Nigeria - Business creation project

Describe your project or startup in a few words

BotRemit is a WhatsApp chatbot that helps immigrants send money home, particularly to African countries.

01.01 Describe your project in more detail

BotRemit is a WhatsApp-based chatbot designed to simplify cross-border money transfers, particularly focusing on transactions to Africa. Users can fund transfers from any part of the world using a credit or debit card in four simple steps. First, users need to register their number on WhatsApp or use their existing WhatsApp account. Next, users provide the information requested by the bot. Thirdly, users complete the funds transfer via a secure payment link sent to them by the bot. Finally, users receive an instant receipt of their transfer. Beneficiaries receive the money directly into their bank accounts in their local currencies. While transfers incur a flat fee irrespective of the amount sent, withdrawals are free.

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

The main problem BotRemit aims to solve is the difficulty and high cost of cross-border money transfers for immigrants, especially when sending money to Africa.

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. BotRemit is easy to use through WhatsApp, no need to download app. 2. Users enjoy flat fee transfers, with zero withdrawal fees. 3. Supports instant bank deposit for beneficiaries in their local currencies.

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

BotRemit is aimed at serving immigrants who need to send money home to their families and friends, particularly those sending money to African countries.

01.05 When did you start working on your project?

2024-04-18

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

0

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.)

N/A

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?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

By providing low-cost remittance options, BotRemit helps reduce poverty by ensuring more funds reach recipients.

02.02.01 My project contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification

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

4

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

By making cross-border payments more accessible, BotRemit enhances financial support for beneficiary's education.

02.05.01 My project contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification

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

By making cross-border payments more accessible, BotRemit enhances financial support thereby raising the economy growth. Also, freelancers can receive payments from international clients in the easiest way possible, supporting decent work.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

BotRemit is an innovative solution that aims to simplify cross-border payment by making it accessible throu

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

BotRemit help reduces inequalities by providing means of financial support and stability for poor families.

02.11.01 My project contributes to the Sustainable cities and communities goal

3

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

2

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

2

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

2

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

BotRemit facilitates cross-border economic activity and enhances financial inclusion with the aim to mobilize additional financial resources fro eveloping countries from multiple sources.

05.01 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.

3

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

5

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.

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

Many users rely on remittance services for cross-border money transfers, especially to and from Africa. BotRemit aims to make cross-border transfers faster, easier, and free through WhatsApp, improving user convenience. It modernizes traditional remittance services by integrating them into a WhatsApp chatbot. BotRemit addresses the need for an easy, fast, and free way to send money to and from Africa via a commonly used messaging platform. While innovative in its integration, BotRemit leverages existing technologies like chatbots, mobile payments, and remittance services.

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

MoneyGram, Western Union

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

N/A