Ghana - Startup under 3 years old

Describe your project or startup in a few words

Ruwah™ is an innovative and integrated tech-enabled Educational and Finance platform that teaches kids and teens essential personal finance skills early on so they can secure their financial future and navigate the real world successfully.

01.01 Describe your startup in more detail

Ruwah is an edtech/fintech startup dedicated to empowering families by providing innovative financial tools and education. Our flagship product is a smart debit card for kids, controlled through a robust mobile app that parents manage. Our app allows parents to set spending limits, automate allowances, and assign chores, offering a practical way to teach children about budgeting, saving, and responsible spending. Additionally, we provide a suite of educational resources and interactive features designed to enhance financial literacy for kids and teens through integrated gamification features to make learning about finance fun and engaging for kids. With real-time notifications and spending insights, parents can guide their children’s financial behavior and encourage good money habits. Our mission is to equip the next generation with the skills and knowledge necessary to make informed financial decisions, fostering a future of financially savvy individuals.

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

The main problems Ruwah is addressing include widespread financial illiteracy, the increasing gap in financial poverty, financial exclusion, and unprepared graduates entering the workforce. Many young people lack essential money management skills, leading to poor financial decisions and increased economic disparity. Traditional education systems often fail to provide practical financial education, and many families struggle to fill this gap. This gap in early financial education often leads to lifelong financial struggles and missed opportunities. The statistics are gloomy: >70% of the population still lacks vital knowledge to engage in the financial industry. The numbers are even worse when it comes to women and children. If not addressed, we face a continuous cycle of poverty, often intergenerational.

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

Our tech-enabled platform creates personalized learning paths based on the child’s age and interests to empower kids and teens learn essential money management skills through real-world practice. Our pocket money app helps parents teach their children the value of money by tying allowances to a set of goals, transferring the value of hard work. Our prepaid debit cards are the ultimate favorite because of how easy and safe it is for parents to send money while teaching children financial independence.

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

Our product is aimed at serving families, particularly focusing on children and their parents. Our primary beneficiaries are: Children and Teens Parents Educators and Schools ----------------------------------------------------------------------------------- Parents = customers; children = users; schools = distribution channels

01.05 When was your company established?

2023-05-01

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

1

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.)

RACHEL MORÉ- OSHODI Rachel is a seasoned leader and a dynamic force in the world of project finance and global strategy, with over two decades of experience shaping the infrastructure and energy landscape. Her leadership has driven the successful delivery of over $7 billion (USD) worth of pioneering and award-winning projects, enabling economic growth and promoting sustainable access to electricity and ICT services in emerging markets. Rachel’s journey began at AES Corporation, where she played a critical role in developing vital electricity generation, transmission, and distribution assets across various regions. Her expertise led her to work with multilateral agencies at the Inter-American Development Bank and the International Finance Corporation, followed by senior positions at Rand Merchant Bank and TotalEnergies, focusing on sustainable energy and infrastructure.

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

https://ruwah.io/

01.11 Which industry best describes your project?

Other: Financial Services / Education

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Ruwah plays a pivotal role in supporting the United Nations Sustainable Development Goal #1: No Poverty, by addressing key factors that contribute to financial insecurity. Here’s how we do it: Financial Literacy: By equipping young people with essential financial knowledge and skills, we help prevent poor financial decisions that often lead to poverty. Children and teens learn to budget, save, and spend wisely, setting a strong foundation for their financial future. Economic Empowerment: Greenlight promotes financial inclusion by providing access to financial tools for families who may be underserved by traditional banking services. This empowerment allows families to manage their finances better and make informed economic choices. 3. Through practical financial education, Ruwah helps break the intergenerational cycle of poverty. By teaching children how to handle money responsibly, we enable them to build a more

02.02.01 My startup contributes to the Zero hunger goal

2

02.02.02 Zero hunger - Justification for my startup

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

2

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

02.04.01 My startup contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification for my startup

Ruwah provides innovative tools and resources that enhance financial literacy and practical learning. We empower children with hands-on learning experiences, promote parental involvement, ensure accessibility, and prepare young people for future success, contributing to inclusive and equitable education for all.

02.05.01 My startup contributes to the Gender equality goal

3

02.05.02 Gender equality - Justification for my startup

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

02.07.01 My startup contributes to the Affordable and clean energy goal

1 - Strongly Disagree

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

4

02.08.02 Decent work and economic growth - Justification for my startup

02.09.01 My startup contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification for my startup

Ruwah helps reduce inequalities by making sure everyone, no matter their background, can access our financial tools and learn about money. We teach kids and families smart money skills, empower them to make good financial choices and prepare kids for future jobs. Our use of technology ensures easy access to our services, making financial empowerment possible for everyone in Africa and, fostering a more equitable future.

02.11.01 My startup contributes to the Sustainable cities and communities goal

1 - Strongly Disagree

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

1 - Strongly Disagree

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

1 - Strongly Disagree

02.13.02 Climate action - Justification for my startup

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

02.15.01 My startup contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification for my startup

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

1 - Strongly Disagree

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

1 - Strongly Disagree

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.

2

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.

2

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.

2

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

6

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

1 - Strongly Disagree

06.08 Justification for my startup

06.09 Competitive Analysis

Our approach is similar to companies like OsusuMobile and SmartMoney Africa, which also focus on financial education and empowerment. However, Ruwah stands out with its culturally tailored content and immersive, practical financial experiences designed specifically for the unique needs and contexts of African youth.

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