Nigeria - Startup under 3 years old

Describe your project or startup in a few words

MySika fosters inclusion by enabling effortless currency access and facilitating seamless eCommerce transactions.

01.01 Describe your startup in more detail

MySika is an emerging financial technology startup with a mission to facilitate convenient currency access and streamline sales for businesses of all sizes, targeting both local and international customers. MySika also offers a virtual card, allowing users to easily make purchases from nearby online retailers and use their MySika cards for payments, particularly when their cards are linked to a currency different from their current location.

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

- Ensure local currency availability - Streamline online product sales with convenient gateway capabilities - Simplify point of sales channels

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

1. Our products offer a convenient solution for easy access to local currency, saving time and eliminating the hassle of dealing with unverified currency exchangers. 2. Many Ecommerce stores lack a user-friendly payment gateway for handling transactions. MySika is here to address this issue. 3. Obtaining an account number from a local bank involves a lengthy process and challenging KYC verification. MySika streamlines this with a simple sign-up process for quick access to cash, especially for short-term needs. 4. We are the bank for the unbanked. MySika provides a convenient solution for people without bank accounts, especially for teens, students, individuals with disabilities, and the elderly, to have easy access to their own bank account for short-term and temporary use.

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

Our target beneficiaries encompass the following categories: i. Foreigners requiring immediate access to local currency during their short-term stay in the country. ii. Teens and students managing their pocket money. iii. Persons with disabilities who face challenges accessing the banking system due to their disabilities. iv. Older adults and the elderly seek a convenient transaction process for their immediate needs. v. Residents of rural and remote areas where there is no accessibility to any bank or financial institution. vi. Individuals in society facing cash scarcity and in need of a convenient financial system.

01.05 When was your company established?

2023-06-01

01.06 Are you already selling your product/service?

No

01.07 How many other owners are there within your startup?

2

01.08 Among the other owners, how many are female?

1

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

Oluwasola Deborah Oladeji is a purpose-driven and ambitious young Deaf woman dedicated to making a positive impact on the lives of children and adults. Exhibiting qualities of dedication, hard work, reliability, and dynamism, she is currently seeking an opportunity to contribute to the welfare of others. Her commitment to caregiving transcends professional dedication and is deeply rooted in personal calling. Having previously demonstrated self-motivation and determination by successfully establishing her own business, she has showcased excellence in demanding work environments and has thrived as a collaborative team member.

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

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

1 - Strongly Disagree

02.01.02 No poverty - Justification for my startup

MySika drives increased sales and growth for small and medium-sized enterprises (SMEs), resulting in more people gaining supplementary income and honing their entrepreneurial skills for long-term success.

02.02.01 My startup contributes to the Zero hunger goal

1 - Strongly Disagree

02.02.02 Zero hunger - Justification for my startup

Empowering more entrepreneurs and increasing incomes leads to a decrease in poverty and the elimination of hunger.

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

1 - Strongly Disagree

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

A convenient financial system especially in remote and

02.04.01 My startup contributes to the Quality education goal

1 - Strongly Disagree

02.04.02 Quality education - Justification for my startup

MySika apart from

02.05.01 My startup contributes to the Gender equality goal

1 - Strongly Disagree

02.05.02 Gender equality - Justification for my startup

MySika career opportunities seeks to promote Gender equality by ensuring

02.06.01 My startup contributes to the Clean water and sanitation goal

1 - Strongly Disagree

02.06.02 Clean water and sanitation - Justification for my startup

My Sika is committed to making a positive impact on society. One of our main goals is to bring about significant social change. This includes ensuring that everyone has access to clean water and leading environmental sanitation campaigns. It's all about making a real difference.

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

Due to MySika

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

MySika offers numerous career paths for individuals with varying skill levels, creating employment opportunities that contribute to societal and economic development.

02.09.01 My startup contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification for my startup

MySika began as an innovative idea. With more innovative minds joining our journey, we aim to develop a cutting-edge product that encourages innovation.

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

MySika products are designed to be accessible to everyone, regardless of whether they live in rural or urban areas or whether they are abled or living with disabilities. This inclusivity helps to reduce inequalities and ensures that the benefits of the products reach a wide and diverse audience.

02.11.01 My startup contributes to the Sustainable cities and communities goal

6

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

7 - Strongly Agree

02.13.02 Climate action - Justification for my startup

With the implementation of the MySika clean energy initiative plan, we can take significant steps toward mitigating the impact of climate change, including addressing global warming."

02.14.01 My startup contributes to the Life below water goal

5

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

5

02.15.02 Life on land - Justification for my startup

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

6

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

6

02.17.02 Partnerships for the goal - Justification for my startup

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.

7 - Strongly Agree

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

7 - Strongly Agree

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.

4

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

06.09 Competitive Analysis

Our exceptional accessibility, convenience, and unwavering service stability set us apart in the realm of banking and financial institutions.

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

Yes