Nigeria - Business creation project
Individual
participation
GemRise Africa
GemRise Africa is a social initiative committed to empowering lives and unlocking the potential in individuals and communities in Africa. We hope to achieve this by providing them with financial literacy, skill empowerment and resources.
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GemRise Africa
Describe your project or startup in a few words
GemRise Africa is a social initiative committed to empowering lives and unlocking the potential in individuals and communities in Africa. We hope to achieve this by providing them with financial literacy, skill empowerment and resources.
01.01 Describe your project in more detail
The project is divided into three parts; Teaching financial literacy is the project's first step. This will enable individuals to comprehend the fundamental ideas of personal finance and management, encompassing debt, making investments, savings, budgeting, and other pertinent subjects. The lack of insufficient skill is covered in the second part of this business proposition. We will have resource persons who will teach them both hard and soft skills so they can overcome financial challenges. Enrolling them in skill acquisition programmes (SAPs) and keeping an eye on their development will accomplish this. The third part deals with supporting individuals and start-ups that are struggling because of a lack of financial resources. There is going to be a vigorous qualification criterion for interested individuals and startups and those that qualify will be granted the funds. There is also going to be a monitoring programme to ensure that the grant is used for the purpose it was granted.
01.02 What is the main problem you are trying to solve?
Poverty is the major issue I am aiming to address because it is one of Africa's most pressing concerns. According to a press release from the United Nations Conference on Trade and Development, 478 million people in Africa lived in extreme poverty in 2019, and 490 million people are predicted to live below the poverty threshold of $1.90 per day in 2021. One of the factors contributing to the growing number of people living in poverty is a lack of resources, skills, and awareness of basic financial concepts. Africa's poverty rate has decreased as the continent's population has increased--demonstrating how the wealth disparity widens year after year. We hope to reduce this margin (wealth disparity) in keeping with SDG 1 (No Poverty) through our three-dimensional mode of operation as earlier stated in the introduction above because we believe that poverty must be addressed in all of its manifestations.
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. Enhanced Financial Stability: Participants learn valuable financial management skills that will help them budget, save, and invest properly. This improves financial stability and security while lowering financial worry and fear. 2. Economic Growth and Job Creation: By promoting small companies and entrepreneurship, the initiative strengthens local economies, creates jobs, and drives overall economic growth. 3. Support for entrepreneurship: The initiative fosters and supports young entrepreneurs by providing financial education and grants. This encourages the formation of new enterprises, hence boosting innovation and economic development. 4. Reduction in Poverty and Inequality: By paying attention to neglected and underprivileged communities, the initiative helps to minimize economic inequality. Improved financial literacy and resource availability contribute to increased economic mobility and equality. 5. Reduction in crime rates: by tackling the underlying causes of poverty
01.04 Please describe who exactly your project is aimed at serving. Who are the targeted beneficiaries?
1. Individuals and families with low incomes: They frequently struggle with financial understanding and resources. We plan to address this through our programme. 2. Young individuals and students: Financial literacy is crucial for young students to manage their debts, establish a sound financial foundation, and make wise financial decisions. 3. Unemployed and underemployed: By helping them move to better employment and improving their employability, financial counselling and training may greatly help the jobless and underemployed. 4. Small and medium enterprises (SMEs): Small business owners face daily financial challenges, but we offer tailored financial education, skill development, and grants to support growth and success. 5. Minority groups and internally displaced persons (IDPs): Financial education, skill-building opportunities, and support are crucial in empowering the less privileged and minorities to achieve financial independence and overcome financial barriers
01.05 When did you start working on your project?
2023-04-01
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.)
Ngbede Odeh, a seasoned freelance professional with a strong background in nonprofit and nongovernmental organisations, has honed exceptional skills in project management, particularly in implementation and ethical procedures. His deep understanding of project coordination, leadership, and implementation makes him an ideal candidate for strategic planning and execution roles. Ngbede also has expertise in finance, including budgeting, financial analysis, and resource allocation, essential for successful financial planning and management within an organization.
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
Advantages of Using GemRise Africa's Services: • Financial literacy: Promotes retirement planning, improves financial status, eases the management of debt, and makes smarter financial decisions possible. • Skill Empowerment: Provides the tools needed to support entrepreneurship, attract new customers, boost productivity, foster innovation, and reduce poverty. • Resource Hub: Provides networks, financing, resources, mentorships, and other means of support to those with creative ideas.
02.02.01 My project contributes to the Zero hunger goal
5
02.02.02 Zero hunger - Justification
1.Prioritizing basic necessities like wholesome food is crucial for maintaining food security, requiring effective budgeting, saving, and efficient spending practices. 2.Skill empowerment programs provide training and education that improve individuals' employability and potential earnings. Higher income levels enable families to afford better quality food and reduce the risk of hunger. 3. Helping entrepreneurs and small business owners in creating sustainable enterprises by providing grants and financial education. This can therefore promote local economies, increase access to food supplies, and result in the creation of jobs within the community.
02.03.01 My project contributes to the Good health and well-being goal
5
02.03.02 Good health and well-being - Justification
1. Access to nutritious food: Individuals and families get to buy healthier, more nutritious food decision-making when they are financially stable. Those with sound money management practices prioritize their spending on necessities such as fruits, vegetables, lean meats, and other nutritious foods, which improves general health and lowers the risk of diseases linked to diet. 2. Access to healthcare: Financial literacy enables people to budget and save for necessary expenses, such as health care. Participants who learn how to manage their money can better afford health insurance, medical treatments, and preventive care. 3. Encouraging Preventive Health Measures: Financially informed people are more willing to invest in preventive health measures including frequent check-ups, vaccines, and screenings. This proactive approach to healthcare improves long-term health results.
02.04.01 My project contributes to the Quality education goal
5
02.04.02 Quality education - Justification
1. Reducing school dropouts. Higher dropout rates are largely caused by financial difficulties. Our program helps reduce this burden by offering grants and financial education, allowing students to complete their degrees. 2. Aiding financial literacy. Our curriculum provides people with the fundamental financial knowledge and skills they need to manage their finances effectively. Investing, debt management, saving, and budgeting are some of the fundamental life skills that enable long-term academic achievement. 3. Skill empowerment. Our skill empowerment initiatives encourage lifelong learning and professional development. Adults can acquire new skills and certifications that enhance their employability, leading to better job opportunities and career advancement, fostering a culture of continuous education and improvement.
02.05.01 My project contributes to the Gender equality goal
4
02.05.02 Gender equality - Justification
Not answered02.06.01 My project contributes to the Clean water and sanitation goal
3
02.06.02 Clean water and sanitation - Justification
Not answered02.07.01 My project contributes to the Affordable and clean energy goal
3
02.07.02 Affordable and clean energy - Justification
Not answered02.08.01 My project contributes to the Decent work and economic growth
6
02.08.02 Decent work and economic growth - Justification
1. Creating employment. By providing skill development opportunities, our programme helps individuals acquire new competencies and improve their employability. A more skilled workforce increases productivity and innovation, driving economic growth. 2. Reduction of poverty and inequality. By targeting low-income individuals, unemployed and underemployed individuals, and marginalized groups, our program helps reduce poverty and economic inequality. As these individuals achieve financial stability and increase their earning potential, they contribute more to the economy through higher consumption and investment. 3. Informed financial decisions. Financially literate individuals make better financial decisions, contributing to the overall health of the economy. They are more likely to invest in businesses, purchase goods and services, and plan for long-term financial stability, all of which are crucial for sustained economic growth. 4. Helps in crime reduction.
02.09.01 My project contributes to the Industry innovation and infrastructure
7 - Strongly Agree
02.09.02 Industry innovation and infrastructure - Justification
1. Creation of new business: Our program encourages the creation of new businesses by providing financial education and grants to aspiring and existing entrepreneurs. These businesses bring fresh ideas and innovative solutions to the market, thereby serving as drivers for innovation(s) in the industry. 2. Supporting Small and Medium enterprises (SMEs): SMEs are often the backbone of innovation in many industries. By offering financial literacy training and grants to these businesses, our program helps them grow and scale, leading to increased innovation and stronger industry performance. 3. Partnerships: Financially stable and well-managed businesses are more likely to engage in collaborations and partnerships. These collaborations can lead to joint ventures and shared investments in infrastructure projects, driving industry-wide innovation.
02.10.01 My project contributes to the Reduced inequalities goal
6
02.10.02 Reduced inequalities - Justification
1. Providing Financial Education to Underserved Communities: By offering financial literacy education to low-income individuals, marginalised groups, and underserved communities, we empower them with the knowledge and skills necessary to manage their finances effectively. This reduces the knowledge gap and provides equal opportunities for financial stability. 2. Increasing Access to Financial Resources: Grants and financial support provided by our program give individuals and small businesses the resources they need to invest in their future. This support is particularly crucial for those who lack access to traditional financial services and capital, thereby levelling the playing field. 3. Encouraging Entrepreneurship in Marginalized Communities: Our program fosters economic development and job creation by supporting aspiring entrepreneurs in marginalised communities. Successful businesses in these communities can provide opportunities for others to thrive.
02.11.01 My project contributes to the Sustainable cities and communities goal
3
02.11.02 Sustainable cities and communities - Justification
Not answered02.12.01 My project contributes to the Responsible consumption and production goal
5
02.12.02 Responsible consumption and production - Justification
1. Promote healthy spending habits. By teaching individuals how to budget and manage their finances, our program encourages them to spend responsibly. This includes making purchasing decisions that favor sustainable and ethically produced goods, reducing the demand for harmful products 2. Promoting responsible spending: Our program teaches people how to manage their money and create a budget, which motivates them to make responsible purchases. This involves choosing things that are produced ethically and sustainably in order to lessen the market for dangerous goods. Also, we will emphasize the efficient use of resources where people will learn how to reduce waste, reuse materials, and recycle, leading to more sustainable consumption and production patterns.
02.13.01 My project contributes to the Climate action goal
2
02.13.02 Climate action - Justification
Not answered02.14.01 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
Not answered02.16.01 My project contributes to the Peace justice and strong institutions goal
3
02.16.02 Peace justice and strong institutions - Justification
Not answered02.17.01 My project contributes to the Partnerships for the goal
3
02.17.02 Partnerships for the goal - Justification
Not answered05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.
7 - Strongly Agree
05.02 The product/service we envision creating represents an entirely new type of product/service.
2
05.03 The product/service we envision creating could be described as a new technology.
1 - Strongly Disagree
05.04 The product/service we envision creating is an improvement on an existing product or service.
7 - Strongly Agree
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.
5
05.07 The product/service we envision creating is a new version of an old product/service.
2
05.08 Justification
1. Creation of new business: Our program encourages the creation of new businesses by providing financial education and grants to aspiring and existing entrepreneurs. These businesses bring fresh ideas and innovative solutions to the market, thereby serving as drivers for innovation(s) in the industry. 2. Supporting Small and Medium enterprises (SMEs): SMEs are often the backbone of innovation in many industries. By offering financial literacy training and grants to these businesses, our program helps them grow and scale, leading to increased innovation and stronger industry performance. 3. Partnerships: Financially stable and well-managed businesses are more likely to engage in collaborations and partnerships. These collaborations can lead to joint ventures and shared investments in infrastructure projects, driving industry-wide innovation.
05.09 Who are your main potential competitors and what makes you stand out from them?
1. The Lion's den Nigeria: The Lion's Den primarily focuses on pitching and securing investments for businesses, GemRise Africa target a wider range of participants, offer comprehensive education on personal and business finance, which is essential for long-term financial stability and business success. 2. Flutterwave: Unlike Flutterwave, our program can provide free and low-cost financial literacy and skill empowerment services, making it accessible to a wider audience, including low-income and underserved communities. Our program also targets marginalized and underserved groups, ensuring that everyone has equal access to the benefits, and helping to bridge economic and social gaps. 3. Paystack: While Paystack is a prominent fintech company in Nigeria offering significant support to businesses through payment solutions and financial education, our program offers grants that do not require repayment or equity, providing much-needed financial support without the burden of debt.
10.06 Are you initiating actions within your community to promote the role of female entrepreneurs?
I partnered with pad a girl initiative organized by the medical students in the University of Jos, Nigeria.
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