Piggy-Invest

The basic problems in the informal worker sector are lack of finance, lack of internet, no access to loan & grant, poor education and poor identification. By the use of a face recognition biometric we will be able to identify and save informal workers information in our database, this will enable us have detailed information as to their occupation, location and other personal information, these can be used to include them for social programs like grants, loans, palliatives, scholarship and sponsorship from donors. Also we will be providing them a specific USSD code, these code will enable them save the least amount by recharging their mobile phone network and dialling the code which will automatically deduct their recharged mobile phone account and save the money in their created bank account. This process will assist people in areas where there are no access to bank, internet etc

We are focusing on providing informal workers in Nigeria access to social programs using a USSD code to save money, collect loan,  recieve grants, carryout other financial activities, recieve training and be identified for present or future purpose. The informal workers in Nigeria are about 114 million people, this is about 60% of the total population. They are mostly faced with lack of internet access, lack of formal education, in most cases no close bank physical presence/ no easy access to the bank, these has hindered most of them in participating in social programs or benefiting from it.

Our target population are the 114 million people who makes up the population of the informal workers in Nigeria, they mostly earn below $10 a day and are mostly into hard work labour as daily occupation. From our research and discussion with them we found out that they lack access to basic social programs which includes no access to internet, no access to bank, no access to donations, grants, loans, and other financial benefits and also they are poorly recognize in the society. Our Solution is using a Face recognition Software to identify them for social programs inclusions. And using a specific USSD code we will be able to enable them save money easily by recharging their mobile network then dial a code which will deduct this recharged money and save it in their created bank account hereby they can save the least amount of money and qualify for loan, grants, and other financial benefits.

Many informal workers in Nigeria have access to a phone, and in most cases not necessary a smart phone but can carry out USSD code task. This population also mostly don't have bank account or bank details, also about 60% don't have means of identification. By the use of our service "Piggy-Invest" they will be Properly ID, registered on our database and be able to save money, transfer money, receive funds/grants, collect loan, get easy access to other basic financial support from government and NGO. This is inline with the Mission Billion Challenge WURI West Africa vision.

Due to lack of internet, no access to bank and other challanges faced by informal workers, we are providing a USSD code to enable our users save the least amount of money, get loan with little interest rate, get grants, get scholarship, get donations from local and international donors. Also we will be able to register them Properly by the use of Face recognition biometric for Properly identifying and inclusion in any social programs within and outside their environment.

Our Solution is a new approach, first a user(informal worker) can be registered by the use of a face recognition Software to store their data in a secured database. Or/and they can register by dialling a USSD code, after which they will be able to register their details by the same USSD code. After registrations the user can be able to save money by recharging his/her phone network and choosing to save such recharged amount by dialling the USSD code and choosing to save the money. Also the user can be able to get a loan by using the same code. We will have a close by registered agent with a mobile shop that will be able to assist non educated users, also credit them by cash the amount they are approved to withdraw and help them save money to their created account. 

Access to funding, finance are some of the basic challanges of informal workers, with our Solution we will be able to provide Solutions to these problems.

Solving the financial needs of an informal worker like providing access to loan, grands and other funds/opportunities will incorporate them into social protection.

Uring a USSD code makes it user friendly and easy to use.

Our technology will be using existing telecommunication API platform to track financial transactions of a user.

Our Solution provides user with USSD code to carryout transactions without the use of an internet, also we have trained registered agents to assist users (informal workers) on using our technology, these agents will always be available to assist a user

Presently our Solution is targeted at solving the social inclusions challanges of over 114 million informal Nigerians workers. Presently our Solution will be able to serve 100,000/year and 65,000,000 people in 5 years time.

Our goals within the next year is to have physical & technological presence in the northern part of Nigeria that is faced with terrorism and be able to spread to Niger, Ghana, Togo and other part of Nigeria.

Lack of funds can affect greatly our goals for the next year and next five years, also technical  support from the telecommunication network providers. These are our only barriers to this goals.

Working with Nigeria communication commission the national body governing ICT in Telecommunication in Nigeria we will be able to get other network providers to work technically with us as this is inline with the Federal Government request on SDG in Nigeria. Also we can apply for loan or grand to assist us carryout other financial activities needed to succeed. We are working with partnering with Telecommunication companies in Nigeria and they are interested in the idea as it will be profitable for them also.

4 people are presently working to achieve this vision

1. Onwusoro Ifeanyi Emmanuel ( he is a robotics and electronics Engineer)

2. Happiness Kennedy ( she is a microbiologist and researcher)

3. Onwusoro Nneka ( she is a project manager, an economist and financial adviser)

4. Ruben Odunze ( he is a computer programmer and ICT consultant)

We are working on partnering with telecom providers in order to provide us the specific USSD code and other transactions that will be done on it.

Our key partners are the telecommunication companies in Nigeria, we will be providing our services using a USSD code, every user will be registered by dialling a USSD code or by face recognition biometric. Our key customers are the informal workers with a population of about 114 million people, these people lack social programs inclusions, poor/no access to fundings, poor/no formal identification and other effects of financial challanges. We are providing access to loans, grants, findings, trainings, exposure to local and international donors, helping them save money as little as they can and prepare them for proper identification.

We will be charging a user 0.1% of every money they withdraw and 0.2% only for money above $1000 withdrawal, also on loan given to them, they are to pay back every loan with a 4% interest/year. 

We are presently at development stage and also hasn't raised any funds in time past

We are seeking to raise a grant of $15000 to enable us grow our business and spread to other countries.

Fixed Costs/Overhead

• Rent $1000
• Utility bills $500
• Company internet cost $200
• Accounting/bookkeeping $100
• Legal/insurance/licensing fees $ 2000
• Technology $500
• Advertising & marketing $750
• Salaries $3000

Variable Costs

• • Customer service $500
  • Direct marketing $100

Total= $8650

At our organization we want to see a social inclusions that will provide informal workers with basic Solutions to their daily challanges, winning this prize will enable us impact over 114 million lives by Properly identifying them, and providing them the access to save & withdraw money, get loan, get grants and other financial benefits. The focus is to encourage them save any amount of money which qualifies them to get loan for business, school etc

As a startup organization we would like 

Product/service distributions advice, legal advice and marketing media exposure. This will enable us achieve our planned milestones.

Telecommunication companies in Nigeria, this will help us achieve our idea. They will be providing us a USSD code that will be used for financial transactions.