Zimbabwe - Business creation project

Describe your project or startup in a few words

ChekCredit is a FinTech platform bridging the credit gap. Our user-friendly platform with AI-powered matching connects individuals and businesses to suitable loan options, while educational resources empower informed financial decisions.

01.01 Describe your project in more detail

ChekCredit is a FinTech platform facilitating access to credit in an efficient and convenient way. We leverage AI-powered matching technology to connect individuals and businesses with the most suitable loan options from a database of reputable regulated lenders. Our user-friendly platform streamlines the application process, eliminating unnecessary paperwork and speeding up approvals. Beyond loan facilitation, ChekCredit is committed to financial empowerment. We offer educational resources and credit score improvement tools, fostering informed financial decision-making for all and mainly focusing on the underserved communities. Our goal is for every individual and organization achieve their goals through accessing finance that suit their needs at the best term’s available for them. Our platform will be launched in July and we will aim to have more than 1000 credit products including personal loans, business loans, educational loans and companies offering credit payment options

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

Our Impact: Increased financial inclusion for underserved communities. Empowered individuals and businesses achieving financial goals. Transparent and competitive loan options for borrowers.

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

ChekCredit offers significant benefits and advantages that contribute positively to society and align with ESG principles: Our AI-powered platform brings down barriers for financially underserved communities, including young adults, and the informally employed. By considering alternative data points and offering accessible loan options, we empower individuals and businesses to achieve financial goals, build creditworthiness, and participate more fully in the economy. This aligns with the Social aspect of ESG by promoting economic opportunity and reducing financial inequality. 2. We prioritizes clear loan terms, upfront pricing, and educational resources for Transparency and Consumer protection. This empowers borrowers to make informed financial decisions, avoiding predatory practices and hidden fees often associated with informal money channels. We educate users on the risks of default and poor financial management towards credit score. Our educational resources and credit s

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

We aim to serve individuals, businesses, and society as a whole which aligns to our ESG principles 1. Financial Inclusion and Empowerment for underserved communities whose access to traditional financial institutions is limited. ChekCredit provides alternatives beyond traditional credit scores, providing loan opportunities for minorities, small businesses, and individuals with limited credit history. This fosters financial inclusion and empowers youth access educational credit to achieve their academic goals, reducing poverty and economic inequality. 2. Transparency and education for women and youth. ChekCredit prioritizes transparency by offering clear loan terms, upfront pricing, and educational resources. This empowers child and women led families to make informed financial decisions, avoid predatory lending practices, and build a strong financial future. 3. Deterring Informal Money Channels which prejudice small businesses desperate to manage cashflows and fulfill orders.

01.05 When did you start working on your project?

2023-03-01

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

2

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.)

Patel Tanaka is a software developer with 5+ years of experience in developing web and mobile apps. He has expertise in Angular, ReactJS, NodeJS, MongoDB, and DevOps. He has worked on various projects, including loan management, ticketing, crowdfunding, mine management, and e-commerce platforms. He has also developed several mobile apps and has experience with AWS, Heroku, and Docker.

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

https://chekcredit.co.zw

01.10 Which industry best describes your project?

g) Financial services

02.01.01 My project contributes to the No poverty goal

5

02.01.02 No poverty - Justification

Our AI-powered platform breaks down barriers for traditionally underserved communities and those with limited credit history. By considering alternative data points and offering accessible loan options, we empower individuals and businesses to achieve financial goals, build creditworthiness, and participate more fully in the economy. This directly tackles the cycle of poverty by enabling: 1. Entrepreneurship where idividuals can access microloans to start small businesses, generating income and creating jobs for themselves and others. 2. Investment in skills and education where families can secure loans for education or skills training, increasing their earning potential and breaking the cycle of low-paying jobs. 3. Emergency financial relief, by accessing small, affordable loans help individuals weather unexpected financial hardships, preventing them from falling deeper into poverty. This translates to increased economic mobility and improved living standards reducing poverty

02.02.01 My project contributes to the Zero hunger goal

4

02.02.02 Zero hunger - Justification

While ChekCredit doesn't directly address hunger (SDG 2: Zero Hunger), it can contribute indirectly. By empowering individuals and families financially through agricultural financing, education financing and emergency food credit. Through several credit products the community gains greater control over their resources which can lead to: 1. Improved Food Security by accessing microloans can help families invest in small-scale agriculture or food production, increasing their access to nutritious food. 2. Increasing household Income through financial resources from credit allows families to purchase a wider variety of healthy food options. These indirect effects contribute to achieving SDG 2 by promoting food security and improving overall well-being.

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

4

02.03.02 Good health and well-being - Justification

ChekCredit contributes to good health and well-being (SDG 3) by the following points : 1. Reducing financial stress through access to affordable credit helps individuals manage unexpected medical bills or emergencies, lessening financial burdens that can negatively impact mental and physical health. 2. Empowering financial decisions such as educational resources promote responsible financial management, allowing individuals to invest in preventative healthcare and prioritize healthy living. 3. Disrupting the Poverty Cycle through financial empowerment which leads to improved living conditions, better access to healthcare, and a more stable environment for overall well-being.

02.04.01 My project contributes to the Quality education goal

6

02.04.02 Quality education - Justification

ChekCredit indirectly contributes to quality education (SDG 4) by empowering individuals to access financing for educational pursuits. Although Zimbabwe has a high literacy rate, financial education is not common amongst the majority. Microloans or credit options can enable individuals to: 1. Afford tuition fees or training programs, Invest in necessary learning materials, and Overcome financial barriers to educational advancement. 2. This fosters a more skilled workforce and improves overall well-being within communities.

02.05.01 My project contributes to the Gender equality goal

5

02.05.02 Gender equality - Justification

ChekCredit promotes gender equality (SDG 5) through financial inclusion practices that empower women and girls: 1 We are closing the Gender Credit Gap. Traditional lending practices often disadvantage women due to limited credit history or ownership of assets. ChekCredit considers alternative data points, making credit opportunities more accessible for women entrepreneurs and business owners. 2. Financial Independence for Women. Access to credit allows women to start or grow businesses, invest in education or skills training, and gain greater control over their financial resources. This fosters economic independence and reduces dependence on others. 3. Poverty Reduction: When women have access to financial tools, they can better support themselves and their families, contributing to a more equitable distribution of resources within households. By empowering women financially, ChekCredit creates a ripple effect that strengthens families, communities, and the overall economy.

02.06.01 My project contributes to the Clean water and sanitation goal

5

02.06.02 Clean water and sanitation - Justification

02.07.01 My project contributes to the Affordable and clean energy goal

7 - Strongly Agree

02.07.02 Affordable and clean energy - Justification

By facilitating access to financing for renewable energy projects such as solar systems , ChekCredit empowers individuals and businesses to contribute to a cleaner and more sustainable energy future for Zimbabwe. This promotes cleaner air, reduces greenhouse gas emissions, and contributes to achieving SDG 7 while fostering economic development and energy independence especially in Zimbabwe were power outages are persistent.

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

ChekCredit tackles financial inequalities in Zimbabwe by empowering individuals and businesses with access to credit. This fosters entrepreneurship, allows investment in skills training and education, and creates job opportunities. By facilitating loans for clean energy solutions like solar panels, we stimulate the green economy and create jobs in installation, maintenance, and related sectors. Financial inclusion through ChekCredit empowers Zimbabweans to participate more fully in the economy, leading to sustainable growth and decent work.

02.09.01 My project contributes to the Industry innovation and infrastructure

7 - Strongly Agree

02.09.02 Industry innovation and infrastructure - Justification

ChekCredit fosters innovation in Zimbabwe's financial infrastructure by leveraging technology to connect individuals and businesses with credit opportunities, particularly those previously excluded. This financial inclusion empowers them to invest in new ventures and income-generating activities. By facilitating loans for renewable energy solutions like solar panels, we contribute to building a more sustainable and modern energy infrastructure. Ultimately, ChekCredit acts as a catalyst for economic growth and development through inclusive finance and promoting innovative solutions.

02.10.01 My project contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification

ChekCredit tackles financial inequality in Zimbabwe by empowering underserved communities. Our AI-powered platform goes beyond credit scores, providing loan opportunities to those traditionally excluded. We don't just connect users with loans; we offer financial education resources to promote informed decision-making and build creditworthiness for a brighter financial future. By fostering financial inclusion for individuals and businesses, ChekCredit unlocks economic opportunities and reduces the gap between the privileged and underserved in Zimbabwe.

02.11.01 My project contributes to the Sustainable cities and communities goal

7 - Strongly Agree

02.11.02 Sustainable cities and communities - Justification

ChekCredit empowers Zimbabwean communities by facilitating access to financing for domestic water projects (boreholes, wells) and clean energy solutions (solar panels). This promotes sustainable water management, reduces reliance on grid electricity, and fosters a cleaner environment. By supporting local green businesses through renewable energy loans, we contribute to job creation and economic development within communities. This financial inclusion empowers our communities to invest in their own sustainability, paving the way for a more prosperous and environmentally conscious future for Zimbabwean cities and communities.

02.12.01 My project contributes to the Responsible consumption and production goal

5

02.12.02 Responsible consumption and production - Justification

ChekCredit empowers Zimbabweans with access to financing for sustainable solutions like solar panels and water-efficient irrigation systems. This shift towards renewable energy and responsible resource management reduces dependence on fossil fuels and promotes a more circular economy within Zimbabwe, fostering environmental responsibility and economic growth

02.13.01 My project contributes to the Climate action goal

4

02.13.02 Climate action - Justification

ChekCredit tackles climate action in Zimbabwe by empowering communities with access to financing for renewable energy solutions like solar panels and biogas systems. This reduces reliance on fossil fuels, fosters cleaner energy use, and lowers greenhouse gas emissions. By making clean energy attainable, ChekCredit contributes to a more sustainable future for Zimbabwe, through financing solutions.

02.14.01 My project contributes to the Life below water goal

3

02.14.02 Life below water - Justification

ChekCredit's impact on SDG 14: Life Below Water in Zimbabwe might seem indirect, but it contributes through financial empowerment. By facilitating access to loans for sustainable agricultural practices like water-efficient irrigation systems, we empower farmers to conserve water resources. This reduces water extraction from rivers and lakes, protecting vital ecosystems and aquatic life. Additionally, loans for solar-powered homes decrease reliance on traditional wood power sources, reducing siltation harming marine environments. While ChekCredit doesn't directly address underwater life, it empowers communities to adopt practices that contribute to a healthier aquatic environment

02.15.01 My project contributes to the Life on land goal

3

02.15.02 Life on land - Justification

ChekCredit empowers Zimbabwean communities by facilitating loans for sustainable practices like solar water pumps for irrigation. This reduces reliance on deforestation for fuelwood and promotes conservation efforts. By enabling investment in land restoration projects, we contribute to combating desertification and promoting biodiversity.

02.16.01 My project contributes to the Peace justice and strong institutions goal

4

02.16.02 Peace justice and strong institutions - Justification

1. We provide reduced vulnerability to exploitation by providing access to fair and transparent credit options, for a more peaceful and just society. 2. We empower individuals to avoid predatory lenders and loan sharks. This fosters financial stability and reduces vulnerability to exploitation, contributing to a more peaceful environment. 3. We promote Rule of Law and Access to Justice through financial inclusion which encourages individuals to participate in the formal financial system, bringing financial transactions under legal frameworks and reducing reliance on informal, unregulated markets. 4. ChekCredit prioritizes transparency and ethical practices. This fosters trust in financial institutions and strengthens the overall governance framework within the financial sector. 5. Financial inclusion allows individuals and businesses to participate more fully in the economy, which fosters social stability and reduces conflict arising from economic hardship.

02.17.01 My project contributes to the Partnerships for the goal

7 - Strongly Agree

02.17.02 Partnerships for the goal - Justification

ChekCredit, significantly contributes to partnerships for achieving SDG 10, through reduced Inequalities, within the context of financial inclusion. 1. We collaborate with Financial Institutions who are established lenders and financial institutions to expand our network of loan options. This collaboration increases access to credit for underserved communities and promotes responsible lending practices. 2. We work with community organizations and collaborate with local credit unions, community centers, and NGOs on financial literacy workshops and educational resources. This fosters financial empowerment within communities and builds partnerships for shared goals. 3. We share best practices and technological advancements in FinTech with our partners. 4. We advocate and promote inclusive financial products designed for underserved populations. This collaborative effort addresses the needs of the unbanked and underbanked, reducing financial inequalities. By fostering partnerships and c

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.

7 - Strongly Agree

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.

1 - Strongly Disagree

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.

6

05.08 Justification

We break the mold of traditional credit solutions by focusing on financial inclusion and user empowerment through a unique blend of technology and education. What sets us apart is: 1. Our AI-powered Matching for the underserved, unlike traditional lenders relying solely on credit scores. Our AI engine analyzes alternative data points. This opens doors for individuals and businesses with limited credit history or those traditionally excluded from mainstream financial systems. 2. We focus on financial wellness and not Just loans. We go beyond simply matching users with loans by offering comprehensive suites of educational resources and credit score improvement tools. This empowers users to make informed financial decisions, build creditworthiness, and achieve financial goals. 3. We have transparency for informed decisions, prioritizing clear loan terms, upfront pricing, and committing to fighting predatory lending practices. 4. We have a user friendly platform thats efficient

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

We have no direct competitors because we have a unique service and offering in Zimbabwe however traditional credit methods can be to some extent be classified as competitors. What makes us stand out is that ChekCredit goes beyond loan matching. We're a financial springboard for all. Our AI considers more than credit scores, offering opportunities to the underserved. We empower users with educational resources and credit score improvement tools. Unlike competitors, we prioritize transparency with clear loan terms and fight predatory practices. Together, we unlock financial potential, one informed decision at a time. We strive to make financing simplified for the ordinary person through making it affordable, accessible and efficient to access financial solutions.

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

I am initiating projects to promote the role of female entrepreneurs through mentoring some female entrepreneur colleagues in my community and social circle. In addition, I attend and support women empowerment seminars and support women in business initiatives. In addition, my organization Young Investors Community Zimbabwe advocates for teaching and encouraging more women to partake in business and entrepreneurship. I am also a member of organizations that are at the forefront of promoting women in entrepreneurship which are Rotary and Junior chamber International. Lastly, I am passionate about philanthropy and support girls to get educated and build careers and businesses of their dreams.