Nigeria - Business creation project

Describe your project or startup in a few words

Moneytor aims to be a catalyst for sustainable development, creating a mutually beneficial link between low to zero income earners and financial institutions in Nigeria. By providing financial literacy and resources to the underserved population.

01.01 Describe your project in more detail

In 2021, I saw the movie by Arese Ugwu titled "The Smart Money Woman". It was inspiring, inciting. But something about the movie did not sit quite well with me. I come from a financially disadvantaged end of the society where we struggled to feed fine. Decent clothing to encourage regular activities was a luxury we could not always afford. My parents were civil servants with strong determination to give their children the best education with the hope of liberating them from a looming poverty that was beginning to circulate the air. They managed to succeed at their goal of giving us their best because they were financially literate and understood the basics of financial management, budgeting, savings and investment...in their local way. It was time for me to figure out my life after school and there i realized how broke and empty I was. So when I watched the movie, I felt hopeless. How could I cultivate when I had no land, no soil. Hence, My Moneytor.

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

Money will will solve the problem of financial exclusion and literacy amongst low to zero income earners in Nigeria. By providing access to financial education, resources and sustainable skills, Moneytor will address the three key pain points which include 1. Limited financial knowledge and skill 2. Depressingly high level of financial exclusion 3. Lack of access to financial resources and products.

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. Sustainable Skills Acquisition: Moneytor recognizes the unhealthy high economic gap between the rich and the poor... with the rich getting richer and the poor getting poorer. Therefore, Moneytor will provide free skill and entrepreneurship training for its community with a package to enable them thrive. 2. Enhanced Financial Resilience: Moneytor will equip its community with resources that will enable them withstand economic setbacks. 3. Increases Access to Education and Healthcare: When there is some level of financial stability, access to quality education and good health care is guaranteed. 4. Social Impact: Moneytor can contribute to a more stable and prosperous society, reducing crime and increasing productivity. 5. Job Creation: The initiative can lead to job creation in the financial, training and education sector. To mention few.

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

1. Low to Zero Income Earners: Individuals living on minimal wages and or struggling to make ends meet. 2. Youths from Low Income Households 3. Undergraduates and graduates who are seeking financial literacy and resources to manage their finance. 4. Micro entrepreneurs: Small business owners and informal traders seeking financial management and resources to grow. Youth Service Corps members who desire to start up a business after youth service. These are our primary targets for a start.

01.05 When did you start working on your project?

2022-01-05

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

3

01.07 Among the other partners, how many are female?

2

01.08 Please describe the profile of each of the other partners (skills, experience, etc.)

Sarah, a multidisciplinary scholar who managed to see herself through school down to her PhD level at the university of Port Harcourt. Her discipline, dedication to work and personal financial development connected us, thus bringing us on this journey together. She has indepth knowledge of financial accounting, management and marketing. Having worked with ProWeb, an accounting software company and Moniepoint, a micro finance bank in Nigeria. She is currently using the software in management the financial aspect of a business firm in Port Harcourt. Her journey through life, navigating career in the financial industry and managing her resources is inspiring. Mario is a creative writer, graphic designer, architecture and financial tech guru... currently working with Norrenberger, one of the most trusted financial institutions in Abuja, Nigeria. Gbeneka, a graduate of Financial Accounting from university of Port Harcourt, currently working as an accounts manager at an aluminum firm.

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

https://www.facebook.com/barinedum.mbee.3?mibextid=ZbWKwL

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

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

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

7 - Strongly Agree

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

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

02.06.01 My project contributes to the Clean water and sanitation goal

6

02.06.02 Clean water and sanitation - Justification

We look to providing growth opportunities for financial wellness that can aid healthy living. But we are not in control of what our beneficiaries prioritize in their daily spending.

02.07.01 My project contributes to the Affordable and clean energy goal

7 - Strongly Agree

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

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

7 - Strongly Agree

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

7 - Strongly Agree

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

7 - Strongly Agree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

7 - Strongly Agree

02.15.02 Life on land - Justification

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

7 - Strongly Agree

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

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.

1 - Strongly Disagree

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

6

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

7 - Strongly Agree

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.

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.

6

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

1 - Strongly Disagree

05.08 Justification

First of, what inspired my journey to Moneytor was a total exclusion of financially disadvantaged individuals and households. A huge gap between financial institutions and low income earners, disconnecting them from the world of financial literacy. I was there so I know. I wanted to learn, to earn and multiply my income. But with what. I reached out to different financial institutions and they all required I paid which I could not afford at the time. But the bigger problem was...if I could struggle to pay, what do I have to save or even invest when I could barely feed. Moneytor is different from everything that is already out there because it will hold its beneficiary by the hand and lead it to financial success through education, empowerment, management and maintenance.

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

1. Money Africa. Money Africa is a financial institution that provides financial literacy to its community at a charged rate. 2. Norrenberger. Also a financial institution. Recently launched their Corper Invest App, providing flexible investment opportunities to serving Corp members and financial advice. These two are our main potential competitors, however, rather than view them as unhealthy competitors, we have strategically reviewed our strengths and weaknesses as well as our core values, mission and vision, to enable us accommodate them for collaboration and partnership. This, we believe will be mutually beneficial and bring about more efficiency in achieving our goal.

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

Absolutely. I have been training women in various skill sets that aid their entrepreneurship endeavor for not less than five years now....in textile design, craft and creative writing.