Tanzania - Business creation project

Describe your project or startup in a few words

Our company empowers African businesses with cutting-edge Buy Now, Pay Later (BNPL) solutions specifically tailored for SMEs purchasing from wholesalers or industries. Our advanced fintech platform facilitates seamless installment payment options.

01.01 Describe your project in more detail

Our company empowers African businesses by offering cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for SMEs purchasing from wholesalers or industries. Our advanced fintech platform provides seamless installment payment options, allowing businesses to manage their cash flow more effectively. Integration with our comprehensive bookkeeping tools ensures accurate financial tracking and management. By acting as a catalyst for transformative change, we drive sustainable growth and increased efficiency for businesses across the continent.Through our services, we contribute significantly to Africa's economic development, enabling businesses to thrive in a competitive market. Our platform not only facilitates financial transactions but also supports businesses in building strong financial foundations, promoting long-term grow, stability and Growth.

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

1. Limited access to flexible financing options for SMEs. 2. Cash flow management challenges for businesses making large purchases. 3. Inefficient installment payment processes. 4. Lack of integrated financial management and bookkeeping tools. 5. Difficulties in navigating complex business transactions. 6. Barriers to sustainable growth and operational efficiency for SMEs. 7. Insufficient support for SMEs in driving economic development in Africa.

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

1. Improved Cash Flow Management: Our BNPL solutions enable SMEs to make essential purchases without immediate financial strain, allowing for better cash flow management and operational flexibility. 2. Seamless Installment Payments: The advanced fintech platform offers easy-to-use installment payment options, making it simpler for businesses to manage and plan their finances. 3. Integrated Bookkeeping Tools: The integration with comprehensive bookkeeping tools ensures accurate and efficient financial management, reducing the administrative burden on SMEs. 4. Enhanced Business Growth: By providing access to flexible financing and innovative payment solutions, we support sustainable growth and increased efficiency, helping businesses expand and thrive in a competitive market.

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

Our primary target market encompasses African SMEs, particularly in Zanzibar and Tanzania, where the market demand is substantial, with over 100,000 businesses opening annually. We aim to serve this dynamic and growing ecosystem by providing secure and innovative smart technology fintech solution tailored to the needs of small businesses seeking operational optimization and sustainable growth.

01.05 When did you start working on your project?

2022-07-01

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

2

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.)

1). Amer Faudh Abdalla   Role: Legal and Policy Affairs Marker   Age: 21 years old Background: Ameir is currently pursuing his studies in law at Mzumbe University, Ameir's dedication and insight into legal frameworks ensure that our operations adhere to the highest standards of compliance and ethical conduct. 2). Hafsa Thabit Amour Role: Record Keeper and Customer Relations Officer Age: 32 years old Background: Hafsa holds a Bachelor's Degree in Management of Social Development and an Ordinary Diploma in Records Management. This expertise shape her to our B2B BNPL fintech project, as it involves managing extensive data and ensuring the seamless operation of financial services tailored for SMEs. Hafsa currently she is a Civil Servant at Land Commission in Zanzibar.

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

https://www.instagram.com/fahad.thabit.amour?igsh=MTMyNDcxbTRwcHJnMw%3D%3D&utm_source=qr

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

Our project supports the UN's first Sustainable Development Goal (No Poverty) by providing SMEs in Africa with access to flexible Buy Now, Pay Later (BNPL) financing solutions, which enable them to manage cash flow effectively and make essential purchases without immediate financial strain. By facilitating smoother financial operations and integrating advanced bookkeeping tools, we empower small and medium-sized enterprises to grow sustainably, create jobs, and enhance economic stability in their communities. This increased economic activity helps lift individuals and families out of poverty, contributing to broader economic development and improved living standards across the continent.

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

Our project supports the United Nations' first Sustainable Development Goal (Zero Hunger) by providing SMEs, particularly those in the agricultural sector, with innovative Buy Now, Pay Later (BNPL) solutions. By enabling these businesses to access essential supplies and equipment without immediate financial burden, we enhance their productivity and efficiency. This improved access to resources allows agricultural businesses to increase their output and contribute to a more stable and abundant food supply. Additionally, our integrated bookkeeping tools help these businesses manage their finances better, ensuring they can sustain and grow their operations. Ultimately, our platform fosters a more resilient agricultural sector, contributing to food security and the reduction of hunger across the continent.

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

Our project supports the UN's first Sustainable Development Goal (SDG) of good health and well-being by empowering African SMEs, particularly those in the health sector, with flexible Buy Now, Pay Later (BNPL) solutions. By facilitating access to necessary medical supplies and equipment without the immediate financial burden, healthcare providers can ensure a steady supply of essential resources. This improved financial flexibility enables them to maintain and enhance their services, contributing to better health outcomes. Furthermore, our integrated bookkeeping tools streamline financial management, allowing healthcare businesses to focus more on patient care and community health initiatives, ultimately promoting well-being across the continent.

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

By providing cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for SMEs purchasing from wholesalers or industries, our project indirectly supports the United Nations' first Sustainable Development Goal (SDG) of quality education. Access to flexible financing options and integrated bookkeeping tools empowers SMEs to invest in quality education and training for their employees, enhancing workforce skills and capabilities. Moreover, by fostering sustainable growth and efficiency for businesses, our solutions contribute to economic development, creating more opportunities for education and skill development within communities.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

By providing cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for SMEs, our project contributes to UN's first Sustainable Development Goal (SDG) of gender equality by promoting financial inclusion for women entrepreneurs. Access to flexible financing options empowers women-owned businesses to overcome financial barriers and participate more actively in economic activities, thus fostering gender equality in entrepreneurship. Additionally, our integrated bookkeeping tools simplify financial management tasks, reducing administrative burdens and freeing up time for women entrepreneurs to focus on growing their businesses. Through these initiatives, our project plays a vital role in promoting gender equality and advancing women's economic empowerment in Africa.

02.06.01 My project contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

4

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

Our project supports the United Nations' first Sustainable Development Goal (SDG) of "Decent Work and Economic Growth" by empowering SMEs with access to flexible financing options and innovative payment solutions. By providing cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for SMEs purchasing from wholesalers or industries, we enable businesses to manage cash flow effectively and make essential purchases without immediate financial strain. This facilitates sustainable growth and increased efficiency, contributing to the creation of decent work opportunities and economic prosperity for SMEs across Africa. Through our solutions, we aim to foster a business environment where SMEs can thrive, drive economic development, and create meaningful employment opportunities, aligning with the UN's vision for inclusive and sustainable economic growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

2

02.09.02 Industry innovation and infrastructure - Justification

Our project contributes significantly to the United Nations' first Sustainable Development Goal (SDG) of "Industry, Innovation, and Infrastructure" by providing innovative fintech solutions tailored for SMEs in Africa. By empowering businesses with cutting-edge Buy Now, Pay Later (BNPL) options and integrating comprehensive bookkeeping tools, we facilitate efficient cash flow management, streamline payment processes, and enhance financial infrastructure for SMEs. This enables businesses to access flexible financing, navigate complex transactions, and ultimately drive sustainable growth and economic development across the continent. Through our solutions, we support the development of robust industry, foster innovation, and strengthen essential infrastructure, aligning closely with the objectives of SDG 9.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

By providing cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for small and medium-sized enterprises (SMEs) in Africa, our project contributes significantly to the United Nations Sustainable Development Goal (SDG) of reducing inequality. SMEs, often facing limited access to financing options compared to larger corporations, are disproportionately affected by financial inequalities. Our BNPL solutions level the playing field by offering flexible financing options that empower SMEs to make essential purchases without immediate financial strain. This increased access to financing enables SMEs to compete more effectively in the marketplace, fostering economic growth and reducing inequalities in access to capital and opportunities within the business landscape. Ultimately, by supporting the growth and sustainability of SMEs, our project plays a vital role in reducing economic disparities and promoting greater equality across African economies.

02.11.01 My project contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification

We supports the United Nations Sustainable Development Goal (SDG) of climate action by promoting sustainable business practices. By empowering small and medium-sized enterprises (SMEs) in Africa with flexible financing options and innovative payment solutions, we enable them to invest in environmentally friendly technologies and practices. Additionally, by facilitating cashless transactions, our project helps preserve forests and reduce deforestation, as it minimizes the need for paper money production, thereby mitigating the environmental impact associated with currency printing. Through these initiatives, our project contributes to both economic empowerment and environmental sustainability, aligning with the broader objectives of the UN SDGs.

02.14.01 My project contributes to the Life below water goal

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

3

02.15.02 Life on land - Justification

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

6

02.16.02 Peace justice and strong institutions - Justification

In regions where access to financing is limited, SMEs often face challenges in accessing fair and equitable financial services, which can lead to economic disparities and social instability. By offering flexible financing options and innovative payment solutions, our project promotes economic inclusion and strengthens institutions by abolishing the walls of mistrust between parties, fostering a more equitable business environment. This not only supports the growth and sustainability of SMEs but also contributes to building resilient and just societies, ultimately advancing peace and stability across African communities.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

Our project supports the United Nations Sustainable Development Goal (SDG) of "Partnership for the Goals" by fostering collaboration and partnerships across various sectors. By providing cutting-edge Buy Now, Pay Later (BNPL) solutions tailored for small and medium-sized enterprises (SMEs) in Africa, we actively engage with financial institutions, technology providers, government agencies, and other stakeholders to create a supportive ecosystem for economic development. Through strategic partnerships, we enhance access to financing, technology, and expertise, driving innovation and sustainable growth within the business community. By working together with diverse partners, we leverage collective resources and expertise to address complex challenges and advance progress towards shared goals. This collaborative approach exemplifies our commitment to fostering partnerships that promote inclusive and sustainable development, aligning with the principles of SDG 17.

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

5

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

7 - Strongly Agree

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

5

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

7 - Strongly Agree

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

7 - Strongly Agree

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.

1 - Strongly Disagree

05.08 Justification

Our project stands out as unique and innovative due to its focus on providing tailored Buy Now, Pay Later (BNPL) solutions for small and medium-sized enterprises (SMEs) in Africa. Unlike traditional financing methods, our BNPL service addresses the specific needs of SMEs by offering flexible installment payment options for purchasing inventory from wholesalers and industries. What sets us apart is our comprehensive approach, which combines BNPL with integrated bookkeeping tools, streamlining financial management and empowering businesses to thrive. Additionally, our commitment to continuous research and development ensures that we stay ahead of the curve, pioneering transformative technologies that drive sustainable growth and economic development across various sectors. Through our innovative approach and dedication to empowering African businesses, we are redefining the landscape of financial services and contributing to the region's prosperity and progress.

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

Our primary competitors encompass cash transactions, which dominate over 90% of all financial activities in our region, as well as trust and microfinance institutions. Despite their prevalence, these traditional methods lack the tailored flexibility and comprehensive financial support our BNPL solutions offer. Unlike cash transactions, our BNPL services provide SMEs with adaptable financing options, empowering them to manage their finances more effectively. Moreover, our integrated approach, merging BNPL with comprehensive bookkeeping tools, establishes a seamless financial ecosystem precisely attuned to SME needs. By challenging these conventional competitors with our innovative solutions, we strive to revolutionize SME financing and spur economic growth across the region.

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

Yes, I have been actively involved in initiatives to promote the role of female entrepreneurs within my community. For instance, in 2018, I served as the Chief Information Officer at the Youth of United Nations Association High School Club, where I led efforts to promote the Sustainable Development Goals (SDGs), particularly focusing on gender equality and women's empowerment. Additionally, I currently hold the position of Youth Secretary at a youth community within the ruling party in Tanzania (CCM), where I am dedicated to advocating for youth empowerment and promoting opportunities for women's participation and advancement in all sectors.