Kenya - Business creation project

Describe your project or startup in a few words

SebuPay is a mobile application that functions as a peer-to-peer lending as a service marketplace, aiming to provide customizable borrowing and lending experience in Kenya.

01.01 Describe your project in more detail

Our platform bridges the gap between borrowers and lenders, offering innovative features for lenders to track, customize, and optimize their lending activities. For borrowers, we provide a user-friendly interface to manage their borrowing configurations, track repayments, and access a network of lenders. Our goal is to create a seamless and transparent borrowing experience that benefits both parties, mitigating the challenges of high-cost debt, predatory lending, and lack of transparency.

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

The specific African-focused problem we hope to solve is the access to affordable services hindering the growth and well-being of low to middle-income earners in Kenya. This issue is particularly relevant due to the predicted population growth in Africa and the strain on finances to meet the increasing demand for credit services in the region.

01.03 Tell us the major benefits and/or advantages of using the product/service that your project intends to provide (at least 3).

Our peer to peer lending as a service mobile platform, provides three significant benefits to our customers. Firstly, it enables borrowers and lenders to access a market for their borrowing needs, allowing them to focus on their business or personal needs and not worry about how to get credit services. Secondly, it enables lenders to track lending activities by automating tasks, including repayment, ensuring their return on investment through transparency and accountability. Thirdly, it reduces the cost of credit services by enabling users to customize lending options and not worry about short-term repayment schedules or high-cost debt that they can afford to repay, making it stress-free while being impactful for their individual needs.

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

Our marketplace serves two primary groups: borrowers and lenders. Borrowers include small business owners, entrepreneurs, individuals, and micro-entrepreneurs seeking access to capital. Lenders are banks, financial institutions, peer-to-peer lenders, and private investors seeking efficient and cost-effective ways to manage loan operations. Our marketplace; a one stop shop for lending services, aims to create a more inclusive and accessible credit market, promoting economic growth, entrepreneurship, and financial stability.

01.05 When did you start working on your project?

2023-03-18

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

1

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.)

SebuPay's founders, Raphael and Blaise, bring a unique blend of financial expertise and technical know-how to the table. With over 5 years of experience in the financial sector, Raphael has worked at Citi Group and other startups such as Mara a crypto currency platform. As a seasoned financial analyst, he has a deep understanding of Africa's market. Blaise, SebuPay's Chief Technology Officer, is a skilled web developer and data scientist with over 3 years of experience. He has worked in private and state-owned corporations in Ghana, honing his skills in full-stack development. The founders have a long-standing relationship, having known each other for over seven years and previously collaborated on a startup. They have also participated in founder programs and accelerators, including ALX Ventures and FFA Explore, to further develop their skills. Together, Raphael and Blaise form a formidable team, leveraging their combined expertise in finance tech to drive the success of SebuPay

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

https://sebupay.com

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

SebuPay's digital financial services empower vulnerable communities in Kenya, including immigrants/refugees and expatriates. Our platform provides access to credit from trusted peers, enabling entrepreneurship and economic growth. Refugees can start small businesses, build a sustainable livelihood, and reduce financial stress. Our platform also promotes financial inclusion, reducing poverty and bridging the gap for marginalized communities. By providing access to credit and financial resources, we improve economic stability, quality of life, and overall well-being. Our platform helps bridge the financial inclusion gap in Kenya, providing a safe and secure way for individuals to manage their finances and achieve their goals.

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

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

At SebuPay, we're committed to achieving gender equality and empowering women and girls. We recognize that gender inequality is a significant barrier to financial inclusion. Our mission is not only to provide affordable and accessible credit services but also to promote a more inclusive and equitable financial system. Through partnerships with NGOs and community-led initiatives, we're providing financial education and training to empower women to take control of their financial lives. Our Mpesa partnership expands our reach, providing access to financial education and services and opportunities previously out of reach for women and girls empowering them to take control of their lives and make informed decisions. We believe that gender equality is not only a moral imperative but also a critical step towards achieving sustainable development. By working together, we're creating a brighter future for all.

02.06.01 My project contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

2

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

6

02.08.02 Decent work and economic growth - Justification

SebuPay's innovative technology and market-led approach empower micro-business owners in Kenya, particularly women and immigrants, to access affordable credit. By providing a sustainable lending marketplace, we promote decent work and economic growth by: * Enabling entrepreneurship: Our low-cost credit facilities create opportunities for micro-business owners to grow and expand their operations, generating decent jobs and contributing to the local economy. * Fostering financial inclusion: Our platform bridges the gap in traditional lending systems, providing access to credit for underserved groups. * Building sustainable communities: By unlocking communities to invest in each other, we promote a culture of mutual support and cooperation, driving economic growth. SebuPay is a game-changer in promoting sustained, inclusive, and sustainable economic growth, full and productive employment, and decent work for all.

02.09.01 My project contributes to the Industry innovation and infrastructure

6

02.09.02 Industry innovation and infrastructure - Justification

SebuPay is pioneering innovation in the fintech industry by leveraging cutting-edge technologies and infrastructure to provide accessible financial services. Our digital platform, powered by machine learning, classifies users and develops products tailored to their unique needs, ensuring inclusivity and access to resources. By utilizing mobile technology, we're harnessing the widespread adoption of mobile phones in Kenya, making it the primary point of contact for low-to-middle-income earners. This novel approach enables us to reach the underserved and provide them with a seamless financial experience. Our innovative concept is set to revolutionize the financial services landscape in Kenya, driving industry growth and promoting sustainable development. By integrating technology and human capital, we're creating a game-changing platform that will transform the way people access financial services.

02.10.01 My project contributes to the Reduced inequalities goal

4

02.10.02 Reduced inequalities - Justification

02.11.01 My project contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification

02.12.01 My project contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification

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

4

02.14.02 Life below water - Justification

02.15.01 My project contributes to the Life on land goal

4

02.15.02 Life on land - Justification

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

4

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

SebuPay's success is a testament to the power of partnerships. By collaborating with founders, accelerators, community-led initiatives, and other stakeholders, we're driving innovation and growth in the fintech industry. Through our partnerships with NGOs and community-led initiatives focused on the same SDGs, we're amplifying our impact and creating a more sustainable and equitable future. Our collaboration with Mpesa, a leading mobile payment platform, will further accelerate innovation and drive progress towards making credit services affordable and accessible to all. By working together with like-minded organizations, we're leveraging expertise, resources, and networks to address the complex challenges facing financial inclusion. Our partnership-driven approach demonstrates the importance of collaboration and commitment to harnessing the power of partnerships to drive meaningful change and make a lasting impact on the lives of millions.

05.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

4

05.02 The product/service we envision creating represents an entirely new type of product/service.

6

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

6

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.

7 - Strongly Agree

05.08 Justification

We're pioneering a new frontier in peer-to-peer lending with SebuPay. Our solution addresses an unmet need by providing a seamless, secure, and customizable experience for lenders and borrowers alike. By combining mobile, AI, and machine learning, we're creating a unique and user-friendly platform that sets us apart from traditional lending institutions. We're not just improving existing products or services; we're creating a new category of p2p lending that's designed to be scalable, flexible, and adaptable to meet the evolving needs of our market. By offering a secure, transparent, and customer-centric platform, we're responding to the demand for a more personalized and accessible lending experience. SebuPay is the first of its kind to bring together a marketplace for lending, where individuals can lend and borrow from one another with ease and confidence. Our technology is market-led, ensuring that our platform is always evolving to meet the changing needs of our customers.

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

SebuPay stands out from traditional lenders and competitors by operating as a lending service marketplace. Our platform connects borrowers and lenders directly, offering customization and a seamless experience. We provide transparency through clear terms and conditions, and users can track repayments easily. Unlike others, we offer a diverse pool of lenders for borrowers to access and vice versa, increasing loan match success. We don't rely solely on client deposits, mitigating liquidity risks. As a leading lending marketplace, SebuPay offers a comprehensive, user-friendly, and transparent platform for all parties.

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

n/a