South Africa - Business creation project

Décrivez votre projet en quelques mots

Finesse is a fintech startup in the concept stage that aims to use blockchain technology to transform cross-border payments in Africa. Our mission is to increase financial access, inclusion, and blockchain adoption throughout the continent and beyond.

01.01 Décrivez votre projet en détail

Finesse is a fintech startup in the concept stage that aims to use blockchain technology to transform cross-border payments in Africa. Our mission is to increase financial access, inclusion, and blockchain adoption across the continent, allowing individuals and businesses to participate seamlessly in the global digital economy.

01.02 Quel est le problème principal que vous essayez de résoudre ?

Traditional cross-border payments are expensive, with fees averaging 9% in Sub-Saharan Africa compared to the global average of 6%. For instance, a $500 transfer from Tanzania to Uganda can cost an average of 33.58% ($167.90). Slow Transactions: Current systems are slow, often taking days to complete transactions, particularly for business-to-business payments. Financial Exclusion: More than 60% of adults in Sub-Saharan Africa are unbanked or underbanked, limiting their access to financial services. Insecurity: Many people are hesitant to participate in international finance due to fraud and a lack of transaction transparency.

01.03 Dites-nous quels sont les principaux avantages et/ou bénéfices de l'utilisation du produit/service que vous souhaitez fournir par votre projet (au moins 3).

Finesse leverages blockchain technology, specifically Circle's stablecoin USDC, which is a fiat-backed stablecoin enabling global value transfer at internet speed for a fraction of a cent. It allows for easy conversion back to local fiat currencies. Our solution provides: Blockchain Technology: Leveraging blockchain for transparency, security, and efficiency in cross-border transactions, working seamlessly in the background. Lower Fees: Reducing costs significantly compared to traditional payment methods. Fast Transactions: Near-instantaneous transaction processing, eliminating delays. Inclusive Financial Solutions: Tailored services to meet the needs of the unbanked and underbanked populations. Note: USDC (USD Coin) is a stablecoin pegged to the US Dollar, ensuring stability and reduced volatility compared to other cryptocurrencies. USDC is fully backed by cash and short-dated U.S. government obligations, maintaining a 1:1 redeemable value for U.S. dollars.

01.04 Veuillez décrire précisément à qui s'adressera le produit/service de votre projet. Quels sont les bénéficiaires visés ?

High-Cost Remittances: The average cost of sending remittances from South Africa to Zimbabwe is 14.95%, one of the highest in the region. Market Value: South Africa is the largest remittance-sending market in Africa, with significant remittance flows to Zimbabwe. Informal Channels: Around 52% of remittances from South Africa to SADC countries, including Zimbabwe, are sent informally due to high costs and inefficiencies in formal channels. Migrant Population: South Africa officially hosts 1.6 million migrants, with estimates suggesting there may be more than 3.7 million, including informal migrants. This large migrant population underscores the need for efficient and affordable remittance solutions. Global Remittance Market: The global remittance market was valued at $689 billion in 2021, with significant growth expected in the coming years. Growing Remittance Market in Africa: Africa received over $100.1 billion in remittances in 2022, with numbers expected to rise at a 12.1% CAGR.

01.05 Quand avez-vous commencé à travailler sur votre projet ?

01/04/2024

01.06 Combien y a-t-il de propriétaires sur votre projet en plus de vous ?

0

01.07 Parmi les autres propriétaires, combien sont des femmes ?

0

01.08 Veuillez décrire le profil des autres propriétaires de votre projet (compétences, expérience, etc.).

N/A

01.09 Si vous avez un site web, une page sur les médias sociaux (Facebook, Instagram, Linkedin...) ou une application, veuillez fournir le(s) lien(s) ici :

https://www.linkedin.com/in/desmond-malvern-m-5918821b5

01.10 Quel est le secteur d'activité qui décrit le mieux votre projet ?

g) Services financiers

02.01.01 Mon projet contribue à l'objectif 'Pas de pauvreté'

7 - Tout à fait d'accord

02.01.02 Justification de la contribution de mon projet

SDG 10: Reducing the cost of remittance transfers can substantially increase disposable income for remittance-receiving families. By reducing average costs to 3 per cent globally, remittance families would save an additional US$20 billion annually. Our Solution: Finesse makes use of blockchain technology, specifically Circle's stablecoin USDC, which is a fiat-backed stablecoin that allows global value transfers at internet speeds for a fraction of a cent. It allows for easy conversion back to local fiat currencies. Note: USDC (USD Coin) is a stablecoin pegged to the US Dollar, ensuring stability and reduced volatility compared to other cryptocurrencies. USDC is fully backed by cash and short-dated U.S. government obligations, maintaining a 1:1 redeemable value for U.S. dollars.

02.02.01 Mon projet contribue à l'objectif 'Faim Zéro'

4

02.02.02 Justification de la contribution de mon projet

02.03.01 Mon projet contribue à l'objectif 'Bonne Santé et Bien Être'

4

02.03.02 Justification de la contribution de mon projet

02.04.01 Mon projet contribue à l'objectif 'Éducaiton de Qualité'

3

02.04.02 Justification de la contribution de mon projet

02.05.01 Mon projet contribue à l'objectif 'Égalité entre les Sexes'

3

02.05.02 Justification de la contribution de mon projet

02.06.01 Mon projet contribue à l'objectif 'Eau Propre et Assainissement'

2

02.06.02 Justification de la contribution de mon projet

02.07.01 Mon projet contribue à l'objectif 'Énergie Propre et Abordable'

2

02.07.02 Justification de la contribution de mon projet

02.08.01 Mon projet contribue à l'objectif 'Travail Décent et Croissance Économique'

4

02.08.02 Justification de la contribution de mon projet

02.09.01 Mon projet contribue à l'objectif 'Industrie, Innovaiton et Infrastructure'

7 - Tout à fait d'accord

02.09.02 Justification de la contribution de mon projet

Cost reduction: By leveraging blockchain technology (stable coins), Finesse can significantly reduce the costs associated with cross-border payments, making remittances more accessible. Financial Inclusion: Offering secure and efficient financial services to the unbanked and underbanked populations in both South Africa and Zimbabwe. Market penetration entails tapping into the large and growing remittance market between South Africa and Zimbabwe, with a focus on converting informal remittance flows to formal channels using our innovative platform.

02.10.01 Mon projet contribue à l'objectif 'Réduction des Inégalités'

7 - Tout à fait d'accord

02.10.02 Justification de la contribution de mon projet

SDG 10: Reducing the cost of remittance transfers can substantially increase disposable income for remittance-receiving families. By reducing average costs to 3 per cent globally, remittance families would save an additional US$20 billion annually. Our Solution: Finesse makes use of blockchain technology, specifically Circle's stablecoin USDC, which is a fiat-backed stablecoin that allows global value transfers at internet speeds for a fraction of a cent. It allows for easy conversion back to local fiat currencies. Note: USDC (USD Coin) is a stablecoin pegged to the US Dollar, ensuring stability and reduced volatility compared to other cryptocurrencies. USDC is fully backed by cash and short-dated U.S. government obligations, maintaining a 1:1 redeemable value for U.S. dollars.

02.11.01 Mon projet contribue à l'objectif 'Villes et Communautés Durables'

5

02.11.02 Justification de la contribution de mon projet

Our cross-border payments fintech startup promotes inclusivity, safety, resilience, and sustainability within cities and communities. Through accessible transactions, enhanced security, financial resilience, reduced environmental impact, and global collaboration, it contributes significantly to making urban areas more inclusive, safe, resilient, and sustainable.

02.12.01 Mon projet contribue à l'objectif 'Consommation et Production Responsable'

3

02.12.02 Justification de la contribution de mon projet

02.13.01 Mon projet contribue à l'objectif 'Luttle contre les Changements Climatiques'

2

02.13.02 Justification de la contribution de mon projet

02.14.01 Mon projet contribue à l'objectif 'Vie Sous-Marine'

2

02.14.02 Justification de la contribution de mon projet

02.15.01 Mon projetp contribue à l'objectif 'Vie Terrestre'

2

02.15.02 Justification de la contribution de mon projet

02.16.01 Mon projet contribue à l'objectif 'Paix, Justice et Institutions Efficaces'

7 - Tout à fait d'accord

02.16.02 Justification de la contribution de mon projet

Our cross-border payments fintech startup significantly contributes to the "Peace, Justice, and Strong Institutions" goal through financial inclusion, transparency, efficiency, global connectivity, and data security. By providing accessible and transparent payment solutions, reducing corruption, streamlining transactions, fostering international cooperation, and ensuring data integrity, our startup plays a crucial role in Financial Inclusion: By providing faster, cheaper, and more accessible cross-border payment solutions, your startup can promote financial inclusion. This inclusion empowers individuals and businesses, fostering economic stability and reducing inequalities, which are fundamental aspects of building peaceful societies.Transparency: Blockchain technology, if integrated into your payment solutions, brings transparency to transactions. Transparent financial systems contribute to reducing corruption and illicit financial a peace, justice, and the strength of institutions.

02.17.01 Mon projet contribue à l'objectif 'Parteneriats pour la Réalisation des Objectifs'

7 - Tout à fait d'accord

02.17.02 Justification de la contribution de mon projet

Finesse makes use of blockchain technology, specifically Circle's stablecoin USDC, a fiat-backed stablecoin that allows global value transfers at internet speeds for a fraction of a cent. Aligning with UN SDSDG 10 to reduce the cost of remittance transfers can significantly increase remittance-receiving families' disposable income. Remittance families could save an additional $20 billion per year if global average costs were reduced to 3%.

05.01 Il existe un grand nombre de clients qui utilisent déjà un produit/service très similaire à celui que nous envisageons de créer.

7 - Tout à fait d'accord

05.02 Le produit/service que nous voulons créer représente un type de produit/service entièrement nouveau

7 - Tout à fait d'accord

05.03 Le produit/service que nous voulons créer pourrait être décrit comme une nouvelle technologie

7 - Tout à fait d'accord

05.04 Le produit/service que nous voulons créer est une amélioration d'un produit ou d'un service existant

7 - Tout à fait d'accord

05.05 Le produit/service que nous voulons créer pourrait être décrit comme une extension d'une gamme de produits ou de services

7 - Tout à fait d'accord

05.06 Le produit/service que nous voulons créer répond à une demande ou à un besoin qui n'a pas été satisfait par d'autres produits/services.

7 - Tout à fait d'accord

05.07 Le produit/service que nous voulons créer est une nouvelle version d'un ancien produit/service

7 - Tout à fait d'accord

05.08 Justification de mon projet

Finesse distinguishes itself by utilizing blockchain technology (stable coins) to provide lower fees, faster transactions, and improved security, positioning itself as a next-generation solution for cross-border payments.

05.09 Qui sont vos principaux potentiels concurrents et qu'est-ce qui vous différencie d'eux ?

Mukuru Western Union WorldRemitt These competitors dominate the South Africa-Zimbabwe remittance market with established customer bases and extensive networks. However, Finesse differentiates itself by leveraging blockchain technology (stable coins) to offer lower fees, faster transactions, and enhanced security, positioning itself as a next-generation solution for cross-border payments.

10.06 Menez-vous des actions au sein de votre communauté pour promouvoir le rôle des femmes entrepreneurs ?

No, we have not initiated actions within our community to promote the role of female entrepreneurs yet.