Nigeria - Startup under 3 years old

Describe your project or startup in a few words

Monapp is a fintech mobile app project in the payments space aimed at taking Africa 100% cashless

01.01 Describe your startup in more detail

Monapp is taking up the challenge of increasing Africa's financial inclusion levels and ensuring 100% transition to cashless payments through personalized financial education, personalized customer support and flexible payment options suited to a society with low purchasing power and mistrust of online transactions such as Africa. Our approach employs the use of BROKERS(An agency banking model where individuals offer financial education and customer support remotely to a portfolio of clients and earn from the transaction fee whenever customers from their portfolio makes a transaction) to scale FLEXIBLE PAYMENT OPTIONS (like Instant Transfers, Buy Now Pay Later (BNPL), save-to-buy, Escrow payment and much more that ensures both paying and receiving payment for goods and services online or offline is easy and convenient for customers of all income levels. )

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

Monapp is solving the issue of financial inclusion and cash dominance in Africa. Despite the growing number of POS terminals and mobile money accounts, financial inclusion levels in Africa is still substantially lower than the global average of 76 percent. Cash is still king in the region and underneath what appears to be Africa embracing digital payments, the reality on the ground tells a different story of POS systems being used primarily for cash withdrawals, rather than actual digital transactions.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

As an individual customer, my Monapp Broker will provide me with personalized support and education to overcome obstacles like language barriers, lack of knowledge, and technical difficulties, making it easy for me to navigate the platform, resolve issues, and make digital payments with confidence. As a low-income earner with no financial history, I'll enjoy flexible payment options like buy-now-pay-later and save-to-buy, enabling me to make convenient and manageable payments, transition from cash to digital payments, and enjoy the benefits of financial inclusion. As a small business owner, I can finally put aside the worry of transaction errors and the time-consuming process of resolving them. With Monapp, I can quickly get help from my dedicated Broker to resolve any issues, so I can focus on growing my business. Plus, I can offer my customers flexible payment options that work for them, without sacrificing my own cash flow - it's a win-win!

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Monapp is designed to serve a wide range of users in the African market, particularly those with low purchasing power and a mistrust of online transactions. The targeted beneficiaries include: Individuals: Everyday users looking for secure, flexible, and convenient ways to make purchases, and send or receive money. Small and Medium-Sized Enterprises (SMEs): Businesses seeking reliable financial tools to facilitate transactions, manage customer payments, and grow their operations. Underbanked and Unbanked Populations: Individuals and communities with limited access to traditional banking services, who need alternative payment options to participate in the digital economy.

01.05 When was your company established?

2024-05-17

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

0

01.08 Among the other owners, how many are female?

0

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

I leverage my expertise in IT and HR to drive innovation. My HR background enables me to manage teams and ensure compliance. I've worked in microfinance, handling customer service, loan applications, and payroll processing. I'm passionate about harnessing technology to enhance financial inclusion and streamline transactions. I'm confident that i am equipped to lead this project to success. https://www.linkedin.com/in/michael-ihieri-aa6646a0

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

https://www.monapp.ng

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Monapp contributes to the "No Poverty" Sustainable Development Goal by providing financial inclusion and empowerment through innovative payment solutions. By offering services like Buy Now Pay Later (BNPL), Escrow, Peer-to-Peer transfers, and Save to Buy plans, Monapp enables individuals with limited access to traditional banking to participate in the digital economy. This helps users manage their finances more effectively, reduce financial stress, and create opportunities for economic growth. Monapp's tools support small businesses, fostering entrepreneurship and sustainable livelihoods, thereby helping to alleviate poverty

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

By providing secure payment options, Buy Now Pay Later (BNPL) services, and group savings plans (Save to Buy), Monapp helps individuals and families afford food and essential goods, reduces economic vulnerability, and supports small businesses in the agricultural sector, ultimately contributing to food security and reducing hunger.

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

6

02.03.02 Good health and well-being - Justification for my startup

Monapp's group savings plans (Save to Buy) can be used to collectively fund health-related expenses, promoting better health and well-being within communities.

02.04.01 My startup contributes to the Quality education goal

6

02.04.02 Quality education - Justification for my startup

By offering flexible payment solutions such as Buy Now Pay Later (BNPL) and Escrow services, Monapp helps families better manage their finances, allowing them to allocate more resources toward educational expenses. Additionally, Monapp's group savings plans (Save to Buy) enable communities to pool resources for educational initiatives, facilitating access to learning materials and school fees. These financial tools empower users to invest in education, thereby enhancing educational opportunities and outcomes.

02.05.01 My startup contributes to the Gender equality goal

4

02.05.02 Gender equality - Justification for my startup

02.06.01 My startup contributes to the Clean water and sanitation goal

4

02.06.02 Clean water and sanitation - Justification for my startup

02.07.01 My startup contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification for my startup

Through its flexible payment options like Buy Now Pay Later (BNPL) and group savings plans (Save to Buy), Monapp helps individuals and communities finance the purchase and installation of clean energy solutions, such as solar panels and energy-efficient appliances. This financial assistance makes renewable energy more accessible and affordable, encouraging the adoption of sustainable energy sources and reducing reliance on non-renewable energy.

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

By becoming Monapp Brokers, individuals can create their own jobs, promoting entrepreneurship and self-employment. Brokers earn commissions by helping customers with financial transactions and resolving disputes, providing a steady income stream. This model not only creates job opportunities but also empowers brokers with skills and financial knowledge, fostering economic growth. By supporting small businesses and facilitating secure transactions, Monapp contributes to a more robust and inclusive economy.

02.09.01 My startup contributes to the Industry innovation and infrastructure

4

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

Monapp actively contributes to "Reduced Inequalities" by providing financial services tailored to underserved populations, including the unbanked and underbanked. Our platform offers flexible payment solutions like Buy Now Pay Later (BNPL) and Escrow services, which cater to individuals with low purchasing power and limited access to traditional banking. The Monapp Broker model further reduces economic disparities by creating job opportunities and promoting financial literacy among community members. By enhancing financial inclusion and accessibility, Monapp helps bridge the economic gap and supports equitable growth across diverse communities.

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

4

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

5

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

The platform’s Escrow services ensure that transactions are fair and protect both buyers and sellers, reducing the risk of fraud and disputes. Additionally, Monapp’s broker model empowers individuals with financial education and job opportunities, promoting economic stability and social justice. By enhancing trust and security in financial transactions, Monapp contributes to building stronger, more resilient institutions and communities.

02.17.01 My startup contributes to the Partnerships for the goal

6

02.17.02 Partnerships for the goal - Justification for my startup

Monapp's model for funding bills include a crowdfunding approach. we leverage shared resources and expertise to drive financial inclusion, promote sustainable economic growth, and support broader development initiatives.

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

6

06.02 The product/service represents an entirely new type of product/service.

3

06.03 The product/service could be described as a new technology.

4

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

5

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

Our platform builds upon the traditional POS model, but with a digital twist. Like POS agents, our Brokers will assist customers with financial transactions, but instead of cash, they'll facilitate digital payments. Moreover, we're enhancing the traditional instant transaction model by introducing flexible payment options, giving customers more control and flexibility in managing their finances.

06.09 Competitive Analysis

Our main potential competitors are existing digital payment platforms and fintech companies, such as Moniepoint, Opay, and PalmPay. However, our unique approach to personalized support through Monapp Brokers and flexible payment options both online and offline sets us apart.

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