What is the name of your organization?
Plinx Nigeria limited
What is the name of your solution?
Pfund
Provide a one-line summary or tagline for your solution.
A peer-to-peer mobile payment system enabling transactions without internet access, fostering financial inclusion in underserved communities
In what city, town, or region is your solution team headquartered?
Enugu, Nigeria
In what country is your solution team headquartered?
NGA
What type of organization is your solution team?
For-profit, including B-Corp or similar models
Film your elevator pitch.
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What specific problem are you solving?
Pfund seeks to address the issue of financial exclusion, particularly in regions where internet access is limited or unavailable. In Nigeria, over 40% of adults remain unbanked, with poor connectivity being one of the leading causes. Existing traditional digital financial services typically rely on internet connectivity or USSD, which limits their accessibility in these areas. This challenge extends beyond Nigeria and is widespread across much of Africa.
Pfund offers a practical solution by enabling mobile payments through Bluetooth and WiFi-Direct technology, eliminating the dependence on internet access. This innovation allows individuals to conduct secure, simple, and affordable transactions, empowering those who are financially excluded and fostering greater inclusion in the digital economy without relying on costly data services.
What is your solution?
Pfund is an offline peer-to-peer mobile payment solution that allows users to send and receive money without needing an internet connection. It uses Bluetooth and WiFi-Direct technology to facilitate secure and seamless smartphone transactions.
Pfund is built with strong security measures to prevent fraud and double spending. It operates using a unique offline token, an offline ledger, and a consensus system, ensuring that transactions can be conducted entirely offline for extended periods. This means a community of users can transact with Pfund indefinitely without any internet connection. Once a device connects to the internet, an automatic synchronization updates the system.
To make a payment, a user simply opens the Pfund app, enters the transaction details, connects with the recipient’s device via Bluetooth or WiFi-Direct, clicks "Send," and the recipient clicks "Accept" to complete the transaction. This technology ensures that financial transactions remain accessible, secure, and efficient, even in areas with little to no internet access.
Who does your solution serve, and in what ways will the solution impact their lives?
Pfund primarily serves individuals and businesses in regions with limited or no internet access, particularly in underserved communities across Africa. This includes unbanked and underbanked individuals, small business owners, traders, and people in rural areas who struggle with financial transactions due to unreliable connectivity
