Ethiopia - Business creation project

Describe your project or startup in a few words

"FinLit Quest" is a mobile learning platform designed to revolutionize financial literacy (FinLit) education for young adults (18-45) in Africa.

01.01 Describe your project in more detail

FinLit Quest transforms financial literacy for young African adults (18-35) by offering a captivating gamified mobile experience. It blends interactive learning journeys, realistic financial scenarios, and seamless educational content to empower users with the confidence to navigate digital financial services, make informed decisions, and propel financial inclusion across Africa.

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

The main problem FinLit Quest is trying to solve is the lack of digital financial literacy among young adults (18-35) in Africa. This digital divide hinders their ability to confidently use and benefit from digital financial services. FinLit Quest tackles this issue by providing a mobile learning platform that bridges the gap between theoretical knowledge and practical application. It equips young adults with the skills and confidence needed to: • Navigate digital financial services like mobile payments and online banking. • Make informed financial decisions through interactive lessons on budgeting, loans, and avoiding scams. • Unlock a wider range of financial opportunities for saving, investing, and building a secure financial future. By addressing low digital financial literacy, FinLit Quest empowers young adults to participate more actively in the financial system and drive financial inclusion across Africa.

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

FinLit Quest offers young African adults three key advantages for thriving in the digital financial landscape: • Confidence in Digital Finance: Through gamified scenarios, users gain practical skills to navigate digital financial services, fostering confidence in using mobile wallets and online banking. • Smarter Financial Choices: Interactive lessons teach budgeting, loan terms, scam detection, and basic investing, promoting responsible financial behavior and effective use of digital tools. • Unlocking Financial Opportunities: The knowledge and confidence gained enable access to microloans, savings, and investment options, driving financial inclusion and empowering secure financial futures.

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

FinLit Quest targets tech-savvy young adults (18-35) in Africa, a demographic primed for financial inclusion due to their growing independence and comfort with mobile technology. This platform empowers them to confidently use digital financial services and make sound financial decisions, all at no cost.

01.05 When did you start working on your project?

2023-11-01

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

1

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.)

IT Professional with 10+ yeas of experience in the industry

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

01.10 Which industry best describes your project?

h) IT (digital services, equipment and software)

02.01.01 My project contributes to the No poverty goal

5

02.01.02 No poverty - Justification

Financial literacy can empower individuals to manage their finances more effectively, potentially leading to better budgeting, saving habits, and informed investment decisions. This could contribute to poverty reduction in the long term, but FinLit Quest alone wouldn't directly address all aspects of poverty.

02.02.01 My project contributes to the Zero hunger goal

2

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

7 - Strongly Agree

02.04.02 Quality education - Justification

FinLit Quest is an educational platform specifically designed to improve financial literacy, a critical life skill. By providing accessible and engaging learning opportunities for young adults, FinLit Quest directly contributes to achieving SDG 4.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

Financial literacy can empower women to make informed financial decisions independently, potentially leading to greater economic security and participation. While FinLit Quest is open to all genders, additional features could be developed to specifically address the financial challenges faced by women entrepreneurs or those in male-dominated fields.

02.06.01 My project contributes to the Clean water and sanitation goal

2

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

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification

Financial literacy can empower young adults to make informed career choices and manage their finances effectively, potentially leading to increased economic participation and entrepreneurial opportunities. FinLit Quest supports this goal by equipping users with the skills needed to navigate the financial aspects of work and economic activity.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

FinLit Quest addresses a critical gap (Low digital financial literacy is a major barrier to financial inclusion globally), Empowers users of new technologies and Potential for broader adoption While FinLit Quest doesn't directly create entirely new technologies, it promotes the innovative use of existing technologies (mobile learning, gamification) to address a specific industry challenge (low digital financial literacy).

02.10.01 My project contributes to the Reduced inequalities goal

6

02.10.02 Reduced inequalities - Justification

FinLit Quest directly addresses the core objectives of the Reduced inequalities goal by promoting financial inclusion, economic empowerment, and potentially contributing to gender equality. Here's why: Financial inclusion: FinLit Quest empowers young adults, especially those in rural areas, to access and use digital financial services. Economic empowerment: By equipping users with financial literacy, FinLit Quest empowers them to make informed financial decisions. Gender equality: Financial literacy can be particularly empowering for young women.

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

4

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

3

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

6

02.17.02 Partnerships for the goal - Justification

FinLit Quest's success relies on potential partnerships with local banks, fintech companies, NGOs, and governments. These partnerships are important for content creation, reward structures, and potentially wider implementation. While collaboration is crucial, FinLit Quest itself is a standalone platform.

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.

4

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.

6

05.05 The product/service we envision creating could be described as an extension of a range of products or services.

4

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.

6

05.08 Justification

FinLit Quest leverages existing tech (mobile app, gamification) for a unique financial literacy approach. Gamified learning (interactive story, challenges) engages young adults (18-35) in Africa, a demographic often disengaged by traditional methods. Unlike basic finance apps, FinLit Quest integrates learning about digital tools (mobile money, e-wallets) within gameplay, empowering users in the evolving financial landscape. Targeting this specific user group and region allows culturally relevant content and partnerships. A tiered subscription model with potential subsidized access through partnerships sets FinLit Quest apart for long-term impact and reaching low-income users.

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

FinLit Quest isn't designed to be a traditional competitor in the financial literacy space. We see ourselves as part of a collaborative effort to empower young adults in Africa.

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

N/A