Zambia - Startup under 3 years old

Describe your project or startup in a few words

myAkili is a financial management and literacy app for children aged 8-18 as a start, and build to youth, offering features like savings, investments, financial learning, earning interest, and low-cost loans to promote financial stability and resilience.

01.01 Describe your startup in more detail

myAkili is a transformative financial management and literacy platform meticulously designed for children aged 8 to 18 and later youth, in Zambia and the broader SADC region. Recognizing the profound impact that financial literacy and inclusion can have on breaking the cycle of poverty and fostering economic mobility, myAkili provides a comprehensive suite of financial tools and educational resources tailored to young users giving them the opportunity to learn, save, invest and grow their wealth and achieve long term financial stability. The platform offers a comprehensive suite of financial tools, including a digital piggy bank for disciplined savings, investment opportunities with partner companies, financial literacy education, interest earnings on savings, and low-cost loans for essential needs.The platform leverages mobile technology to ensure financial inclusion across both rural and urban areas, bridging the gap between underserved regions and promoting social, economic mobility

01.02 What is the main problem you are trying to solve?

myAkili addresses the pervasive lack of financial literacy and inclusion among children and youth. The issue includes a financial literacy deficit due its to absence in educational curriculums, leading to poor financial decisions and instability. limited access to financial services in rural areas, where nearly half of Zambians lack bank accounts, hinders saving, investing, and accessing credit. Economic disparities between urban and rural areas exacerbate financial exclusion, perpetuating poverty and limiting social mobility. Inadequate preparation for financial independence results in financial mismanagement and insecurity, while generational wealth gaps persist due to a lack of financial knowledge and tools. MyAkili tackles these by offering a platform that integrates financial education with practical tools and by targeting children and youth, myAkili aims to build a strong foundation for financial literacy and inclusion, benefiting individuals and communities for generations.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

myAkili goes beyond just providing financial tools; it equips users with the knowledge to use them effectively. it integrates financial education directly into the platform, teaching children and youth essential personal finance skills like budgeting, saving, investing, and responsible borrowing while mimicking features of a traditional bank account like digital piggy bank, investment opportunities. By leveraging mobile technology, myAkili bridges the gap between urban and rural populations, making financial services accessible to all and promoting financial inclusion and social mobility. myAkili fosters strong family bonds and encourages good financial habits by involving parents in their children's financial journey. Parents set up the accounts and collaborate with their children to set savings goals, track progress, and celebrate achievements. This collaborative approach provides guidance, encouragement, and instills the importance of financial discipline and delayed gratification.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

myAkili's main focus is on young people who are at a critical stage in their development. 2.myAkili serves parents and guardians by involving them in their children's financial education and management. Parents initiate the account setup and play an active role in guiding and supporting their children as they use the app. 3. myAkili is designed to bridge the gap between urban and rural populations, ensuring that financial services and education are accessible to all. The app leverages mobile technology to reach children in remote and underserved areas. 4.myAkili can also serve as a valuable resource for schools, community organizations, and other institutions that work with children and youth. 5. while not the primary beneficiaries, financial institutions and partners also stand to benefit. By collaborating with myAkili, banks, investment firms, and other financial service providers can gain insights into the financial behaviors and preferences of young people.

01.05 When was your company established?

2024-03-04

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

1

01.08 Among the other owners, how many are female?

2

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

Charity Chitalu Mwanza: she brings a wealth of expertise and rationing to the startup. As a seasoned Business Change Leader and advocate for financial inclusion with over two decades in Digital Financial Services, her roles have spanned across senior management positions and consultancy roles, providing her with a comprehensive understanding of strategy development, digital transformation, project management, and business management. Her tenure as the Founder CEO of Digital PayGo highlights her ability to execute strategic objectives and lead teams effectively. She has a proven track record in developing fintech strategies, establishing operational models, and fostering industry engagement. her experience at Zambia National Commercial Bank Plc further underscores her strategic acumen in areas such as digital banking, innovation, change management, and program leadership.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

https://www.linkedin.com/company/myakili-zambia/

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

6

02.01.02 No poverty - Justification for my startup

myAkili contributes significantly to the No Poverty goal by equipping children and youth with essential financial management skills and tools that empower them to break the cycle of poverty. By fostering financial literacy through our platform, we enable young users as well as their parents to develop disciplined savings habits, understand the benefits of investing, and access low-cost loans for essential needs such as education expenses. These initiatives directly address the root causes of poverty by promoting economic resilience and reducing financial vulnerability among future generations. By ensuring inclusive access to financial education and services, regardless of socio-economic background or geographic location, myAkili empowers young people to build sustainable pathways out of poverty, thus contributing to the broader agenda of ending poverty in all its forms everywhere. myAkili has the potential to contribute to poverty reduction by laying the foundation for future financial

02.02.01 My startup contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification for my startup

While myAkili primarily focuses on financial management and literacy for children and youth, our indirect contribution to the Zero Hunger goal lies in promoting economic stability and resilience among families. By educating young users about financial planning and investment, myAkili helps parents and guardians better manage household finances, potentially freeing up resources for nutritious food and sustainable agricultural practices. Moreover, by fostering financial inclusion across rural and urban areas, myAkili supports local economic development, which can enhance food security and nutrition outcomes in communities. Although our primary impact is in financial literacy, the foundational skills we provide contribute to broader socioeconomic stability that supports efforts towards achieving Zero Hunger.

02.03.01 My startup contributes to the Good health and well-being goal

6

02.03.02 Good health and well-being - Justification for my startup

myAkili contributes significantly to the Good Health and Well-being goal by promoting financial stability and resilience among children and youth. Financial stability is closely linked to overall well-being, as it reduces stress and anxiety related to financial insecurity, which can have profound impacts on mental and physical health. By educating young users about financial literacy and management, myAkili empowers them to make informed decisions that support their well-being from an early age. Additionally, our platform encourages families to prioritize saving for health-related expenses and emergencies, thereby enhancing access to healthcare and promoting preventive health measures. Through these initiatives, myAkili fosters a holistic approach to well-being that encompasses financial, mental, and physical health, contributing to the broader agenda of ensuring healthy lives and promoting well-being for all, regardless of socioeconomic status or background.

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

myAkili significantly contributes to the Quality Education goal by equipping children and youth with vital financial literacy education and practical skills essential for their future success. Recognizing financial literacy as a crucial aspect of education, myAkili provides a platform where young people can learn about savings, investments, budgeting, and financial planning, empowering them with practical knowledge often overlooked in traditional schooling. The platform promotes lifelong learning by encouraging continuous engagement with financial concepts through interactive modules, real-time tracking, and access to educational resources, fostering ongoing skill development in financial management from an early age. Moreover, myAkili enhances educational equity by leveraging technology to provide universal access to financial education, bridging gaps in knowledge across different geographic and socioeconomic backgrounds.

02.05.01 My startup contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification for my startup

Education is an equalizer. myAkili strongly contributes to achieving gender equality by empowering all children and youth, regardless of gender, through comprehensive financial education and management skills. By providing a platform that teaches savings, investments, and financial planning to both girls and boys, myAkili breaks down traditional gender stereotypes related to financial decision-making. The platform fosters an inclusive environment where girls can develop confidence in managing their finances and making informed economic choices. By leveraging technology to reach underserved communities, myAkili ensures equal access to financial education, addressing societal barriers that may limit girls' opportunities. Through these efforts, myAkili not only supports individual girls but also contributes to the broader global agenda of achieving gender equality and empowering all women and girls to participate fully in economic activities and community development.

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

3

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

myAkili strongly contributes by equipping children and youth with essential financial literacy and management skills necessary for their future economic participation. By fostering a deep understanding of savings, investments, budgeting, and financial planning from a young age, myAkili empowers individuals to make informed financial decisions as they transition into adulthood as well as work hard to have the funds for savings and investments. This preparation not only enhances their personal financial resilience but also supports broader economic growth by nurturing a generation of financially literate individuals capable of contributing meaningfully to the economy. Moreover, myAkili promotes inclusive economic growth by ensuring that children from diverse backgrounds, including those in underserved communities, have access to the knowledge and tools as well as encouraged to work hard in order to have what is needed to build economic stability .

02.09.01 My startup contributes to the Industry innovation and infrastructure

5

02.09.02 Industry innovation and infrastructure - Justification for my startup

myAkili somewhat contributes to the Industry Innovation and Infrastructure goal. While our primary focus is on financial literacy and inclusion rather than physical infrastructure or industrialization, myAkili utilizes innovative technologies to deliver its financial management and literacy services. Through our platform, we leverage digital infrastructure to provide accessible and scalable financial education to children and youth across Zambia and the SADC region. This digital approach fosters innovation in the realm of financial education by integrating interactive learning modules, real-time financial tracking, and engagement tools that enhance the overall user experience and learning outcomes. While we do not directly contribute to physical infrastructure or industrialization projects, our innovative use of technology supports sustainable economic development by preparing future generations with essential financial skills needed to participate in and benefit from a modern economy.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

myAkili significantly contributes to reducing inequalities by providing equitable access to financial education for children and youth across Zambia and the SADC region. Through our platform, we democratize financial literacy, empowering young people from diverse backgrounds to learn essential skills like savings, investments, and budgeting. By bridging the gap in financial knowledge, myAkili helps level the playing field, ensuring that all children, regardless of their socioeconomic status or location, can make informed financial decisions and build a foundation for economic empowerment. Our goal is to foster a more inclusive society where every child has the opportunity to achieve financial stability and contribute to sustainable development.

02.11.01 My startup contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification for my startup

MyAkili contributes by promoting financial literacy and inclusion across both urban and rural areas, fostering sustainable communities by equipping children and youth with essential financial skills. MyAkili empowers future generations to make informed financial decisions that can contribute to economic stability and growth within their communities. The platform's educational resources on savings, investments, and financial planning encourage responsible economic behavior, which is foundational for sustainable development. By reaching underserved populations through digital technology, MyAkili enhances access to financial education, bridging gaps between urban and rural communities and promoting inclusive economic participation. This approach supports the goal of building inclusive, safe, resilient, and sustainable cities and human settlements by ensuring that all individuals have the tools and knowledge to contribute positively to their communities' economic and social development.

02.12.01 My startup contributes to the Responsible consumption and production goal

5

02.12.02 Responsible consumption and production - Justification for my startup

We believe that through lessons on budgeting, saving, and investing wisely, the platform instills values that promote sustainable consumption from an early age. By understanding the environmental and social impacts of financial decisions, users are encouraged to adopt practices aligned with sustainable development principles. While our direct environmental impact is indirect, our focus on long-term financial planning lays a foundation for future generations to embrace responsible behaviors that support efficient resource use and contribute to sustainable economic growth.

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

3

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

5

02.17.02 Partnerships for the goal - Justification for my startup

MyAkili strongly contributes to Partnerships for the Goals by fostering collaborations with parents, educational institutions, financial entities, and technology providers. These partnerships ensure effective delivery of financial literacy education to children and youth in Zambia and the SADC region. By engaging parents as accountability partners and working with financial institutions to provide tailored savings and investment products, MyAkili promotes financial inclusion across diverse socioeconomic backgrounds. Leveraging technology partnerships, MyAkili bridges digital divides, ensuring equitable access to essential financial skills and tools. Overall, these collaborations accelerate progress towards sustainable development goals by empowering young generations with crucial financial knowledge and skills.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

3

06.02 The product/service represents an entirely new type of product/service.

5

06.03 The product/service could be described as a new technology.

2

06.04 The product/service is an improvement on an existing product or service.

4

06.05 The product/service could be described as an extension of a range of products or services.

5

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

6

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

MyAkili stands out in the realm of financial technology by innovatively catering specifically to children and youth aged 8 to 18 in Zambia and the broader SADC region. Unlike conventional banking services, which primarily target adults, MyAkili provides a tailored digital platform that integrates financial literacy with practical banking features. This approach is novel in its focus on early financial education, promoting savings habits, investment opportunities, and access to financial tools typically inaccessible to young demographics. By leveraging technology to enhance financial inclusion and literacy among youth, MyAkili addresses a significant gap in existing financial services, making it a pioneering initiative in the region.

06.09 Competitive Analysis

MyAkili's main potential competitors include traditional financial institutions offering savings accounts for children and youth, as well as emerging fintech startups focusing on financial literacy. However, MyAkili distinguishes itself through several key features. Firstly, unlike traditional banks that often overlook youth education in financial matters, MyAkili provides a dedicated platform specifically designed to cater to the needs of children and teenagers. This includes interactive tools like digital piggy banks, investment opportunities tailored for young savers, and educational modules that teach financial literacy from a young age. Moreover, MyAkili stands out by fostering a collaborative approach with parents, positioning them as active participants in their children's financial education. This dual engagement ensures that both children and parents are involved in financial decision-making processes, thereby strengthening family bonds and promoting long-term financial habits

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

YES, By attending networking events, workshops and conferences that connect female entrepreneurs as well as apply for mentorship programs and attend training/seminars focused on entrepreneurship. I also attend markets that allow for other entrepreneurs to showcase their work. Use my personal social media to appreciate what others are doing.