Zimbabwe - Business creation project

Describe your project or startup in a few words

The Savings and Investment Platform for Africa built on the Blockchain. We are building a tool that helps Africa save money, avoid the wealth destroying effects of inflation and changes our approach to personal finance.

01.01 Describe your project in more detail

54 is a Savings and Investment Platform for Africa built on the Blockchain. We are building a tool that helps Africa save money, avoid the wealth destroying effects of inflation and changes our approach to personal finance. We accomplish this by offering Prize-linked and Rotating Savings in USD through a secure wallet. We also want to offer fractionalized investing in stocks and ETFs using 1-1 token backed assets. (Prize-linked savings are innovative accounts that combine the benefits of traditional saving with the incentive of winning prizes for deposits. Rotating Savings is a model that allows people to save and borrow together, in a form of combined peer-to-peer banking and peer-to-peer lending.)

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

54 was started to solve the problems below Erosion of Savings Value: High inflation rates in Africa can quickly erode the value of saved and invested money. The World Bank points out that only 40% of adults in SSA have an account. Stagnant Wealth: The lack of long-term investment options. The Zimbabwean All-Share Index grew by 79.38% in 2022 however, Zimbabwe, closed out December of 2022 with an inflation rate of 243.8% Zimbabwe has a USD $42 Billion informal sector: 62% of Zimbabwe’s GDP is in the informal sector without access to banking, investment and credit opportunities.

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

Here are the 3 major benefits of 54: 1. Incentivised Savings: We encourage better personal finance habits and knowledge by incentivising our customers to save regularly and offering rewards for this.. 2. Starting young people on their financial futures: We empower young people to participate in the formal financial system and plan for their financial future fostering a sense of security and control over their finances. 3. Financial Inclusion: We empower the unbanked to build wealth and to invest in long term investments that will get them started on the wealth building journey and help raise more low income families from poverty.

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

Our initial market are informal (non-agricultural) earners in urban centers in Zimbabwe between the ages of 20 and 35, a population estimated at 2 million people.

01.05 When did you start working on your project?

2024-04-05

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.)

Highly skilled Software Engineer with over 10 years of full-stack development experience. Proven ability to design, develop, and deploy complex applications across diverse industries. FinTech Expertise: 2+ years building a US Mortgage Backed Securities (FHL, FNM & GNM) platform for REFINITIV. Blockchain Innovation: 4+ years leading the development of Web3 dApps in Africa, including a token-gated content platform for a leading Zimbabwean school textbook publisher (EdTech). Leadership & Recognition: 2023 Mandela Washington Fellow Business and Entrepreneurship (US State Dept) https://linkedin.com/in/kuzivakwashemuvezwa/

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

https://fiftyfour.co/

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

Project 54 can contribute to the UN SDG of No Poverty by: Promoting Financial Inclusion: A significant portion of the population in Zimbabwe, and many African countries, remains unbanked. 54, by offering a mobile-based savings platform allows young people to save securely, build a financial safety net, & potentially access other financial services in the future, all of which contribute to poverty reduction. Encouraging Savings Habits: Traditional saving methods are inaccessible or inconvenient for low-income/informal sector earners. 54's approach with incentives motivates consistent saving behavior. By building a savings habit, even small, regular deposits can accumulate over time, providing users with a buffer against unexpected expenses and emergencies. Building Wealth Creation Opportunities: 54 not only promotes saving but also paves the way for wealth creation. As users accumulate savings, they can explore investment opportunities or utilize their savings for business ventures.

02.02.01 My project contributes to the Zero hunger goal

5

02.02.02 Zero hunger - Justification

While 54 doesn't directly address food security concerns, it contributes to Zero Hunger in a few ways: Increased Financial Security & Improved Food Choices: Reduced Vulnerability: By promoting savings habits and building a financial safety net, 54 can help families weather unexpected financial hardships. Including sudden drops in income, medical bills, or disruptions in food supply chains. Having a financial buffer allows families to prioritize essential needs like food during difficult times, reducing the risk of hunger. Improved Food Choices: When families have savings, they gain more control over their food purchases. They can potentially buy more nutritious and diverse foods, improving overall dietary quality and contributing to better health outcomes. Overall 54's impact on Zero Hunger is indirect but positive. By empowering users with financial security and potentially supporting entrepreneurs in the food system, it can contribute to a more resilient & stable food environment

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

4

02.04.02 Quality education - Justification

02.05.01 My project contributes to the Gender equality goal

3

02.05.02 Gender equality - Justification

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

2

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

54 directly aligns with the goal of Decent Work and Economic Growth by promoting several key areas: 1. Increased Savings & Investment: Mobilizing Capital: By encouraging consistent savings, 54 leads to a larger pool of investable capital within the economy. This increased capital can fuel business growth, create new job opportunities & stimulate economic activity. Supporting Micro-Entrepreneurship: 54's platform could potentially integrate tools in the future that cater to micro-entrepreneurs. This might include micro-loan options or features facilitating business savings management. 2. Financial Inclusion & Empowerment: Formalizing the Informal Sector: A large portion of the Zimbabwean workforce participates in the informal sector. 54, by offering an accessible savings platform, encourages financial inclusion for these individuals. This allows them to manage their finances more effectively and contribute to the formal economy.

02.09.01 My project contributes to the Industry innovation and infrastructure

3

02.09.02 Industry innovation and infrastructure - Justification

02.10.01 My project contributes to the Reduced inequalities goal

4

02.10.02 Reduced inequalities - Justification

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

3

02.12.02 Responsible consumption and production - Justification

02.13.01 My project contributes to the Climate action goal

2

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

2

02.16.02 Peace justice and strong institutions - Justification

02.17.01 My project contributes to the Partnerships for the goal

4

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.

4

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.

6

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

2

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

54 addresses a crucial gap in the Zimbabwean financial landscape by offering a unique combination of features that existing products/services lack: 1. Incentivized Savings for the Unbanked: Traditional savings options, like bank accounts, often have high barriers to entry, complex procedures, and limited accessibility in rural areas Mobile Money offers convenience but lacks features that incentivize consistent saving behavior 2. Secure and Transparent Blockchain Technology: Informal savings mechanisms like rotating savings groups ( stokvels) can be vulnerable to theft or mismanagement 3. Building Financial Inclusion for the Future: Limited Financial Literacy: Many lack the knowledge and tools to manage their finances effectively Overall, 54 represents a new paradigm for savings in Zimbabwe. It leverages the power of mobile money integration, incentives, and blockchain to create a secure, accessible, and engaging platform, specifically designed to address the needs of the unbanked

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

Our primary competitors are traditional banking, mobile wallets and fintech players Banks - Traditional Banking Mobile Wallets - Ecocash, Innbucks Fintech - Ejara: https://www.ejara.io/en Here's a breakdown of our competitive advantage: Market Fit: 54 leverages Zimbabwe's existing strengths - high mobile money penetration, USD familiarity, and a tech-savvy population. This creates a familiar and accessible platform for our savings and investments app. Focus on the Unbanked: Many projects target the banked population. 54 addresses the unbanked population in Zimbabwe and Africa by offering a secure, USD-denominated savings option accessible through mobile wallets and a unique incentivized savings product. Competitive Products: By leveraging Blockchain and DeFi, we can create more competitive financial products and services compared to local providers Expand Market Reach: DeFi transcends geographical limitations, enabling us to connect users to a wider range of global financial tools

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

I have a long history of supporting community initiatives to support female developers and entrepreneurs mainly in my previous roles as Startup Coordinator at Muzinda Hub an Econet Wireless initiative, as a Facebook Developer Lead and current as a community organizer for Built Different a web3 startup community.