Uganda - Business creation project

Describe your project or startup in a few words

escro, a secure peer-to-peer payment platform that facilitates secure online transactions by holding funds in escrow until both buyer and seller fulfill their agreed-upon conditions.

01.01 Describe your project in more detail

escro is a Ugandan fintech platform revolutionizing the gig economy by providing a secure peer-to-peer payment system with built-in escrow protection. It fosters trust between freelancers and clients by holding funds securely until both parties confirm successful completion of the work, mitigating the risk of fraud and non-payment.

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

escro, a secure peer-to-peer (P2P) payment platform, is poised to capitalise on the rapid growth of East Africa's gig economy. A 2022 study by PWC on global economic crime and fraud survey report Eastern Africa revealed that 63% of East Africans have experienced Fraud in their organisation in the last 2 years compared to 46% of respondents worldwide. escro seeks to mitigate the most prevalent forms of economic fraud; customer fraud, asset misappropriation and supply chain fraud by offering a secure solution for both buyers and sellers, eliminating transaction risks and fostering confidence in marketplaces.

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. Buyers can pay for goods and services without worry 2. Sellers can do work knowing that payment is assured since it's already in Escrow. 3. Fast Money transfer when Escrow is Approved 5. Assistance in handling disputes

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

escro primarily targets two key groups in the Ugandan market: Freelancers and Gig Workers: This includes individuals who offer services online or offline in various fields such as writing, design, programming, marketing, consulting, and more. escro provides them with a secure platform to receive payments, ensuring they get paid for their work and protecting them from fraudulent clients. Clients, Businesses and Real estate: This encompasses individuals or businesses seeking to hire service providers or gig workers for specific projects or tasks. escro offers them a safe and reliable way to make payments, guaranteeing that funds are only released to the freelancer upon satisfactory completion of the work. By catering to both sides of the gig economy, escro aims to create a thriving ecosystem where sellers can confidently offer their services and buyers can easily find and hire the talent they need, all while ensuring secure and transparent transactions.

01.05 When did you start working on your project?

2023-12-10

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

1

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.)

Tony Ayebare (me) is a software developer with a bachelor of science in computer science and a Google certificate in project management and another in human-centred design with over 8 years of experience. Vanessa Maria Nakasendwa is the other partner who is a lawyer by profession and will head our legal department that will mainly help in dispute management, she also has experience in marketing and will also head our customer acquisition efforts.

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

https://escroug.com/

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

5

02.01.02 No poverty - Justification

My project looks to bridge the gap of trust in the gig economy thus creating more and more jobs as more and more people will be transacting thus creating more jobs and more opportunities

02.02.01 My project contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification

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

5

02.03.02 Good health and well-being - Justification

My project looks to bridge the gap of trust in the gig economy which employs over 60 % of Ugandans thus giving them enough income to be able to pay for better health services and afford a better life.

02.04.01 My project contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

The Gig economy employs over 60% of the Ugandan people that is of all genders as long as they can offer a service or product. With better income streams more and more people from all genders will be involved in the Gig economy giving the same opportunities to make money to everyone.

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

1 - Strongly Disagree

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

The Gig Economy is growing by 20% every year and once my solutions solves the trust gap, more and more people would be able to offer goods or a service and get paid to do something that they love all while contributing over $37 billion to the countries GDP as of 2021

02.09.01 My project contributes to the Industry innovation and infrastructure

1 - Strongly Disagree

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

1 - Strongly Disagree

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification

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

1 - Strongly Disagree

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

1 - Strongly Disagree

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.

4

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

4

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

1 - Strongly Disagree

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.

1 - Strongly Disagree

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

05.06 The product/service we envision creating responds to a demand or need that has not been satisfied by other products/services like banks and mobile money transactions where there is no guarantee that you can get your money back if the conditions are not met or worse, you get dragged into and expensive and lengthy court case.

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

Mobile Money, Airtel Money, Chipper cash, and Eversend are among the competitors and what makes us stand out is that we are the only ones doing escrow transactions on a scale like this

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

Absolutely! I actively champion female entrepreneurship within my community. I am involved in several initiatives aimed at empowering and supporting women in business, including: Mentorship: I volunteer my time to mentor aspiring female entrepreneurs, providing guidance on business planning, marketing, and financial management. Networking Events: I actively participate in and sometimes organize networking events specifically for female entrepreneurs, creating spaces for them to connect, share experiences, and build relationships. Workshops and Training: I contribute to workshops and training programs that equip women with the skills and knowledge necessary to start and grow successful businesses. Advocacy: I speak out about the importance of female entrepreneurship and advocate for policies that support their growth and development. I am deeply committed to fostering an inclusive entrepreneurial ecosystem where women can thrive and reach their full potential.