Moor Pay

Even though it is a predicted $570 billion market, sending money abroad still sucks, expensive, inconvenient & sneaky. For instance, sending $200 to the region cost 8.7% on average in the second quarter of 2022, down from 8.7% a year ago.

Zaidi is solving the problem of financial inclusion by providing a one-stop-shop for financial services that were previously unbundled. The traditional banking system can be difficult and inaccessible for many people, particularly those in low-income countries or without a stable source of income. 

Zaidi aims to address this issue by offering a range of financial services, including remittance, savings, investments, insurance, loans, wellness, and benefits, in a user-friendly app. The app is accessible to anyone with a smartphone, allowing more people to enjoy the benefits of having a bank account and enabling them to participate in the formal economy. By reducing the barriers to entry for financial services, Zaidi is helping to promote financial inclusion and empower individuals and businesses in emerging markets.

Zaidi harnesses the power of technology and strategic partnerships to drive efficient financial wellness across emerging markets, starting with Africa. We make it easy for anyone from emerging markets to send and receive payment from abroad, with zero fees. 

With the current about 8.7% charge on every $200 sent to Africa, that has already reduced the buying power of the recipient. Most people send money home to their families, it should not be complicated with high fees. Zaidi enables its users to receive the exact amount of money they sent or received. And they can receive it in the currency they desire.

Our goal is to rebundle all the financial services that have been unbundled. We are the operating system for financial wellness. Below are some of the activities our users can do with our app:

1. Send and receive money without extra fees. When our users send $200, they receive $200 or its equivalent in their chosen currency.

2. Access to health insurance: insurance in Africa is still less than 3%. We have made it possible for any to be insured by including a convenient saving system for insurance. For as little as $4 per month, our users can be protected and access quality healthcare without paying out of pocket.

3. Bulk and scheduled payment

4. US stock investment: our users can start benefiting from the gains of investing in US dollars and US companies, for as little as $10. This will provide a shield for their money so inflation does not catch up with them.

Moor Pay (work in progress)

Individuals who are currently living outside of Africa but have friends or family members in Africa that they regularly send money. This includes African diaspora communities around the world, students studying abroad, and expatriates working overseas.

Our goal is to rebundle all the financial services that have been unbundled. We are the operating system for financial wellness. Below are some of the activities our users can do with our app:

1. Send and receive money without extra fees. When our users send $200, they receive $200 or its equivalent in their chosen currency.

2. Access to health insurance: insurance in Africa is still less than 3%. We have made it possible for any to be insured by including a convenient saving system for insurance. For as little as $4 per month, our users can be protected and access quality healthcare without paying out of pocket.

3. Bulk and scheduled payment

4. US stock investment: our users can start benefiting from the gains of investing in US dollars and US companies, for as little as $10. This will provide a shield for their money so inflation does not catch up with them.

Zaidi's founding team has a wealth of experience in the financial services industry, with a strong understanding of the unique needs and challenges facing underserved communities. The team members have worked in various roles within the industry, including in financial technology, banking, and payments, and have a proven track record of delivering successful financial products and services to customers.

Additionally, the team has a strong network of partners and investors, including local and international investors, that have invested in startups in the financial service space. 

This support has enabled us to build a strong product offering and expand our reach to a growing user base.

We also prioritize diversity and inclusivity within our team, recognizing the importance of representing the communities we serve. Our team is composed of individuals from diverse backgrounds and experiences, bringing unique perspectives and insights to our work.

Overall, we believe that our team's expertise, experience, and commitment to our mission of financial inclusion position us well to deliver our solution and make a meaningful impact on underserved communities.

Zaidi currently has 3 small businesses with about 50 employees combined subscribed to its health insurance product. These businesses have also signed SLA to be onboarded to the Moor Pay app when we are in beta. 

Technically, we already have proof of concept. 

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By applying to Solve, Zaidi can leverage the Solve community's resources, connections, and expertise to advance its cross-border payment product and overcome the challenges it faces. Solve's goal is to support Solver teams like us (Zaidi) by connecting them with the right partners who can provide both monetary and non-monetary support to help them succeed.

Zaidi is innovative because we are addressing the problem of financial inclusion in a new and significantly improved way. Our solution bundles previously unbundled financial services, such as remittance, savings, investments, insurance, loans, wellness and benefits, into a single app. This approach not only saves users time and effort but also provides them with a more comprehensive and accessible range of financial services.

By providing zero transaction fees for cross-border transactions and enabling bulk and scheduled transactions, our solution is suitable for digital nomads, remote workers and businesses that want to have greater control over their operational spending. Additionally, our app is user-friendly and available in multiple languages, making it accessible to a wider range of users.

Our solution has the potential to catalyze broader positive impacts in the space by increasing financial inclusion and improving financial literacy. By providing access to a wider range of financial services, we can help individuals and businesses build financial resilience and stability, which in turn can have positive impacts on their personal and professional lives.

Furthermore, we believe that our solution has the potential to change the market by disrupting traditional banking models and increasing competition in the financial services sector. With the right support and resources, we can scale our solution to create a significant positive impact and contribute to solving the challenge of financial inclusion.

We are excited about the opportunity to work with MIT Solve and the broader community to bring our solution to the next level. We believe that with the right support and resources, we can create a lasting positive impact in the world and contribute to solving some of the most pressing challenges of our time.

Our impact goals for the next year include expanding our user base by 70%, launching in at least two new countries, and increasing the number of financial services offered on our platform. To achieve these goals, we plan to invest in marketing and user acquisition, establish strategic partnerships with key players in the financial services industry, and continue to develop our platform to meet the evolving needs of our users.

Over the next five years, our impact goals include reaching 1 million users, expanding to at least 10 new countries, and becoming a leading provider of financial services for underbanked populations. To achieve these goals, we plan to leverage technology and data analytics to better understand the needs of our users and tailor our services accordingly, establish partnerships with governments and NGOs to expand our reach and impact, and continue to invest in talent and infrastructure to scale our operations.

We believe that achieving these impact goals will have a significant positive impact on the lives of our users, as well as contribute to the broader goals of financial inclusion and economic empowerment. By providing access to a wider range of financial services, we can help individuals and businesses build financial resilience and stability, which in turn can have positive impacts on their personal and professional lives.

We are committed to tracking and measuring our impact over time and will continue to refine our strategy and approach based on what we learn. With the support of MIT Solve and the broader community, we believe that we can achieve our impact goals and contribute to solving some of the most pressing challenges of our time.

As a fintech startup focused on increasing financial inclusion, Zaidi's impact goals align closely with the SDG goal of Decent Work and Economic Growth. To measure our progress towards these goals, we are tracking several key indicators.

In the short term, over the next year, our main impact goal is to onboard 100,000 new users to our platform and facilitate at least $10 million in transactions. We will measure our progress towards this goal by tracking user acquisition numbers, transaction volume, and customer feedback.

In the long term, over the next five years, our impact goal is to have facilitated over $1 billion in transactions, and to have onboarded at least 1 million new users to our platform. We will measure our progress towards these goals by tracking our user base, transaction volume, geographic expansion, and impact on financial inclusion in the communities we serve.

In addition to these quantitative metrics, we will also gather qualitative feedback from our users and partners to ensure that we are meeting their needs and making a positive impact on their financial well-being.

At Zaidi, our theory of change is centred on providing access to financial services to the unbanked population in Africa. We believe that by bundling financial services, including remittance, savings, investments, insurance, loans, wellness, and benefits, we can provide a convenient and affordable solution to the unbanked population.

Our immediate outputs include providing a user-friendly platform that allows our customers to access all of these financial services in one place, at a low cost. By doing so, we expect to see an increase in the number of people with access to formal financial services, which will lead to improved financial inclusion and economic growth.

Our longer-term outcomes include increased financial stability, greater access to credit, and an overall improvement in the standard of living for our customers. We plan to measure our progress by tracking the number of new customers onboarded, the volume of transactions, and the number of repeat customers. We will also conduct surveys and engage with our customers to understand their needs and how we can continue to improve our services to better meet their needs.

Zaidi's core technology is a mobile application that leverages modern financial technologies and APIs to provide users with a seamless experience for all their financial needs. The app is built on a scalable and secure platform that ensures the safety of user data and transactions. 

The technology enables Zaidi to provide affordable, efficient, and reliable financial services to underserved and unbanked populations, empowering them to take control of their financial lives. The app is available on both iOS and Android platforms, making it accessible to a wide range of users.

 Additionally, Zaidi has integrated machine learning algorithms to personalize its services and improve the overall user experience. The technology behind Zaidi allows the company to provide a one-stop shop for financial services, addressing the needs of its users and contributing to the growth of the financial inclusion movement.

At Zaidi, we believe that diversity, equity, and inclusivity are crucial to achieving our mission of creating economic opportunities for underserved communities. We have taken deliberate steps to ensure that our team and our work reflect these values.

Our leadership team is diverse, with members from different cultural and professional backgrounds. We also prioritize recruiting team members from underserved communities, including women and people of colour.

To ensure equity in our work, we partner with local organizations and community leaders to understand the unique needs and challenges of the communities we serve. We also provide our services at an affordable price point, making them accessible to all.

In terms of inclusivity, we strive to create a safe and welcoming environment for all team members and clients. We have implemented training programs and policies to ensure that everyone feels heard and respected.

Moving forward, we plan to continue prioritizing diversity, equity, and inclusivity in all aspects of our work. We are committed to ongoing learning and improvement to ensure that we are creating a meaningful impact most inclusively and equitably possible.

Zaidi's business model is centered around providing financial services to users through a single, user-friendly app. Zaidi aims to make money through a variety of revenue streams, including forex exchanges difference, charging interest on loans, charges on bank transfers, collecting commissions on insurance and investment products, and charging businesses a fee for using its bulk and scheduled transaction features. 

Additionally, Zaidi plans to generate revenue through data analytics and insights, using the vast amounts of data it collects to offer targeted financial products and services to users. Ultimately, Zaidi's goal is to provide a comprehensive suite of financial services to users, while also generating sustainable revenue to support the growth and development of the company.

Zaidi's plan for becoming financially sustainable centers on building a strong user base and expanding our offerings to generate revenue streams. Our current focus is on scaling our user base by targeting digital nomads, remote workers, and small businesses who need reliable and cost-effective cross-border money transfer services. We believe that once we establish a loyal customer base, we can leverage this trust to offer additional financial services such as loans, insurance, and investment options.

To generate revenue, we plan to take a commission on transactions conducted through our platform. We will also explore the potential for partnerships with banks and other financial institutions to offer additional services, while also earning a commission on these transactions. In the long run, we aim to achieve economies of scale and increase our profitability by utilizing data analytics to optimize our operations, reduce transaction costs, and improve customer experience.

We recognize the importance of diversifying our revenue streams and mitigating risk, and we plan to achieve this by expanding our geographic reach, investing in technology, and exploring alternative financing options such as grants and impact investment. Overall, our plan for financial sustainability is centered on building a user base, expanding our offerings, and diversifying our revenue streams.

As a business that is in the prototype phase, Zaidi does not have enough revenue data to provide any meaningful examples. However, based on the business model outlined earlier, there are a few potential ways Zaidi could measure success in achieving financial sustainability:

1. Growing our user base: Zaidi's business model relies on a large user base to generate revenue through various channels, such as transaction fees and commissions on investment and insurance products. If Zaidi can successfully attract and retain a large and diverse user base, it could indicate a path towards financial sustainability.

2. Increasing revenue streams: Zaidi has multiple revenue streams built into its business model, including transaction fees, commission on investment and insurance products, and interest income from savings and loans. If Zaidi can successfully diversify its revenue streams and generate revenue from multiple sources, it could indicate progress towards financial sustainability.

3. Securing partnerships and funding: Zaidi will seek partnerships with financial institutions, insurance companies, or other service providers to expand its offerings and generate additional revenue. Additionally, securing funding from investors or grants may provide the financial stability needed to achieve sustainability in the long term.

Overall, the success of Zaidi's plan for achieving financial sustainability depends on our ability to execute the business model and generate revenue over time.