Nigeria - Business creation project

Describe your project or startup in a few words

Pfund is a peer-to-peer payment app that enables offline transactions between phones using Bluetooth or Wi-Fi-Direct connections. With Pfund, you can send and receive money directly to people nearby, even without internet access.

01.01 Describe your project in more detail

Digital payment systems have become increasingly popular worldwide. In my country, Nigeria, for instance, there is an active push towards cashless economies to drive financial inclusion and efficiency. However, existing digital payment solutions often face limitations, particularly in areas with unreliable internet connectivity or dead zones within cities and crowded areas, as they rely on the internet or mobile networks (such as USSD) to function. This is where Pfund steps in, offering an offline payment system that allows users to perform transactions with or without internet access or a mobile network. Pfund utilizes device-to-device connections like Bluetooth and Wi-Fi to achieve this. For convenience, Pfund offers the following products: Pfund Wallet (mobile app) Point of Sale (POS) for merchants Software Development Kit (SDK) for banks Pfund Online Banking

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

The main problem Pfund is trying to solve is the inability of people to perform digital payments in areas with no or unreliable internet connectivity or dead zones within cities and crowded areas. In regions where internet connectivity is poor or unavailable, people face difficulties in conducting cashless transactions, leading to financial inconvenience as many digital payment methods rely heavily on internet access or mobile networks to function effectively. Pfund aims to address this challenge by providing an offline payment solution that enables users to perform transactions seamlessly, even without internet access or a mobile network. Pfund ensures that individuals and businesses can continue to transact, regardless of connectivity constraints. Whether it's in rural areas, during emergencies, or in crowded urban environments, Pfund empowers users to overcome the limitations of traditional digital payment methods and promotes financial inclusion and efficiency

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.) No Internet Dependency: Pfund allows users to perform transactions even in areas with unreliable or no internet connectivity. This feature ensures that users can send and receive money seamlessly, regardless of their location's internet status. 2.) Reliable Transactions: Unlike traditional banks or online payment systems that may experience network downtimes, Pfund operates offline, ensuring uninterrupted transactions even during network outages or disruptions. 3.) Faster Transactions: Pfund's peer-to-peer nature streamlines transaction protocols, resulting in faster transaction times compared to traditional banking methods. By eliminating intermediaries and directly connecting users, Pfund ensures swift and efficient transfer of funds, enabling users to send and receive money quickly and conveniently.

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

1) People in Remote or Underserved Areas: Pfund aims to provide a solution for individuals living in rural or remote areas where internet access is limited or unavailable. These users often lack access to traditional banking services and may rely heavily on cash transactions. 2) Business Owners: Small businesses and merchants operating in areas with poor internet connectivity or unreliable network infrastructure can use Pfund to accept payments from customers without worrying about network downtimes. 3) Travelers: Travelers, especially those visiting remote destinations or countries with inconsistent internet access, can benefit from Pfund's ability to facilitate transactions without relying on internet connectivity. 4) Urban Dwellers: People living in cities who occasionally experience downtime with bank networks or dead zones can rely on Pfund for uninterrupted transactions. Pfund provides a backup solution for times when traditional banking services are unavailable.

01.05 When did you start working on your project?

2023-05-12

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

3

01.07 Among the other partners, how many are female?

0

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

Attamah Celestine (CTO) Fullstack software developer with many years of experience fola Oluwafemi mobile app developer Adukwu kizito Mobile developer

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

https://www.pfund.io/

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

By empowering small businesses and merchants operating in rural areas where there is limited or no internet access, Pfund helps them grow and increase their income. This contributes directly to poverty reduction by providing opportunities for economic growth and financial stability.

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

Supporting Agricultural Communities: In rural areas where internet access is limited, many communities rely on agriculture for their livelihoods. Pfund empowers farmers and agricultural workers by providing them with a means to access financial services, purchase supplies, and sell their products, even in areas with poor connectivity. This financial support enhances food production and distribution, contributing to food security and reducing hunger.

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

Access to Healthcare Services: Pfund enables individuals in remote or underserved areas to access healthcare services more easily by providing a means to pay for medical expenses. This includes transportation costs to reach healthcare facilities, medication, and medical consultations. Improved access to healthcare contributes to better health outcomes and overall well-being.

02.04.01 My project contributes to the Quality education goal

5

02.04.02 Quality education - Justification

Supporting Education Access: Pfund enables individuals in remote or underserved areas to access educational resources more easily by providing a means to pay for educational materials, school fees, and other related expenses. This ensures that children in these areas have better access to quality education, regardless of their geographical location.

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

Support for Women Entrepreneurs: Pfund supports women entrepreneurs and small business owners by providing them with a means to accept digital payments, expand their customer base, and grow their businesses. This support enhances women's economic opportunities and strengthens their role in the economy.

02.06.01 My project contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification

Supporting Access to Clean Water: Pfund facilitates transactions for organizations and initiatives focused on providing clean water access to communities in need. By ensuring timely payments, Pfund supports the development and maintenance of water infrastructure, including wells, purification systems, and distribution networks

02.07.01 My project contributes to the Affordable and clean energy goal

6

02.07.02 Affordable and clean energy - Justification

1) Facilitating Microfinancing and Loans: Pfund can be used by microfinance institutions and cooperatives to provide loans and financing for individuals and small businesses to invest in clean energy solutions. This financial support enables more people to adopt renewable energy technologies, reducing their dependence on fossil fuels and lowering energy costs 2) Supporting Access to Clean Energy Solutions: Pfund facilitates transactions for companies and organizations that provide clean energy solutions, such as solar panels, wind turbines, and other renewable energy technologies. By ensuring these organizations receive timely payments, Pfund supports the distribution and installation of clean energy systems in communities that lack reliable access to electricity

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

1) Pfund revolutionizes the payment of wages and salaries, particularly for workers in rural areas where traditional banking services and internet connectivity are often limited or unreliable thereby helping workers in rural areas receive their salaries faster and electronically and this opens opportunities for pensions, insurance, loans etc 2) Supporting Small Businesses and Entrepreneurs: Pfund enables small businesses and entrepreneurs to accept digital payments, expanding their customer base and increasing their income potential. By providing a reliable payment solution, Pfund helps small enterprises grow, create jobs, and contribute to local economic development. 3) Reducing Transaction Costs: Pfund's peer-to-peer payment system eliminates the need for intermediaries, reducing transaction costs and making financial services more affordable. Lower transaction costs enable businesses to reinvest their savings into growth and development, fostering economic growth

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

1) Promoting New Technologies: By leveraging device-to-device connections like Bluetooth and Wi-Fi Direct, Pfund exemplifies technological innovation in financial services. This encourages further innovation in how technology can be used to solve connectivity challenges and improve financial inclusion. 2) Infrastructure Development: Pfund can be used to facilitate payments for infrastructure projects in remote and underserved areas. By ensuring that transactions can occur without internet dependency, Pfund supports the timely and efficient execution of infrastructure development, such as building roads, schools, and healthcare facilities. 3) Improving supply chain Efficiency: For industries relying on complex supply chains, particularly those in remote areas, Pfund offers a reliable way to make and receive payments. This reduces delays and improves the efficiency of supply chains, which is crucial for industrial productivity and growth.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

1) Empowering Marginalized Groups: By offering a reliable, offline payment solution, Pfund empowers marginalized groups, including women, minorities, and low-income individuals, to manage their finances independently. This economic empowerment helps bridge the gap between different socioeconomic groups. 2) Accessible Financial Services: Pfund provides access to financial services for people in remote, underserved, and marginalized communities who may not have access to traditional banking services due to geographical, economic, or social barriers. This inclusion helps reduce economic disparities and empowers all individuals to participate in the economy.

02.11.01 My project contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification

1) Pfund supports smart city initiatives by providing an efficient and reliable payment method that can be integrated into various urban infrastructure projects. This includes public transportation systems, utility payments, and municipal services, enhancing the efficiency and sustainability of city operations. 2) During natural disasters or other emergencies, traditional banking services can be disrupted. Pfund's offline payment capability ensures that people can continue to perform transactions, access funds, and support recovery efforts, contributing to the resilience and sustainability of communities. 3) Pfund ensures that residents of both urban and rural areas, regardless of their access to traditional banking and internet services, can participate in the economy. This inclusion promotes economic resilience and sustainability within communities.

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

Pfund supports small-scale producers by enabling them to accept digital payments. This support helps promote local production and consumption, reducing the environmental impact of long supply chains and transportation.

02.13.01 My project contributes to the Climate action goal

2

02.13.02 Climate action - Justification

On a long shot, Pfund enables payments for public transportation systems, encouraging the use of eco-friendly modes of transportation and reducing reliance on individual vehicles, thereby lowering carbon emissions.

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

None

02.15.01 My project contributes to the Life on land goal

3

02.15.02 Life on land - Justification

none

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

5

02.16.02 Peace justice and strong institutions - Justification

Pfund promotes financial inclusion by providing access to financial services in underserved areas, reducing economic disparities that can contribute to social unrest and conflicts also Pfund reduces the reliance on cash transactions, which can be more susceptible to corruption and illicit activities, contributing to efforts to combat financial crimes and corruption.

02.17.01 My project contributes to the Partnerships for the goal

3

02.17.02 Partnerships for the goal - Justification

none

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.

7 - Strongly Agree

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.

6

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

7 - Strongly Agree

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.

7 - Strongly Agree

05.08 Justification

1) Unlike most digital payment systems that rely heavily on internet connectivity, Pfund enables users to perform transactions offline using Bluetooth and Wi-Fi Direct. This unique capability ensures seamless financial transactions in areas with unreliable or no internet access, bridging the digital divide. 2) Pfund utilizes direct peer-to-peer connections, allowing users to transact without the need for intermediaries or central servers. This technology not only reduces transaction times but also minimizes costs, making financial services more accessible and affordable.

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

The traditional banks the existing digital payment solutions like mobile apps and POS. Our major distinguishing factor is our ability to use device-to-device like Bluetooth and not depend on internet access and mobile network

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

Not really