Cameroon - Startup under 3 years old

Describe your project or startup in a few words

An app that enables users to save money in a disciplined manner towards life goals, such as purchasing a laptop, or car, or paying rent. By evaluating users' savings records, we verify their ability to repay small business loans and offer them loans.

01.01 Describe your startup in more detail

Our startup is a fintech company focused on addressing the credit gap faced by over 51% of MSMEs in Sub-Saharan Africa. We have developed a free app that enables users to save money in a disciplined manner towards life goals, such as purchasing a laptop, or car, or paying rent. By evaluating users' savings records, we verify their ability to repay small business loans, which we offer them with a monthly interest rate for repayment. We have helped over 25,000 customers save over 3 billion francs CFA towards financial goals they want to accomplish. Customers have created over 40,000 saving goals on our app and have achieved 30,000 of them. We have trained over 6,000 university students, women, and youths on personal finance

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

In Africa, MSMEs provide an estimated 80% of jobs across the continent, representing an important driver of economic growth. Sub-Saharan Africa alone has over 50 million micro, small, and medium enterprises, almost all of which are micro. For these businesses to grow, create more jobs, and generate economic growth, they need access to capital. However, 51% of these vital businesses, require more funding than they can currently access. Credit constraints are a serious challenge for them. Without reliable sources of working capital, MSMEs are unable to make investments needed for growth, leading to stagnation. Given the importance of MSMEs as a source of employment, barriers to accessing financing become barriers to poverty reduction and economic growth. Principally this problem is accounted for by lack of formal money records to evaluate repayment potential, lack of collateral and informal nature.

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

1. Increased Access to Credit: Our solution provides an opportunity for MSMEs to access credit based on their savings behavior even without bank accounts, enabling them to secure loans for business expansion or working capital. 2. Financial Discipline: Users benefit from our app's disciplined savings approach, helping them achieve their life goals while building a positive credit profile, and fostering financial discipline and stability. 3. Empowering MSMEs: Our product aims to empower MSMEs by giving them the means to prove their creditworthiness and access the financial resources they need to grow their businesses and contribute to the local economy.

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

Our product/service is aimed at serving MSMEs in Sub-Saharan Africa, particularly those who face challenges in accessing traditional credit due to limited financial history or collateral. The targeted beneficiaries are individuals who possess the capability to repay loans but lack the means to prove their creditworthiness through conventional channels.

01.05 When was your company established?

2021-10-18

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

0

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

AKWO ASHANGNDOWAH https://www.linkedin.com/in/akwo-ashangndowah-2070bba5/ An MBA(Project Management- University of Buea) degree holder is a visionary who is passionate about the potential of technology to help Africa overcome certain long-standing problems including poverty, underdevelopment, and education. Akwo is an operator with over 10 years of experience starting an operating startups. His last company was acquired by a regional hospital and he worked for the first digital mobile money product in Cameroon, Pursarpay. Akwo's works and impact have been recognized by the likes of Harvard, Acumen, RUFORUM, Orange Cameroun, Catapult Africa, etc.

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

https://mynkwa.com/

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

Our solution helps alleviate poverty by providing MSMEs with access to credit, enabling them to grow their businesses, generate income, and improve their livelihoods.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

Source of employment created by these MSMEs

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

4

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

We invest in financial education of our customers

02.05.01 My startup contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification for my startup

Providing opportunities for women entrepreneurs

02.06.01 My startup contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification for my startup

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

By supporting MSMEs with credit, we contribute to economic growth and job creation, fostering entrepreneurship and sustainable employment opportunities.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

Innovative service

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Reduced Inequalities: Our solution promotes financial inclusion, reducing the inequalities faced by MSMEs in accessing financial services and leveling the playing field for business growth.

02.11.01 My startup contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

Paperless transactions through our app. Reduced carbon emission from taking vehicles to get access to financial services

02.14.01 My startup contributes to the Life below water goal

2

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

2

02.15.02 Life on land - Justification for my startup

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

02.17.01 My startup contributes to the Partnerships for the goal

2

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.

7 - Strongly Agree

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

7 - Strongly Agree

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.

3

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.

4

06.08 Justification for my startup

06.09 Competitive Analysis

Our potential competitors include traditional banks, microfinance institutions, and emerging fintech startups in the region. What sets us apart is our novel approach of evaluating savings records for credit assessment. This unique method allows us to offer credit to individuals who would typically be excluded from traditional lending channels. Additionally, our user-friendly app, emphasis on financial discipline, and tailored loan products differentiate us, providing a seamless and empowering experience for our users.

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

Yes, i organize finance educational workshops and mentor students. I have addressed over 200 students in talks and mentorship. I even got selected in the prestigious Tech Women 2024 program