Kenya - Startup under 3 years old

Describe your project or startup in a few words

Sokomash means “rural market” Sokomash blends retail microcredit, chama and distribution to the last model anchored on financial technology to provide affordable life changing and impactful products to the bottom of the pyramid market

01.01 Describe your startup in more detail

Sokomash business model is built around rural women current circumstances, challenges and needs by blending retail micro credit and distribution to the last mile in one stop shop anchored on the chama system. 85% of our clients in chamas are predominantly women who sokomash supplies life changing impactful products on credit through chamas making all the products affordable by paying installments through convenient mobile platforms. In a nut shell , our customers are bottom of the pyramid households that are in not in an economic position to secure funding from traditional financial institutions and also cannot afford products and services that can improve their living conditions. Our chama model is biased towards women entails delivering to the last mile hence making the products accessible to our customers at the grassroots who are majorly women and entails delivering to the last mile hence making the products accessible to our customers at the grassroots who are majorly women.

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

Most families were still living in dilapidated houses, ragged beddings,using old makeshift utensils, the houses look old traditional, desolate and they are still practicing small scale subsistence farming. Children likewise would walk barefoot to school and lack basic supplies like school bags. Women who spend most time at home are tasked with most household chores like cooking, washing and fetching water so they are most affected by such poor living conditions due to lack of basic tools and equipment. Households in the rural economy lack access to affordable and formal financial services, they are either underbanked or unbanked hence hindering their economic empowerment which consequently results in poverty & poor standards of living standards which entails; - Lack of basic household necessities such as Mattress, utensils and furniture Lack of access to affordable clean energy-LPG gas, energy saving jikos

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

Sokomash is a microcredit startup leveraging financial technology to provide affordable life changing products to the bottom of the pyramid market. Our innovative model is anchored on 3 key solutions to the problems bedeviling the rural economy; -  Affordability - Provide life changing basic necessities on short term credit  Accessibility - Through distribution to the last mile  Economic empowerment - Encouraging a savings culture

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

Sokomash focuses on bottom of the pyramid populace which is largely unbanked, underbanked undermined rural economy

01.05 When was your company established?

2023-02-12

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

3

01.08 Among the other owners, how many are female?

5

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

Victor Chelule- Software engineer for over 11 years Penny Ajosi - Finance and operations expert for over 10 years

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/101424330/admin/inbox?lipi=urn%3Ali%3Apage%3Aorganization_admin_admin_feed_index%3B5c3bf7f9-bbfd-4e77-aa4f-dbb2ed9480ff

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

Sokomash blends retail microcredit, Chama and distribution to the last model anchored on financial technology to provide affordable life changing and impactful products to the bottom of the pyramid market. “Access to affordable standards of living and social justice is not a privilege but a right, everyone deserves this opportunity. At Sokomash, we are revolutionizing retail microcredit to make this a reality. Sokomash adopts a micro credit financial model centered around product financing & Chama groups.! We believe this is the most efficient way to improve and change living standards and conditions hence end poverty at the grassroots level since they ignored by financial institutions hence they underbanked , unbanked and not empowered.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

By empowering the unbanked ,and underbanked at the rural economy through saving schemes and provision of the products on credit at their door step

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

7 - Strongly Agree

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

Through delivery of affordable, lifechanging and impactful products & services to the last mile in a bid to improve quality and standards of living at the grassroots. We provide Households products that promote good health and well being such as LPG gas

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

Through delivery of affordable, lifechanging and impactful products & services to the last mile in a bid to improve quality and standards of living at the grassroots. We deliver products that promote quality education such as shoes, school bags and textbooks

02.05.01 My startup contributes to the Gender equality goal

2

02.05.02 Gender equality - Justification for my startup

Our chama model is biased towards women entails delivering to the last mile hence making the products accessible to our customers at the grassroots who are majorly women and entails delivering to the last mile hence making the products accessible to our customers at the grassroots who are majorly women.

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

Through delivery of affordable, lifechanging and impactful products & services to the last mile in a bid to improve quality and standards of living at the grassroots. We provide Clean water & sanitation products such as water filter and water purifier

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

Through delivery of affordable, lifechanging and impactful products & services to the last mile in a bid to improve quality and standards of living at the grassroots. We provide Clean & affordable products such as solar batteries and panels

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

In light of the foregoing, Products & services that can change and improve their lives are not easily affordable and accessible to the rural community, in fact most manufacturers and suppliers do not reach as far as the last mile. Financial institutions on the other hand, ignore the bottom of the pyramid rural economy hence they are underbanked and unbanked. Sokomash is tackling both accessibility and affordability challenges by providing a wide range of impactful products and services on credit to the last mile. We believe this is the most efficient way to improve and change living standards and conditions at the grassroots level.

02.09.01 My startup contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification for my startup

We specialize in impactful, life changing product range that is informed by the challenges, needs, wants and preferences of the bottom of the pyramid market segment. Manufacturers, suppliers and financial institutions ignore this market segment hence they are underbanked/unbanked and underserviced/unserviced. We don’t just focus on sales ,we also collect data and feedback from clients on how the products & services have impacted and changed their lives and too some of the key drivers for purchasing.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

At Sokomash we believe access to affordable standards of living and social justice is a right not a privilege. Our model and operations is premised on this ideology hence we provide a wide range of affordable life changing and impactful products on credit to chamas in the rural economy which alienated, underbanked and unbanked-So we bring equality through bridging that gap

02.11.01 My startup contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification for my startup

We believe that sokomash model is the most efficient way to improve and change living standards and conditions at the grassroots level. Sokomash adopts a micro credit financial model centred around product financing & Chama groups Sokomash means “rural market” Sokomash blends retail microcredit, Chama and distribution to the last model anchored on financial technology to provide affordable life changing and impactful products to the bottom of the pyramid market. “Access to affordable standards of living and social justice is not a privilege but a right, everyone deserves this opportunity. At Sokomash, we are revolutionizing economic empowerment of the community through our model to ensure they are sustainable

02.12.01 My startup contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification for my startup

Sokomash model ensures the communities are empowered financially through the weekly savings they make which enables have capacity to produce and consume

02.13.01 My startup contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

rough delivery of affordable, lifechanging and impactful products & services to the last mile in a bid to improve quality and standards of living at the grassroots. We provide Clean & affordable products such as solar and energy saving jikos that dont pollute the enviroment

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

Not applicable

02.15.01 My startup contributes to the Life on land goal

3

02.15.02 Life on land - Justification for my startup

Not applicable

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

2

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

Not applicable

02.17.01 My startup contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification for my startup

We are liasing and trying partnerships with like minded organizations

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.

6

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

4

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.

7 - Strongly Agree

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.

5

06.08 Justification for my startup

Sokomash business model is built around rural women current circumstances, challenges and needs by blending retail micro credit and distribution to the last mile in one stop shop anchored on the chama system. 85% of our clients in chamas are predominantly women who sokomash supplies with life changing impactful products on credit through chamas making all the products affordable by paying installments through convenient mobile platforms. In a nut shell , our customers are bottom of the pyramid households that are in not in an economic position to secure funding from traditional financial institutions and also cannot afford products and services that can improve their living conditions. Our chama model is biased towards women entails delivering to the last mile hence making the products accessible to our customers at the grassroots who are majorly women and entails delivering to the last mile hence making the products accessible to our customers at the grassroots

06.09 Competitive Analysis

Jirani Smart Limited Wholesalers/retailers & Microfinance Sokomash competitive advantage ;- 1. Affordability -Avail this products on credit -whereby the customer is supplied with their products first then they start making weekly payments 2. Accessibility -Through distribution to the last mile 3. Customized diversified products - We listen to customers needs and plug in that regard 4. Finacial empowerment- through saving innovative schemes

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

From the foregoing , Sokomash has bias on empowering Women at the grassroots ,because they the household managers and are alienated , unbanked and underbanked. So that explains why our staff are majorly women