Submitted

Last Updated May 10, 2023

Financial Inclusion Challenge

Empowering Market Women Initiative

Team Leader

Oluwaseun Adesanya

Solution Overview & Team Lead Details

Our Organization

AMBS Investments Partners Limited

What is the name of your solution?

Empowering Market Women Initiative

Provide a one-line summary of your solution.

Empowering Market Women initiative is helping to digitally close the current market gaps and challenges that exist with market women in Nigeria and most Africa Countries. Our unique value proposition is cultivating saving culture and facilitating better access to credit and welfare for market women

Film your elevator pitch.

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What specific problem are you solving?

Over the last few years and through our market engagement, we have seen that most industrious genders (market women) are currently not being empowered but rather their situation is like digging a hole while in the pit of poverty.

These market women are like running from a frying pan to fire because most of those rendering financial services to them are only after their deposits and loan interest rather than the complete welfare of the market women that can empower them mentally, socially, financially, and healthwise.

In some instances, when the health of the market women suffers, the entire business collapses and nothing to fall back on as a result of lack of health and business insurance that provides covers for such uncertainty.

Across over four hundred and twenty-four (424) registered markets in Lagos State, Nigeria, 75% of the population is women with an average of less than US$500 total monthly turnover and over 97% currently being serviced by microfinance banks, commercial banks, and loan sharks whose priority is majorly not the potential of the market women's business or welfare but fund deposits and interest of loans.

The reality is an average market woman in Lagos has a relationship with a minimum of seven (7) financial institutions by using a loan from one institution to settle the other loan liability with another institution in an unending and unbreakable cycle of poverty.

The lack of awareness is also a major cause of the current gaps because the only concern is access to credit without understanding the implication of that access.

In addition, technology has not been fully utilized to manage the operations of empowering the market women as many current operators are only used to manual operations through the hard cover ledger and paper work which is affecting the financial inclusion

What is your solution?

Our Empowering Market Women Initiative is a gender-focused solution that will help to mitigate the challenges and create a better opportunity for the market women in Nigeria and the success can be replicated across all Africa Countries.

The value proposition from our proposed initiative will provide the following:

A digital and automated platform for seamless onboarding and operations
Avenue for wealth management through continuous daily savings
Social empowerment through access to micro-loans at a single digit
Social welfare through access to health and insurance services such as HMO and micro trade insurance cover
Capacity development through information sharing of available opportunities to the advantage of women
Social equity through the structure that will be created to deliver the initiative

We intend to pilot the initiative starting from Lagos State (Nigeria) which has 424 registered markets with close to a million market women who need our proposed value propositions

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

The Empowering Market Women Initiative is a gender-focused initiative that is tailored towards market women in recognized and registered markets across Nigeria starting from Lagos State.

Our solution will provide the following:

A digital and automated platform for seamless onboarding and operations
Avenue for wealth management through continuous daily savings
Social empowerment through access to micro-loans at a single digit
Social welfare through access to health and insurance services such as HMO and micro trade insurance cover
Capacity development through information sharing of available opportunities to the advantage of women
Social equity through the structure that will be created to deliver the initiative

How are you and your team well-positioned to deliver this solution?

AMBS Investment Partners Limited currently operates across markets in Lagos and it was from this engagement that we discovered the current market gaps that are affecting the productivity and welfare of the market women.

As part of the expansion plan, we intend to have a liaison office across all the markets providing a touch point for all market women to regularly check their health status and manage their daily savings through the digital platform

Each liaison office will be a solar-powered office supported by a registered and licensed medical auxiliary nurse and two (2) agents that will be processing the transactions for the market women.

With our proposed model, financial inclusion will be highly enhanced through the agency model approach and drive the process towards a better social inclusion

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

Provide new ways to accurately assess credit-worthiness of MSMEs and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit

In what city, town, or region is your solution team headquartered?

Lagos, Nigeria

In what country is your solution team headquartered?

Nigeria

What is your solution’s stage of development?

Growth: An organization with an established product, service, or business model that is rolled out in one or more communities

How many people does your solution currently serve?

Currently have over 301,500 customers
Across 150 markets
Leveraging digital platform for render services
Processing over US$500,000 value of the transaction

Why are you applying to Solve?

Our unique value proposition has proved to be a seamless and enhanced approach in providing a new way to accurately assess the creditworthiness of MSMEs and individuals, especially the market women, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit.

Our platform created a community-based involvement that seeks the welfare of all community members in enhancing their saving culture through a more flexible and convenient way through digital agency banking and quicker access to credit without the huge burden of repayment and interest as the method is just as simple as your savings.

So, during the period of your loan, your saving culture continues and at the end of your repayment of the loan, you have more access to higher loans and an increase in your savings.

In addition, every member enjoy free Health Medical Insurance, Business and Personal Accident Insurance against any uncertainty

In which of the following areas do you most need partners or support?

Financial (e.g. accounting practices, pitching to investors)
Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
Public Relations (e.g. branding/marketing strategy, social and global media)
Technology (e.g. software or hardware, web development/design)

Who is the Team Lead for your solution?

Oluwaseun Adesanya

More About Your Solution

What makes your solution innovative?

The value proposition from our proposed initiative will provide the following:

Digital and seamless onboarding and operations
Avenue for wealth management through continuous daily savings
Social empowerment through access to micro-loans at a single digit
Social welfare through access to health and insurance services such as HMO and micro trade insurance cover
Capacity development through information sharing of available opportunities to the advantage of women
Social equity through the structure that will be created to deliver the initiative

What are your impact goals for the next year and the next five years, and how will you achieve them?

Establish across all the four hundred and twenty-four (424) registered markets across Lagos, Nigeria
Replicate across other states in Nigeria
Increase financial inclusion by a significant percentage
Reduce the loan burden on market women
Increase the welfare of the market women

Which of the UN Sustainable Development Goals does your solution address?

1. No Poverty
3. Good Health and Well-being
5. Gender Equality
10. Reduced Inequalities
17. Partnerships for the Goals

How are you measuring your progress toward your impact goals?

Market Activation
Customer onboarding
Total amount of saved fund
Number of loan applicants
The total amount of loan processed

What is your theory of change?

The main reason why this solution will have an impact is because the gap currently exists and our solution is gender-focused with additional value-added that increase the welfare of the market women and promote their productivity through empowerment from awareness and access to credit

Describe the core technology that powers your solution.

A digital banking platform that provides service and access to digital services to cooperatives, thrift, mini-banks, and businesses. It also automated the onboarding and operations seamlessly

Which of the following categories best describes your solution?

A new business model or process that relies on technology to be successful

Please select the technologies currently used in your solution:

Behavioral Technology
Big Data
Software and Mobile Applications

If your solution has a website or an app, provide the links here:

https://www.ambsinvestments.com/

In which countries do you currently operate?

Nigeria

In which countries will you be operating within the next year?

Nigeria

Your Team

Your Business Model & Funding

Solution Team:

Oluwaseun Adesanya