Zambia - Startup under 3 years old

Describe your project or startup in a few words

Avofin is a pioneering Zambian neobank for the unbanked and underbanked in emerging markets.

01.01 Describe your startup in more detail

Avofin is dedicated to tackling financial exclusion by providing accessible digital financial services in emerging markets like Zambia. Through its innovative platform, Avofin aims to empower the unbanked and underbanked populations, enabling them to access essential financial services conveniently via mobile phones, including USSD applications. By bridging this gap, Avofin not only enhances economic opportunities for individuals but also contributes to broader societal development by promoting financial inclusion and driving economic growth in underserved regions. Through our user-friendly interface and commitment to financial empowerment, we aim to bridge the gap between the excluded and formal financial systems, ultimately creating a more inclusive and prosperous future for all.

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

The pain point being addressed is vast and severe. Globally, over 1.7 billion people lack access to financial services. In Africa, 57% of the population, equivalent to 95 million people, lack traditional bank accounts. This exclusion significantly impacts the 40 million SMEs in Sub-Saharan Africa, creating a staggering $331 billion financing gap. We're tackling the pervasive issue of financial exclusion. Millions worldwide lack access to basic financial services, hindering economic participation and growth.

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

Avofin provides several major benefits and advantages for its users, including: Accessibility: Avofin's digital financial services are easily accessible via mobile phones, including through USSD applications. This ensures that even individuals in remote or underserved areas can access essential financial services without needing a traditional bank account or internet connection. Convenience: Users can perform a wide range of financial transactions, such as savings, payments, and accessing credit, directly from their mobile devices. This eliminates the need to visit physical bank branches, saving time and making financial management more convenient. Financial Empowerment: By providing access to essential financial services, Avofin empowers unbanked and underbanked populations to better manage their finances, make informed financial decisions, and seize economic opportunities. This empowerment contributes to broader economic growth and societal development in emerging markets like Zambia

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

Avofin's product and services are specifically aimed at serving the unbanked and underbanked populations in emerging markets, with a particular focus on regions like Zambia. The targeted beneficiaries include: Individuals in Remote or Underserved Areas: People who lack access to traditional banking services due to geographical barriers or lack of infrastructure. Low-Income Individuals: Those who cannot afford the fees associated with conventional banking or do not meet the requirements to open a traditional bank account. Small Business Owners and Entrepreneurs: Micro and small-scale entrepreneurs who need accessible financial services to manage their businesses, save, make payments, and access credit to grow their businesses. Women and Youth: These demographics often face additional barriers to financial inclusion and can greatly benefit from Avofin’s accessible and user-friendly financial solutions.

01.05 When was your company established?

2023-05-30

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

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

My Co-Founder, Choolwe Natala Lungu is a fellow chartered accountant with the Association of Chartered Certified Accountants UK (ACCA). She has over 14 years of experience in the financial functions of Manufacturing operations. She holds a professional qualification under the Association of Chartered Certified Accountants UK (ACCA) and is currently pursuing an MBA in finance. Choolwe Natala Lungu is also a member of the Zambia Institute of Chartered Accountants (ZICA) and the Forum for Zambia Women Accountants (FZWA).

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

https://www.avofin.io

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Avofin significantly contributes to the UN SDG number 1, "No Poverty," by addressing financial exclusion in emerging markets like Zambia. Our innovative digital platform provides unbanked and underbanked populations with essential financial services, including savings, payments, and credit, accessible via mobile phones and USSD applications. By enhancing financial inclusion, we empower small business owners and entrepreneurs to grow their businesses, create jobs, and increase incomes. Our services are affordable and accessible, ensuring even those in remote areas can participate in the formal economy. Avofin's efforts help individuals achieve financial stability and contribute to broader societal development, driving economic growth and reducing poverty.

02.02.01 My startup contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification for my startup

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

4

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

02.04.01 My startup contributes to the Quality education goal

4

02.04.02 Quality education - Justification for my startup

02.05.01 My startup contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

4

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

Avofin contributes positively to UN SDG number 8, "Decent Work and Economic Growth," by fostering financial inclusion and economic empowerment in emerging markets like Zambia. By providing small business owners and entrepreneurs with access to crucial financial services such as credit and payments, Avofin helps create jobs and stimulate local economies. Our digital platform makes financial services accessible via mobile phones and USSD applications, enabling individuals to invest in their businesses and personal development. By including traditionally excluded groups like low-income individuals, women, and youth, Avofin promotes inclusive economic participation, innovation, and productivity, driving sustained, inclusive, and sustainable economic growth.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Avofin supports UN SDG number 9, "Industry, Innovation, and Infrastructure," by leveraging digital technology to provide essential financial services in emerging markets like Zambia. Our platform fosters innovation by enabling small businesses to access credit, savings, and payment services, which are crucial for growth and competitiveness. By offering these services via mobile phones and USSD applications, Avofin bridges infrastructure gaps and promotes sustainable industrialization. We also support the development of resilient infrastructure by empowering entrepreneurs and SMEs, which drives economic diversification and technological advancement, contributing to inclusive and sustainable industrial development.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Avofin contributes to UN SDG number 10, "Reduced Inequalities," by providing accessible financial services to underserved populations in emerging markets like Zambia. Our digital platform ensures that unbanked and underbanked individuals, including low-income groups, women, and youth, have access to savings, credit, and payment services. By facilitating financial inclusion, Avofin helps bridge economic disparities and promotes equitable growth. Our services empower marginalized communities, enabling them to participate fully in the economy, reduce income inequality, and improve their economic prospects, thereby fostering a more inclusive and equitable society.

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

4

02.15.02 Life on land - Justification for my startup

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

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

4

02.17.02 Partnerships for the goal - Justification for my startup

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

7 - Strongly Agree

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

2

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

1 - Strongly Disagree

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

7 - Strongly Agree

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.

7 - Strongly Agree

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

4

06.08 Justification for my startup

Even with existing similar products, Avofin can differentiate itself through innovation, user experience, and tailored solutions. By understanding customer pain points and offering unique features, we can carve a niche, attract customers, and establish brand loyalty.

06.09 Competitive Analysis

Avofin's main potential competitors include traditional banks, other fintech startups, and mobile money providers. What sets us apart is our focus on serving the unbanked and underbanked with tailored digital financial services accessible via mobile phones. Our user-friendly interface, innovative features, and commitment to financial inclusion differentiate us, offering a seamless and empowering experience for our customers.

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

Yes, at Avofin, we're actively involved in promoting the role of female entrepreneurs in our community. We support by sponsoring initiatives such as mentorship programs, networking events, and educational workshops specifically tailored to women in entrepreneurship. Additionally, we prioritize gender diversity in our own workforce and leadership positions, creating an inclusive environment where female entrepreneurs can thrive and succeed. By empowering women in business, we contribute to economic growth, innovation, and social progress in our community.