Democratic Republic of Congo - Business creation project

Describe your project or startup in a few words

Zigida is a crowd-investing platform that helps SMEs in Congo raise capital for expansion and growth. While simultaneously providing investors (locally and in the diaspora) with access to one of the fastest-growing emerging markets in the world.

01.01 Describe your project in more detail

Our project will be a web-based platform with a WhatsApp-based front-end where Congolese Small and Medium Entreprises (SMEs) that seek to raise funds to expand their operations, can list their businesses. In exchange, members of the public will be investing in those companies and get some equities in return. By doing so we are helping SME's raise funds but also providing Congolese investors (locally and abroad) with investment vehicles. We will charge a commission in exchange for our service, which will ensure our sustainability. By doing so we will be filling an existing gap.

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

Access to capital is the lifeblood of any business, without adequate financing, companies cannot grow their business (or even start in the case of small businesses). Access to finance allows companies to expand production capacity, launch new products or services, enter new markets, improve their infrastructure, hire more employees, and pursue other forms of activities beneficial to the economy at large. According to data from the World Bank, 40.6% of firms in the DRC identified access to finance as a major constraint. The massive gap in companies’ access to finance is found when considering that only 50.6% of firms declared having a checking or savings account, which is a drop from 71% in 2010 (compared to 83.5% in Sub-Saharan Africa). Lastly, according to the same study banks in the DRC only financed 0.9% of investment in the surveyed period. These statistics highlight the depth of the issue our company seeks to address. We aim to solve SME's capital gap and funding.

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

1. Ease of use for SMEs: Through a SaaS based platform accessible via a WhatsApp ChatBots and WhatsApp channel. Most investors can learn about potential businesses to invest in. As for the businesses, listing with us reduces the difficulty faced by trying to raise funds. 2. Access to capital at a lower cost for SMEs: Banks charge exorbitant costs to businesses for lending money to local businesses and less than 2% who apply for those loans get accepted. 3. Safe and secured access to investment opportunities: We will provide a safe, easy, and secure way for investors to make money. We conducted a survey of a local Congolese think tank and it shows that there is an existing market and interests for our service.

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

Small and Medium Entreprises: SME's in the DRC create the most jobs and economic growth yet are not endowed with a supportive system to help them grow.

01.05 When did you start working on your project?

2023-01-01

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.)

I have studied in Cape Town and London, focusing on business. I have also had previous ventures with more focus on the use of blockchain for improving the financial infrastructure. I have recently concluded an Internship at PWC in the DRC. My partner has studied in Australia and South Africa, currently possessing a Master's degree in international relations and working for an international organisation in the humanitarian field. He has also had previous ventures focusing on the use of chatbots by companies and organisations. So we seek to combine both of our learned experience from previous ventures in this project.

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?

g) Financial services

02.01.01 My project contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification

SMEs in the DRC create more jobs than large companies yet they are not endowed with the support they need. By providing them with that financial support they can expand their operation, grow and hire more people which directly reduce poverty.

02.02.01 My project contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification

We would like to work with farmers and agro-businesses as well, which will then trickle down by reducing the costs of food through the increase of access.

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

7 - Strongly Agree

02.03.02 Good health and well-being - Justification

We will also work with businesses that are in the health sector in the same manner as others, by allowing them to list their businesse's on our platform. Which can help them expand their operations.

02.04.01 My project contributes to the Quality education goal

7 - Strongly Agree

02.04.02 Quality education - Justification

Considering the nature of the business there is a deeper need for investor and financial education at large. As such we plan to create a lot of content for financial education that will be spread and ideally create program where people learn as well. But SME's doing work in the Education sector are also welcome to list on our platform.

02.05.01 My project contributes to the Gender equality goal

7 - Strongly Agree

02.05.02 Gender equality - Justification

We want to give an advantage to female owned businesses and help them access capital, thus contributing to the fight for gender equality.

02.06.01 My project contributes to the Clean water and sanitation goal

7 - Strongly Agree

02.06.02 Clean water and sanitation - Justification

We will also work with businesses that are in the water sanitation sector in the same manner as others, by allowing them to list their businesses on our platform. Which can help them expand their operations.

02.07.01 My project contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification

We will also work with businesses that are working on the adoption of affordable and cleaner energy in the same manner as others, by allowing them to list their businesses on our platform. Which can help them expand their operations.

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

SMEs in the DRC create more jobs than large companies yet they are not endowed with the support they need. By providing them with that financial support they can expand their operation, grow and hire more people which directly reduce poverty.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

As previously mentioned, the current financial infrastructure does not benefit SMEs. Bank loans are rarely given to them and the very few time it is, its at exorbitant interests. We are changing this by making it easy for them to access capital.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

SMEs in the DRC create more jobs than large companies yet they are not endowed with the support they need. By providing them with that financial support they can expand their operation, grow, and hire more people which directly reduce inequalities..

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

7 - Strongly Agree

02.13.02 Climate action - Justification

We will also work with businesses that are working on climate action in the same manner as others, by allowing them to list their businesses on our platform. Which can help them expand their operations.

02.14.01 My project contributes to the Life below water goal

1 - Strongly Disagree

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

1 - Strongly Disagree

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

2

02.17.02 Partnerships for the goal - Justification

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

2

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.

7 - Strongly Agree

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.

5

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.

2

05.08 Justification

We meeting a demand that is not satisfied by local financial institutions. By connecting our product to WhatsApp in that manner, we are innovating in a sector that has not been yet.

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

There is no one doing it yet.

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

no