Kenya - Business creation project

Describe your project or startup in a few words

An individual shall open and save funds in an account , but decide on when and how to receive money to his mobile money or even to another person's mobile money which shall be computerized and real time with specified amount and time to receive money.

01.01 Describe your project in more detail

I will use an example on this case. Take an example that I am paid Ksh 20,000 / Month. and I spend the whole money in the first week and the remaining weeks I barely survive to even get bus fare to job assuming I use ksh100 as transport and ksh 200 as daily expenses . So I open an account in Save2safe account and make the following calculations. Total expenses daily is Ksh 300 and I have 30 days hence do the multiplication ( 300 x 30 which is Ksh 9000). Hence I save Ksh9000 and set daily disbursment at 5 AM daily. The settings once made for monthly goals can be changed after 2 weeks and long term goals to be changed after 6 Months. There will be a maintenance fee charge of about 1% spread over the entire period of daily disbursment. The user will register in the platdform fill out the form and start saving with his/ her account specifying all the details.

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

I am improving the daily life of majority of the people especially salaried people and even business people. I am trying to insulate people from overspending and thereafter suffering and getting further in debt due to lack of money for daily usage despite being on a payroll or having a business but don't have daily income.

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. The users get to plan their expenses better knowing that they have saved money for theit daily use. 2. Users of this service can save and channel the daily disbursment to a third party making sure their loved ones are well catered for . 3. As a company we get to to create employment for staff who are responsible for daily running of the company through the revenues accrued from maintenance fee charge.

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

There are several market niche. 1. Salaried employees who receive a monthly pay, They get to save money wich could be locked for more than 6 months then disbursements done peroidically or as lumpsome and as well as short term which is a monthly savings disbursed daily at a predertimined time. 2. Business people who wish to separate money for their daily use and business , and again there are businessess which you are not certain of daily sales so this fund will help people live decent lives daily.\ 3. It can be used by people who wish there loved ones get daily sustainance funds and not close to them. It can be used as a saving mechanism for gambling addicsts to avoid loosing all their money to betting institutions. 4. It can be used by parents to sustain their children's lives in learning institutions by opening an account for them making sure that they have money for their daily use.

01.05 When did you start working on your project?

2024-01-01

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

Mary kimanthi: Kennedy Maina

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.)

Mary specialized in business management course so it will come in handy in decision making process that involves daily running of the business Kennedy Plays a major role as a partner in this discussion business start up as he has analytical skills along with the quantitative and computer skills valued in business and finance

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/in/alfred-kibet-a49462177/

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

The users will be able to get out of debt accrued due to unnecessary spending as they can catter for their daily spending.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

People can plan their funds in that they know their daily spend on food and food products and hence can schedule the disbursments in accordance to theirb plans. For example if I am paid ksh 20, 000 and I know I spend 200 daily on food I can schedule the disbursment time of Ksh 100 every morning and ksh 100 in the evening to catter for food.

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

6

02.03.02 Good health and well-being - Justification

Because one is assured of daily cash at hand money it removes the anxiety oand thereby offering one a peace of mind knowing that he/she has security in terms of money. The money will also help if there are unforeseen medical emergencies these fund can help one to cater for their daily needs.

02.04.01 My project contributes to the Quality education goal

6

02.04.02 Quality education - Justification

You can make a long term plan of saving every month , only to be disbursed in more than 5-10 years time when the child whom you are saving for has reached the predetermined stage of the educcation journey.

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

Both genders can save and receive disbursments and ensuring control of their financial lives.

02.06.01 My project contributes to the Clean water and sanitation goal

3

02.06.02 Clean water and sanitation - Justification

N/A

02.07.01 My project contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification

N/A

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

With the use of this program nobody will ever not get to work for genuine reason of lacking money for transport as you will be able to set aside money you shall receive daily , lets say at 5 AM in the morning which shall be used for transport for the whole month. This program will create job opportunities for the employed IT Proffesionals who will help design and maintain the system which shall help grow 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

Its an innovative big idea of combining the saving culture keeping in mind that those saving need daily sustainance also , so there will be short term savings , that is 2 weeks to a month of which in this case disbursments are made daily. The second are mod term savings which the client will be save for 6-12 months and receive a lumpsome or compounded disbursements according to his /her preference in the system. The third shall be long term savings which is 5-10 years again disbirsments made in single or compunded disbursments as in the system.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

People whom woll save in this platform are sure that they have their daily bread , hence use all their energy and the rest of the money in saving for the long term goals , sowly this builds a culture of saving in the mindset of people and in the long run everyone is empowered economically.

02.11.01 My project contributes to the Sustainable cities and communities goal

6

02.11.02 Sustainable cities and communities - Justification

A lot of the users in this program will be people in towns and cities and considering that there will be increased cashflow of money among the people who are living in the city population because of increased savings, leading to sustainable communities in the cities.

02.12.01 My project contributes to the Responsible consumption and production goal

3

02.12.02 Responsible consumption and production - Justification

The whole project is about directing people towards responsible production consumption . The saving of money is about Responsible production while receiving disbursements periodically and at a specified time is all about responsible consipmtion and this ensures that you budget the money you have for a span in which one receives the next instalment of the funds.

02.13.01 My project contributes to the Climate action goal

3

02.13.02 Climate action - Justification

N/A

02.14.01 My project contributes to the Life below water goal

3

02.14.02 Life below water - Justification

N/A

02.15.01 My project contributes to the Life on land goal

2

02.15.02 Life on land - Justification

This idea if it succeeds will improve people's lives in general.

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

4

02.16.02 Peace justice and strong institutions - Justification

Poverty is among the factors that breed hate and if it is controlled by programs such as save2safe peace and justice can be achieved.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

Partnership between the government and this company will be required for Sustainable Development Goals which will inclde the goverment using the servises of Save2safe to disburse funds to some of their projects for example sending funds to the elderly.

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.

5

05.04 The product/service we envision creating is an improvement on an existing product or service.

5

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

This idea is innovative considering that it combines the saving culture and daily disbursments through a computerized system. Users will create accounts and save money via the platform in conjuction with banks and then receive money in installments which they choose and at a specified time e.g 7:AM daily. Currently no financial institution offers this service and will be an automatic hit and provided with enough visibility , will be a daily use among the population.

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

My competitors are the banks who offer saving programs however there are no automated disbursments to their clients and that is the loophole this program is going to fill.

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

Yes , I have involved a female as my partner in this project , and also will make sure that any hiring in my company will always adhere to 2/3 Gender rule.