Ghana - Business creation project

Describe your project or startup in a few words

We have developed an app for informal traders to do their financial accounting using tribal languages and voice-over to assist people with limited schooling to improve their business decisions

01.01 Describe your project in more detail

We have built an app to allow informal traders and independent artisans delivering services in the West-African economy to keep track of their finances, debtors and creditors. As we are working for the informal sector we see that many people do not have strong literacy or knowledge of English so we supply them with a user interface where they can choose from various tribal languages and voice over to guide them. At the same time, behind the scenes our app works as an entire financial accounting system including balance, and profit and loss table. The app allows traders and artisans to follow up on their incoming and outgoing payments and send people reminders when they owe them. Tests with the app show that it really helps people in the informal sector to grow their businesses and get out of poverty.

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

Informal traders and artisans are hustling and working very hard to making a living for themselves and their (extended) families. Managing their business usually happens intuitively, where they keep track of finances in a notebook or in their head. As a result they do not have accurate information on the profitability of their different business activities and may take sub-optimal decisions. Also keeping track of debtors and reminding them consistently of paying their bills is not being done in a way that optimize their benefits. In short, they do not keep good records of where their money is going. By solving this, better decision making and higher profitablitily can be obtained.

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

• Our app helps your informal business to keep track the money • It talks to you in your tribal language • It is super easy to use, as your accountant is hidden inside the app

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

We target the tens of millions of informal traders and artisans in ECOWAS starting in Ghana where the app is available in • Twi • Ewe • Ga • Hausa

01.05 When did you start working on your project?

2023-11-01

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.)

I am the founder of the company and I am currently employing a marketing staff (young professoinal) and the software development of our app has been outsourced to Trinity Software Center in Kumasi, where a team of 4 developers is working on the finalization of the app. to be soon launched on the Playstore. In our team we are being mentored by two senior angel investors: Diana van der Stelt; https://www.linkedin.com/in/dianavanderstelt/ Barima Acheampong Sarpong; a former senior procurement consultant with the central government and an investor in various companies and startups. He is an entrepreneur who has established the following companies: Zeotec Limited, a manufacturing company; Aca-City Farms, a Commercial farm; Pathos AIB Limited, a manufacturing company; Biazo Realtors, a real estate company. Pathos Agro Limited, a Commercial farm; and AFMREC, a natural resources research firm etc.

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

https://odwadiniapp.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

Millions of informal traders and artisans are trying to make a living struggling to survive with their small businesses in Ecowas. We believe our solution will help to do take better business decisions hence more revenues and profitabillity and resources to feed themselves and their familiies.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

When informal traders and artisans have more successful business that have the resources to decently feed their families and have access to health care. These are people at the bottom of the social ladder.

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

5

02.03.02 Good health and well-being - Justification

When informal traders and artisans have more successful business that have the resources to decently feed their families and have access to health care. These are people at the bottom of the social ladder.

02.04.01 My project contributes to the Quality education goal

4

02.04.02 Quality education - Justification

Our app educates people in the field of financial management. It takes into account that there our target group has limited education and needs help in their tribal language.

02.05.01 My project contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification

Our app is not directly targeting women but from our test rounds with an earlier version of the app we know that 1. a lot of traders are women and they will benefit from this solution 2. women are relatively more inclined than men to keep records and organize themselves well so we are expecting that they will benefit more from our solution.

02.06.01 My project contributes to the Clean water and sanitation goal

3

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

We help informal traders and artisans to grow their businesses, make more money and enter the formal market place.

02.09.01 My project contributes to the Industry innovation and infrastructure

5

02.09.02 Industry innovation and infrastructure - Justification

We aim to promote digital inclusiveness among the informal sector players. Develop a system and training programs where the informal sector players will be innovative in their financial record-keeping and decision-making.

02.10.01 My project contributes to the Reduced inequalities goal

5

02.10.02 Reduced inequalities - Justification

We are targeting those who struggle in the informal sector to help them lift themselves up.

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

3

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

4

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

4

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

6

02.17.02 Partnerships for the goal - Justification

In an earlier startup venture, we tried to push our ideas to individual traders but we realized that it is too costly and cumbersome to get to them on an individual basis. So that project stopped 2 years ago. We have now decided to start all over and work together with other institutions such as branch organizations, banks and micro finance institutions as well as influencers and financial advisors who are targeting SME in ECOWAS. The first parties are already showing interest. So we thing we will look for strong partnerships to get our APP into the market with as many informal traders and artisans as possible.

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

2

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

3

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.

2

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

2

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.

3

05.08 Justification

Yes, informal traders and artisans have done bookkeeping in physical note books. And there are several financial accounting applications on the market in ECOWAS targeting SME. But as far as we know we are the only party offering an application that targets informal businesses who do not have laptops, and struggle with literacy as well as English/French because these business owners have had only limited schooling.

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

- Oze - KudiGo With Odwadini App, even the less educated can formally keep accurate financial records and make sound financial decisions for growth; a value proposition that none of our competitors provide. The basic user interface and voice guide in a user's tribal language help in all-inclusiveness. We also plan in-person financial literacy clinics that give more guidance and direction to out target customers.

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

Yes when we started with a pilot project we particularly targeted female enterpreneurs with various shops