls
- Pregnant Women
- Informal Sector Workers
- Elderly
- Rural Settings
- Peri-Urban
- Urban
- Poor
- Low-Income
- Middle-Income
- Persons with Disabilities
Our solution saves:
1.Currently : 11500
2.In one year: 150000
3.In five years: 1500000
Within one year, we aiming for over 150000 users and Turnover of $500,000
Within five years, we set goal of over 1500000 users and turnover of $2,500,000
Financial barrier is the major barrier that can hinder the accomplishment of the goals.
Technology barrier is there.
Applying for this grant solves financial barrier.
Partnership with Mobile Operator will solve technology barrier
- For-profit, including B-Corp or similar models
1.Full-time staff - 11
2.Part-time staff - 2
3. Contractor - Not yet.
The founder, Ogunleye Simeon,has served as Operation Manager for over 5 years in MICROFINANCE institution, he has skills in Statistics, Entreprenuship and Accounting.
Cofounder ,Esther Oluseeke, she skills in Business Management and Computer.
Commercial banks as they give me cash flow facilities and their Apps for internet and agent banking.
We open account for our clients to these banks and make deposit on behalf of our clients.
users or customers look for unique services for their savings, deposits and withdraw without stretch or with eased, secured and confinement model.
We create customers' values by satisfying existing needs and, creating and satisfying new needs.
Marketing,we brand and find solutions to our clients challenges.
Selling, we sell both online and offline.
- Individual consumers or stakeholders (B2C)
Through the combination of all.
We receive facilities from our corresponding banks on our cash flow,but this is not enough to meet up with our goals.
Grant and Donations will really be of help to us and make our goals achieved.
Equity - In 2016 $1,500.from Africa Leadership Forum.
The grant is preferred.
Amount $150,000
Our estimated expenses is $55,350
Insufficient working capital will be overcome.
Financial barrier will be solved.
Technology barrier will be overcome.
All the necessaries license and documents will be obtained.
Opportunities to reach more vulnerable people in the rural communities is opened.
- Funding and revenue model
- Board members or advisors
- Monitoring and evaluation
We will partner with Mobile Operator to perfect the mobile technology for us
and corresponding banks for proper monitoring of cash flow and further financial support.
We will partner with Mobile Operators - MTN and ARTEL
Also with Fintech - digi-pay guru.
Corresponding banks - First Bank PLC ,Union Bank PLC,Stalling Bank PLC,