Nigeria - Business creation project

Describe your project or startup in a few words

Akobo financial education is an educational project that seeks to teach financial literacy especially to the younger generation by engaging them in practical activities that help them build skills needed for their future financial wellbeing.

01.01 Describe your project in more detail

Akobo financial education is an educational project that is aimed at teaching financial education especially to young ones. The project seeks to build a strong foundation of financial knowledge and good money management habits in children by introducing key financial concepts like saving and Budgeting to children which will help them form good habits towards money and will be of benefit to them in adulthood. This project will achieve this by producing materials which includes a colourful and captivating storybook to teach these young ones the basics of financial literacy along with a fancy saving box that will capture the attention of any child. It also comes with an engaging progress tracking sheet that will help them track their savings. There is also going to be a digital version of these materials available on the Akobo app as we believe in making this available to all children whether those with access to computers and the internet or those without.

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

Akobo financial education will solve the problem of high rate of financial illiteracy that is prevalent in the society today by helping people build financial intelligence. Traditional education system is not designed to meet this financial educational needs so the responsibility lies on us to give to the younger generation a financial headstart and preparing them for the real world of handling money.We believe that in solving a problem,you have to first tackle the root of such problem. Similarly, in solving the problem of high rate of financial illiteracy,we need to instill in the younger generations the knowledge they need to avoid an imminent economic crash for individuals without financial literacy. By teaching financial education, we will also be solving the problem of poverty as we will be raising the next generation of money wise individuals who can think for themselves and create their own wealth.

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

The first major benefit of using our financial educational materials is that it will solve the problem of high rate of financial illiteracy in the society by giving out knowledge and skills that is needed to prepare young ones for their financial future. Another benefit of using our products is that it will improve the overall economic wellbeing of a nation as the citizens will already have what it takes to contribute to the economic growth of their nation at large. Finally,our products will satisfy the demands for financial education that is absent in the traditional educational system,thereby filling the void that is created in the life of young ones as a result of lack of access or exposure to financial education.

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

Our products is aimed at serving children particularly of primary and junior secondary school ages as we are looking to catch them young by helping them develop good financial habits that will help them as they grow into adulthood. We are also looking to serve the needs of parents, guardians or educators who may have been looking for ways to teach financial education to their wards thereby providing them with materials they need. We are also targeting schools as we hope to collaborate with them to bring financial education into the classrooms.

01.05 When did you start working on your project?

2024-01-01

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.)

My partner Miracle Emmanuel Dogo is a passionate individual who loves to work with children and young adults. He believes in engaging them in practical activities to improve their ability to retain what they are learning. He is also an entrepreneur,a tech enthusiast and has over half a decade experience in different fields ranging from entrepreneurship, education and technology. Susan Ojoma Audu is an entrepreneur who is passionate about helping the girl child find her purpose and building confidence in themselves.she is an advocate for the voice of women to be heard in the society,she has been doing this by organising programmes in schools aimed igniting the spark of entrepreneurship in them and helping them discover their purpose in life so they can contribute to the growth of their communities and the world at large.

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

01.10 Which industry best describes your project?

Other: Education

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

Akobo financial education contributes to this goal as it aims to equip individuals with the knowledge they need to take charge of their financial life and become financially savvy. The children we aim to teach are the ones who will grow up to become members of the society tomorrow this is why it is our goal to equip them with this important life skill for efficient participation in financial management and wealth building. If we raise a financially responsible generation,we are building a secure future and prosperous economy of nations.

02.02.01 My project contributes to the Zero hunger goal

2

02.02.02 Zero hunger - Justification

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

3

02.03.02 Good health and well-being - Justification

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

Akobo contributes to the goal of quality education as it provides financial education. Financial education contributes to knowledge and skills thereby contributing to quality education. This project also contributes to quality education as it aims to provide a type of education that is not effectively implemented into the traditional educational system and helping learners get all round learning experience. Akobo contributes to the goal of quality education by giving all in the society the opportunity to get access to real world financial education which will in turn help improve their lives in general. It is often said that education is the key to opening doors so we are looking to hand out as much keys as possible to allow every access doors of opportunities.

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

There appears to be a wide gap between men and women in the society especially in the aspect of granting economic and financial opportunities as men tend to be more advantaged than women. Akobo contributes to to the goal of gender equality as it is all inclusive raising and empowering boys and girls to become men and women who are empowered to make informed financial decisions therefore promoting equality and economic independence.

02.06.01 My project contributes to the Clean water and sanitation goal

2

02.06.02 Clean water and sanitation - Justification

Does not directly contribute to this goal

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

Does not directly contribute to this goal

02.08.01 My project contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification

Teaching financial literacy equips individuals with the knowledge they need to come up with innovative ideas and create job opportunities for themselves and others. Akobo financial education contributes to this goal as it supports and encourages entrepreneurship, employment and economic growth.

02.09.01 My project contributes to the Industry innovation and infrastructure

2

02.09.02 Industry innovation and infrastructure - Justification

Does not directly contribute to this goal

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

One of the goals of education is to close the gap on knowledge inequality in the society. Akobo financial education contributes to this goal as it aims to provide access to knowledge, information and resources needed for improved financial wellness of individuals and societies thereby closing the knowledge gap on financial literacy and granting to all the opportunity to be on the same level of knowledge on the subject.

02.11.01 My project contributes to the Sustainable cities and communities goal

2

02.11.02 Sustainable cities and communities - Justification

Does not directly contribute to this goal

02.12.01 My project contributes to the Responsible consumption and production goal

6

02.12.02 Responsible consumption and production - Justification

The Akobo financial education product contributes to the goal of responsible consumption and production by enlightening it's users on the importance of environmental wellbeing and encouraging responsible consumption and support of growing a circular economy with it's focus on waste to wealth and wellness as is portrayed in the book. This will ignite a spark of environmental responsibility in the mind of young users of the products.

02.13.01 My project contributes to the Climate action goal

3

02.13.02 Climate action - Justification

Does not directly contribute to this goal

02.14.01 My project contributes to the Life below water goal

3

02.14.02 Life below water - Justification

Does not directly contribute to this goal

02.15.01 My project contributes to the Life on land goal

5

02.15.02 Life on land - Justification

Akobo contributes to the life on land goal as it supports sustainability of our ecosystems and promoting biodiversity. Akobo plans to use materials that are environmentally sustainable to make it's physical products thereby promoting and encouraging life on land.

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

2

02.16.02 Peace justice and strong institutions - Justification

Does not directly contribute to this goal

02.17.01 My project contributes to the Partnerships for the goal

2

02.17.02 Partnerships for the goal - Justification

Does not directly contribute to this goal

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.

5

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.

5

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

4

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

6

05.07 The product/service we envision creating is a new version of an old product/service.

5

05.08 Justification

Akobo financial education is unique and innovative in the sense that it combines different elements that defines innovativeness. These include using an interactive approach that allows for engagement ,early intervention as teaching financial management skills to children early on sets them up for a lifetime of healthy financial habits, multifaceted learning, visual and tangible, Holistic learning and age appropriate approach.

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

Our competitors are educational technology platforms that teach financial literacy to it's subscribers only which in effect limits their reach to potential users. We aim to bridge this gap by making our products available in both physical and digital forms, collaborate with schools to get them introduce our products to parents and pupils,and also adopt it into their curriculum. We also stand out from our potential competitors as we aim to make our products available and easily accessible to all by reaching out to stores,malls and supermarkets to have our products as part of their stocks as this will allow for reach to parents who will be coming to shop there to buy for their wards. The goal is to reach our potential buyers wherever they may be found. We will also utilise the various social media platforms to gather an audience and form a community where we can continue to promote financial education.

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

Yes,I do that independently by holding conversations with women and girls on how they can improve their lives and encouraging them to take the entrepreneurship paths. I especially take interest in Young's girls as I believe they are the women of tomorrow and I offer support by sharing my personal experiences and tips that can help them on their entrepreneurial journey.