Kenya - Business creation project

Describe your project or startup in a few words

Bountiful is a project aimed at solving the debt management crisis amongst Kenyan and African population and even far beyond.

01.01 Describe your project in more detail

With the adoption of open banking system across the globe, which allows third party facilities to access banking details of a client with his/her permission, Bountiful aims to use this system to create a product that will allow individuals manage their loans from a mobile application. For example, the Kenya Central bank report of 2024 indicates that bad dept hit a record 570 billion shillings which is a 26% jump from the year before. This is a huge risk for the Kenya financial system. Although banks have internal structures laid for loan recovery like using auctioneers, it is prudent to come up with a much simpler and convenient way to convince customers wo wind up repaying their defaulted loans and improve their credit scores. Bountiful app will consolidate all user loans, both formal and informal, given that other people take up multiple loans from different lenders. It will then incorporate the use of Artificial Intelligence to create a repayment road map and improve credit scor.

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

The project is attempting to solve the debt management problem amongst the Kenyan population with the potential of working even beyond the borders.

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 magor benefits from the project includes: 1. Improved credit score for loan borrowers. 2, Better financial management habits for its clients. 3. Improved economy due to liquidity in banks and mobile banking platforms. 4. Promoting saving and investing culture.

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

The target beneficiaries are: 1. Clients who want to properly manage their dept. 2. Lending institutions who are looking for alternative ways of recovering their bad dept.

01.05 When did you start working on your project?

2024-01-02

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:

https://www.linkedin.com/in/akelloh-stephen/

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

This startup idea will promote a saving culture amongst its clients hence alleviating of over dependence on others and safeguarding the future lifestyle of everyone both directly and indirectly.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

When the future finance of individuals in a community are safeguarded through promoting a saving culture and reduced bad dept, then even hunger case cases are reduced because the saved earnings can be invested in projects that improve food security like smart agriculture and value addition on agricultural products at a profit.

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

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

3

02.07.02 Affordable and clean energy - Justification

02.08.01 My project contributes to the Decent work and economic growth

5

02.08.02 Decent work and economic growth - Justification

When the economy is built on properly managed dept, then there is room for improvement investments and even better saving culture, hence improved GDP per capita.

02.09.01 My project contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

Africans tend to borrow at a faster rate compared to the repayment rate. This greatly affects one's credit score when they are unable to make loan repayment in time.

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

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

This project will foster collaboration with other firms and organizations to ensure proper sharing of information and management of dept while promoting a saving and investing culture.

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

5

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

1 - Strongly Disagree

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

4

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.

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.

6

05.07 The product/service we envision creating is a new version of an old product/service.

1 - Strongly Disagree

05.08 Justification

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

Our main competitor would be Bfree, a Nigerian startup helping its clients become debt free ethically. What will make us stand out from them is our approach walking this journey with our clients. Instead of just acting as a robo-advisor powered with AI, we intend to go a step further to negotiate with the lending institutions to allow our clients restructure their loans in a way that will be manageable for them clear of their dept. We also intend to offer saving and investing alternatives like education to help our clients become debt free faster.

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

Yes. I intend to have 50% leadership of the company lead by female entrepreneurs.