Cameroon - Business creation project

Describe your project or startup in a few words

Mymo is a mobile money app that lets you lend and borrow money, manage lending circles (njangi, tontine), get instant loans, and send money.

01.01 Describe your project in more detail

Mymo is a mobile money solution with built-in tools for peer-to-peer lending, lending circle management, instant loans, remittances, and money transfers. It also features credit scoring and a scoring API for compliant businesses, enabling services like installment payments and loans. Mymo enhances financial inclusion and facilitates efficient lending and borrowing for individuals and businesses alike

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

We are addressing the lack of accessible and efficient credit options in emerging economies. Many individuals and businesses struggle to obtain loans due to the absence of comprehensive credit scoring systems and cumbersome borrowing processes. Additionally, traditional lending practices often exclude those without formal financial histories, leading to financial exclusion. Mymo aims to bridge this gap by providing a digital platform that simplifies lending and borrowing, leverages local lending practices, and offers robust credit scoring to enhance financial inclusion and empower users.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Access to Quick Loans: Users can quickly obtain loans through Mymo without the delays typical of traditional banking processes. Lower Borrowing Costs: By facilitating peer-to-peer lending and lending circles, Mymo can potentially offer lower interest rates compared to formal financial institutions. Improved Financial Management: Users can manage their finances better with tools for tracking loans, contributions, and repayments directly through the app. Building Credit History: Mymo helps users build a credit history based on their borrowing behavior, improving their creditworthiness over time. Convenient Money Transfers: The app simplifies domestic and international money transfers, making it easier for users to send and receive funds. Scalable Business Solutions: Businesses can utilize Mymo's scoring API to make data-driven decisions, enabling them to offer tailored financial products like installment payments and loans to customers.

01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?

Underbanked and Unbanked Individuals: People without access to formal banking services can use Mymo to build a credit history, borrow money through peer-to-peer lending, and manage loans more effectively. Community Savings and Lending Groups: Mymo supports community-based lending circles by automating contributions, scheduling, and loan management, thereby enhancing financial cooperation and trust within these groups. Small Businesses: Through Mymo's scoring API, businesses can access credit scoring data to make informed decisions about offering financial products like installment payments and loans to their customers.

01.05 When did you start working on your project?

2020-01-01

01.06 How many other partners are associated with your business venture?

3

01.07 Among the other partners, how many are female?

1

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Norbel Apono - A software engineer with over 7 years industry experience locally and internationally. (Holds a B. Tech Software Engineering) Glen Amungwa - Marketing, communications and digital creation expert, over 10 years of experience. (Bsc. accounting, Msc. Marketing) Chofor Melian - Experience operations and project management expert with over 5 years industry experince. (Msc. Project Management).

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

https://mymocredit.com

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Mymo contributes to the No Poverty goal by providing financial inclusion and empowerment to underserved communities. We enable individuals without access to traditional banking services to build credit histories and borrow small amounts of money efficiently. By supporting community savings groups and offering affordable international remittance services, Mymo enhances economic opportunities and reduces financial barriers. Our platform fosters economic resilience and stability, lifting individuals out of poverty through access to essential financial tools and services

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

Mymo strongly contributes to the Zero Hunger goal by fostering economic empowerment among underserved communities. By providing access to micro-loans and financial services, Mymo supports small-scale farmers and local entrepreneurs in investing in sustainable agricultural practices. This helps increase food production, improve food security, and enhance nutrition within these communities.

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

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

Mymo contributes to promoting good health and well-being by ensuring financial inclusion for all. By offering affordable credit options and financial management tools, Mymo helps individuals access healthcare services and cover medical expenses. This financial security reduces stress and improves overall well-being, contributing to healthier lives across communities.

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

Mymo somewhat contributes to the Quality Education goal by enabling access to financial resources for educational purposes. Through micro-loans and savings options, Mymo supports individuals in pursuing education and skill development opportunities. However, further enhancements in educational partnerships and targeted financial literacy programs could strengthen our impact in promoting lifelong learning and equitable education access.

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

Mymo promotes gender equality by facilitating financial inclusion for everyone irrespective of gender, empowering everyone including historical limited groups such as women to access credit, manage finances, and participate in economic activities independently. We prioritize equitable access to financial resources and education, fostering economic empowerment that supports women's rights and enhances their socio-economic status

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

3

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Mymo contributes to decent work and economic growth by fostering entrepreneurship, supporting small businesses, and facilitating access to micro-loans and financial services. We promote inclusive economic opportunities, job creation, and skills development, aiming to build resilient and sustainable livelihoods that contribute to economic prosperity and social well-being.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

Mymo drives industry innovation and infrastructure by leveraging technology to enhance financial inclusion and economic development. Through our platform, we support digital infrastructure, financial technologies, and innovative solutions that improve access to financial services, stimulate economic growth, and promote sustainable industrialization in communities.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

Mymo contributes to reducing inequalities by providing inclusive financial services that empower marginalized communities, including women, youth, and rural populations. We promote equitable access to credit, savings, and economic opportunities, fostering social inclusion and reducing disparities in income, wealth, and access to essential services.

02.11.01 My project contributes to the Sustainable cities and communities goal

2

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

3

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

2

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

2

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

02.16.01 My project contributes to the Peace justice and strong institutions goal

3

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

2

02.17.02 Partnerships for the goal - Justification

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

3

05.02 The product/service we envision creating represents an entirely new type of product/service.

5

05.03 The product/service we envision creating could be described as a new technology.

4

05.04 The product/service we envision creating is an improvement on an existing product or service.

4

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

5

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

7 - Strongly Agree

05.07 The product/service we envision creating is a new version of an old product/service.

2

05.08 Justification

Mymo envisions a financial empowerment platform that scores high on innovation. While existing products serve aspects of our offerings, Mymo uniquely integrates peer-to-peer lending, automated lending circles, and instant loans within a single mobile platform, addressing gaps in accessibility and convenience. This integration represents a novel approach to financial inclusion, leveraging technology to bridge informal and formal financial sectors. By enabling individuals and businesses to build creditworthiness and access financial services seamlessly, Mymo responds to unmet needs in underserved markets, marking a significant advancement in financial technology.

05.09 Who are your main potential competitors and what makes you stand out from them?

MTN Mobile Money - Has a strong mobile money offering covering local sending and profile based loans Orange Money - Has a strong mobile money offering covering local sending without loans. Express Union Money - Has a mobile money offering However, most of these offerings though robust for sending and transactions do not offer a lot of the new components we bring in advanced credit management, advanced mobile app, peer-2-peer lending management etc...

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

Yes, since starting to work on projects I have actively involved women without any bias, all our operations roles since inception of our project has been handled by 3 different talented women.