Future Wallet
Future wallet allows users access its platform using ussd codes or IVR for depositing and withdrawal. Each customer will have a unique user ID and password attached to their accounts. Customers are evaluated based on average incomes and are placed accordingly in one of our five categories. Customers in each category are required to make a monthly or quarterly contribution to their future wallets as required by their various categories.
The interest range on each category is discussed prior to signup of each customer. Future wallet will be working closely with established investment houses and banks.
Most informal workers especially in Africa belong to a cooperative or association. Our marketers will work closely with these associations to gain trust and reach our customers.
They key things we keep in mind at Future wallet are functionality, ease and transparency.
World bank (2019) stated that on average, countries in Africa spend 1.7 percent of gross domestic product (GDP) on the provision of pensions to the elderly, although there is substantial variation. This number may seem modest relative to spending trends observed in more developed countries, but it is actually high relative to the share of the elderly population benefiting from the schemes, particularly contributory pension schemes. The average coverage of the elderly (people ages 60 and above) by contributory pension schemes is 11.6 percent, leading to a substantial gap in coverage among the elderly in the region, though with wide variations across countries.
According to the African Development Bank, the informal sector contributes about 55 percent to Africa’s GDP and employs 80 percent of the labor force (AfDB 2013).
Future wallet is positioned to meet the needs of a pension scheme for the informal sector workers who may not be included in the government pension scheme.
- Deploying features that use regionally interoperable foundational ID systems and can be accessed across borders, network providers, and languages — allowing workers to receive services and make contributions or withdrawals regardless of origin or location
Future wallet solves the Mission Billion Challenge WURI West Africa Prizeby allowing users access its platform using ussd codes or IVR for depositing and withdrawal. Each customer will have a unique user ID and password attached to their accounts. Our mission statement is functionality, ease and transparency.
- Prototype: An individual or organization building and testing a product, service, or model.
- A new application of an existing technology
After carefully Considering the problem and analysing the notable pension gap in the African informal sector we have come up with solution that is easy to use, it requires no training, it's easily accessible because it can be operated using used codes or IVR. It Is very transparent to customers.
We are working toward the release of a . MINIMUM VIABLE PRODUCT. However after meeting a few potential clients we have names and co text details of about 1000 people interested in Future wallets.
- Behavioral Technology
- Big Data
We believe our solution will work because :
1. From interaction with potential customers a sizable amount of our audience is aware there is a problem with the unavailability of informal pension scheme and there is a need to fix the problem.
2. Or finding also reveal that customers a willing to trust the government more with their money as opposed to private pension that's why we are seeking partnerships with the key stake holders who have close interactions with our potential customers.
3. Ou. Customers can look forward to retirement like any one In the formal sector who benefites from pension schemes.
Our solution is technology powered and other similar businesses have excelled e.g. MPESA and may other mobile money platforms.
Our solutions are user friendly all the customer requires is the ability to operate a phone whether the phone is smart Or not. Customers can use a used code or ivr to deposit, check balance and even request a loan.
Our solution overlaps beautifully with existing techtechnologies.
Our solutions are not internet dependent. As long as a person has a phone with network the can operate from any where fro rural to urban communities.
- Women & Girls
- Informal Sector Workers
- Low-Income
- Middle-Income
- Nigeria
- Benin
- Cameroon
- Ghana
- Kenya
At least 700.
Within the next year we hope to be fully running with an active custome. Base of 15000 in at least 4 countries.
In the next five year we hope to have at least 250, 000 active customers across 25 African countries.
The barriers we have are gaining customers trust.
We are working with government agencies who have established a good relationship with our target audience.
- For-profit, including B-Corp or similar models
N.A.
Full time staff 4
Part time staff 5
Contract Staff 9
Future wallets team is made up of members with years of experience in insurance, banking, software development and marketing. Our team members are not new to startups, some members are wolrldbank funded, Youwin awardees, tony eleumelu business grant awardees and Hult prize regional finalists. We believe our vast experiences and network is something we can cash in on to make Future wallets successful.
We are working on partnerships with Nigerian Bank of Agriculture, Bank of Industry, Small and medium scale enterprise development and private marketing agencies.
There is a relatively decent percentage of mobile penetration in Africa. Mobile phone ownership cuts across class, financial status, religions and culture making it the best platform to reach our customers.
Our customers will be reached, through corporations of informal workers, Smedan Nigeria, and marketers.
Customers are grouped based on average monthly incomes and percentag. Interest will be discussed.
We will also be working with established investment houses to smarly reinvest this money ensure our promise of security and interest to customers is kept.
Our revenue model is service charge to customers, interest on money given to investment houses for reinvestment. Interest on loans given to our registered customers.
- Organizations (B2B)
We will be raising funds from:
Grants
Loans
Investors
We are currently bootstrapping while seeking grant loans and investors.
We are currently seeking 500, 000 USD preferably in grant or equity.
Our projected expenses for 2020 is 52, 000 USD.
My team and I decided to apply for this challenge because it's a project dear to our team, We have members whose parent are retired from the informal sector with very sad and touching stories of depending on their children to feed. Secondly it is opportunity for the team to discuss our solution with the international community, network with others, benefit from mentorship and raise capital for the business.
- Product/service distribution
- Funding and revenue model
- Legal or regulatory matters
Our partnerships will be used to gain trust of our customers, gain access to them through channels they already trust and our investment partners will invest the money and give use returns with interests.
Bank of Agriculture In Nigeria, they work closely with farmers and other peoplewithin the agriculture industry. Farmers accout for a high percentage of the informal sector in west Africa.
BANK of industry Nigeria, they work closely with business owners and can help us access business owners to discuss the possibility of them signing themselves and members of their staff to Future wallet.
SMEDAN an acronym for small and medium scale enterprise development agency, they have records of a number of small and medium scale business and they regularly host event. This Ian soothe beneficial platform to reach our desired customers.
FInally our carefully selected investment houses who can tavern loans from us to rerun with interest.