Nigeria - Business creation project

Describe your project or startup in a few words

HOMA Pay is a project from a startup company - HOMA Technologies that proposes a cashless payment system that will cause the total evolution of a cashless economy.

01.01 Describe your project in more detail

HOMA Pay is a cutting-edge cashless payment system designed to advance a cashless economy. It replaces traditional ATM cards, machines, and POS devices, enabling seamless payments with a HOMA debit card. This system includes a personal HOMA debit card and a HOMA machine for processing transactions. The card features a fingerprint scanner, rubber buttons for inputting figures, a mini screen, and various scanner options. The HOMA machine, available as personal or public devices, boasts a display screen, laser scanner technology, and solar power capability. It scans the card almost contactless and completes transactions in seconds. HOMA Pay eliminates the need for cash, allowing users to carry digital funds and make payments globally with ease and security. The goal is to establish a truly cashless economy where payments can be made effortlessly, anywhere and anytime, with the accessible HOMA card and device.

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

HOMA Pay addresses key issues: - Minimizes theft, counterfeiting, and fraud associated with cash. - Eliminates the need to carry and manage physical money. - Streamlines payment processes to save time and reduce transaction delays. - Provides a universally accessible payment method available anytime, anywhere. - Lowers costs related to cash handling, ATM maintenance, and transaction fees. - Offers broader access to banking services for unbanked and underbanked populations. - Reduces the environmental impact by decreasing the need for physical money production and distribution. - Utilizes modern technology for secure, fast, and contactless transactions. HOMA Pay promotes a secure, efficient, and convenient cashless economy. It enhances financial inclusion and facilitates global transactions with ease and security. This innovation supports the transition to a fully cashless society, solving the problems inherent in traditional payment systems.

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 major benefits of HOMA Pay include: 1. Enhanced Security: Minimizes theft and fraud with secure, contactless transactions and advanced authentication features like fingerprint scanning. 2. Convenience: Eliminates the need for physical cash, offering seamless payments anytime, anywhere, with a universal HOMA debit card. 3. Cost Efficiency: Reduces expenses associated with cash handling, ATM maintenance, and transaction fees, making financial transactions more economical for users.

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

HOMA Pay targets a broad spectrum of users, including individuals, small and large scale businesses, transportation services, religious institutions, and financial institutions. It aims to serve anyone seeking secure, convenient, and efficient payment solutions, from everyday consumers to merchants and banks. The project particularly benefits those looking to transition to a cashless economy, including urban populations, travelers, and those without access to traditional banking services.

01.05 When did you start working on your project?

2023-01-01

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

6

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.)

Golden Azubuike - Software Engineer Monday Etop - Hardware Engineer Emmanuel Edet - Electrical Engineer Ubongabasi Akpabio - Data Analyst Precious Akpabio - Marketing Director Mkpoikanke Edet (CEO PowerLabs) - Production partner

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

https://www.linkedin.com/company/homa-group-ltd

01.10 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My project contributes to the No poverty goal

6

02.01.02 No poverty - Justification

HOMA Pay contributes to the United Nations Sustainable Development Goal of No Poverty by promoting financial inclusion and reducing economic disparities. By providing universal access to secure and efficient payment solutions, especially for unbanked and underbanked populations, HOMA Pay empowers individuals and communities to participate more fully in the formal economy. This access to digital financial services enables people to save, invest, and transact without the barriers posed by traditional banking systems, ultimately helping to lift them out of poverty and build a more inclusive society.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

HOMA Pay directly contributes to financial inclusion and economic empowerment, key elements in addressing poverty. By providing accessible and efficient payment solutions, especially to marginalized communities, it empowers individuals economically, potentially lifting them out of poverty. However, while impactful, its focus is primarily on financial services rather than broader poverty alleviation measures, justifying a rating of 5.

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

4

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

While HOMA Pay's primary focus is on financial inclusion and cashless transactions, it indirectly contributes to the United Nations Sustainable Development Goal of Gender Equality. By providing equal access to financial services, including banking and payment solutions, regardless of gender, it helps empower women economically. This can lead to greater financial independence, decision-making power, and opportunities for women, contributing to gender equality. Although this is an indirect contribution.

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

5

02.07.02 Affordable and clean energy - Justification

HOMA Pay's primary focus is on financial inclusion and cashless transactions, which do not directly contribute to the United Nations Sustainable Development Goal of Affordable and Clean Energy. However, by utilizing solar power technology in some aspects of its operations, such as the HOMA machine, it indirectly promotes the use of clean energy. This can contribute to the broader goal of transitioning to sustainable energy sources.

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

Yes, HOMA Pay contributes to the United Nations Sustainable Development Goal of Decent Work and Economic Growth. By promoting financial inclusion and providing access to secure and efficient payment solutions, especially for marginalized populations, HOMA Pay supports economic empowerment. This empowerment can lead to job creation, entrepreneurship opportunities, and overall economic growth. Additionally, by streamlining payment processes and reducing transaction costs, HOMA Pay facilitates business growth and supports the formalization of the economy.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

HOMA Pay contributes to the United Nations Sustainable Development Goal of Industry, Innovation, and Infrastructure. By introducing a novel cashless payment system and leveraging modern technology such as solar power and advanced authentication features, HOMA Pay fosters innovation in the financial services industry. Furthermore, its infrastructure, including the HOMA machine and digital payment network, enhances the efficiency and accessibility of financial transactions, thereby contributing to the development of robust and inclusive infrastructure.

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

Yes, HOMA Pay significantly contributes to the United Nations Sustainable Development Goal of Reduced Inequalities. By providing access to secure and efficient financial services for unbanked and underbanked populations, HOMA Pay promotes financial inclusion. This inclusion helps bridge the gap between different socio-economic groups, providing equal opportunities for economic participation and growth. By reducing barriers to financial access, HOMA Pay supports efforts to reduce income and opportunity inequalities.

02.11.01 My project contributes to the Sustainable cities and communities goal

5

02.11.02 Sustainable cities and communities - Justification

HOMA Pay indirectly contributes to the United Nations Sustainable Development Goal of Sustainable Cities and Communities. By promoting financial inclusion and reducing the need for cash transactions, it supports the development of more efficient and secure economic activities within cities and communities. The use of modern, solar-powered technology in its devices also aligns with sustainable practices. However, its primary focus is not directly on urban development or community sustainability, but its contributions to economic stability and resource optimization can aid in these goals.

02.12.01 My project contributes to the Responsible consumption and production goal

5

02.12.02 Responsible consumption and production - Justification

HOMA Pay does not directly address the United Nations Sustainable Development Goal of Responsible Consumption and Production. However, by promoting cashless transactions and reducing the need for physical cash production, it can contribute to more efficient resource use and waste reduction. Additionally, the incorporation of solar-powered technology in HOMA devices supports sustainable practices.

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

1 - Strongly Disagree

02.15.02 Life on land - Justification

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

6

02.16.02 Peace justice and strong institutions - Justification

HOMA Pay contributes indirectly to the United Nations Sustainable Development Goal of Peace, Justice, and Strong Institutions. By promoting financial inclusion and reducing the reliance on cash, it helps decrease the informal economy, which can be associated with crime and corruption. Secure, transparent, and efficient financial transactions can support stronger and more accountable institutions. Additionally, by providing access to financial services for marginalized communities, it can promote social stability and reduce inequalities, contributing to a more just society.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

HOMA Pay contributes to the United Nations Sustainable Development Goal of Partnerships for the Goals by fostering collaborations between financial institutions, technology providers, businesses, and governments to promote financial inclusion and economic empowerment. Its success relies on creating a network of partnerships to develop and implement the cashless payment system effectively. These collaborations can drive innovation, share knowledge, and pool resources to achieve common development objectives.

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.

2

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

2

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.

6

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.

6

05.08 Justification

HOMA Pay represents a new version of traditional payment methods. By introducing a cashless payment system that utilizes modern technology such as fingerprint scanning and contactless transactions, we are innovating upon the conventional concept of banking and payment systems. This innovative approach enhances security, efficiency, and accessibility, distinguishing HOMA Pay from traditional methods.

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

HOMA Pay competes with established players like PayPal, Apple Pay, and fintech companies. However, our comprehensive approach to financial inclusion, advanced security features like fingerprint scanning, and seamless digital transactions through the HOMA app set us apart. We prioritize universal access to financial services, offering convenience and versatility in a single platform, distinguishing us from competitors solely focused on digital payments.

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

I participated in the Model United Nations Conference in 2021 where I represented my country in the sector of UN Women whereby I gained skills and relevant information about gender equality and social sustainability. This is the beginning of my journey towards female entrepreneurship promotion.