Nigeria - Business creation project

Décrivez votre projet en quelques mots

A financial platform offering savings, loans and payments for micro, small, and medium-sized enterprises (MSMEs) in sub-Saharan Africa. It aims to provide affordable, secure, and accessible financial services, enhancing financial inclusion and growth.

01.01 Décrivez votre projet en détail

Our project is a comprehensive financial platform designed to meet the unique needs of micro, small, and medium-sized enterprises (MSMEs) in sub-Saharan Africa. We aim to address financial exclusion by offering a suite of services that includes secure savings accounts, affordable microloans, and low-cost digital payment and transfer solutions. Our savings accounts provide interest, helping MSMEs grow their funds safely. We offer microloans with fair interest rates and flexible repayment terms, designed to support business growth without the risk of debt cycles. Our platform facilitates low-cost digital payments and transfers, with intra-platform transactions being free, reducing reliance on cash and lowering transaction costs. In addition, our platform integrates multiple payment methods, such as mobile money and bank transfers, ensuring seamless and efficient transactions.

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

Micro, small, and medium-sized enterprises (MSMEs) constitute 90% of businesses in Africa. According to the World Bank, Sub-Saharan Africa alone has over 44 million MSMEs that are crucial to their nations' economies, providing employment and essential goods and services. However, these enterprises face significant challenges due to financial exclusion, including limited access to formal financial services. Many micro businesses lack reliable savings accounts due to stringent bank requirements, resorting to informal savings. Obtaining credit is difficult as they often lack collateral and credit history, relying on informal and predatory lenders. Payments and transfers are risky and expensive due to cash reliance and high digital fees. Asset acquisition is tough due to long-term savings requirements and price volatility. Financial literacy is low, leading to poor financial decisions.

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).

Secure Savings and Access to Credit: Our platform provides reliable and secure savings accounts tailored for MSMEs, overcoming traditional banking barriers. We offer microloans with fair interest rates and flexible terms, enabling businesses to access the credit they need without resorting to predatory lenders. Low-Cost Transactions: By leveraging network effects, we offer ultra-low-cost transactions. Intra-platform transactions are virtually free, reducing reliance on cash and lowering overall transaction costs for businesses, thus fostering a cashless ecosystem. Enhanced Financial Literacy and Technology Access: We provide comprehensive financial education resources, including interactive tools and personalized coaching, to improve financial literacy among MSMEs. Our user-friendly platform ensures that even semi-literate users can easily adopt and effectively use digital financial services, bridging the technology gap.

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

Our project is aimed at serving micro, small, and medium-sized enterprises (MSMEs) in Sub-Saharan Africa, particularly those in rural and semi-urban areas. The targeted beneficiaries include micro business owners who lack access to reliable financial services, such as secure savings accounts and affordable loans. We aim to support semi-literate business owners by providing a user-friendly platform and financial literacy resources. Our services also extend to agents who onboard and assist these business owners, ensuring they can effectively use digital financial tools. These agents earn income in the form of commissions from the services utilized by business owners they on board.

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

01/05/2024

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.).

Fasanmi Oluwatobi With a background in banking operations, product management, and financial technology development, I am equipped to address MSME challenges in sub-Saharan Africa, especially financial exclusion. Holding an accounting degree and pursuing a master’s, I have a deep understanding of financial principles and management. My present role as a lecturer in the accountancy department keeps me updated with industry developments. Starting at UBA, I progressed to operations manager, gaining insights into MSME barriers to formal financial services. At Frost Media, I developed CRM systems, honing my skills in designing user-centric products. I led the development of products like Raven Treat and Guliva, showcasing my ability to create practical fintech solutions. My diverse background enables me to understand and address the multifaceted challenges faced by MSMEs in the region.

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://kowope.ng/

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

Our startup contributes significantly to the United Nations Sustainable Development Goal of No Poverty by addressing financial exclusion among micro, small, and medium-sized enterprises (MSMEs) in sub-Saharan Africa. By providing secure savings accounts, affordable microloans, and low-cost digital payment and transfer solutions, we empower MSMEs to manage their finances more effectively, save for the future, and access credit to grow their businesses. This access to financial services helps MSMEs stabilize and increase their income, lifting them out of poverty and contributing to the overall economic development of their communities. Our platform also fosters financial literacy, equipping MSMEs with the knowledge and tools to make informed financial decisions, further supporting their journey towards sustainable livelihoods.

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'

3

02.03.02 Justification de la contribution de mon projet

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

4

02.04.02 Justification de la contribution de mon projet

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

7 - Tout à fait d'accord

02.05.02 Justification de la contribution de mon projet

Our startup plays a crucial role in promoting gender equality and empowering women by focusing on micro, small, and medium-sized enterprises (MSMEs) in sub-Saharan Africa. Many of these businesses are owned or led by women, and our platform provides them with equal access to financial services. Through secure savings accounts, affordable microloans, and low-cost digital payment solutions, we enable women entrepreneurs to manage their finances independently, grow their businesses, and contribute more effectively to their communities' economic development. By supporting women-led businesses, we help break down barriers to gender equality and create a more inclusive and prosperous society for all.

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

1 - Pas du tout d'accord

02.06.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.07.02 Justification de la contribution de mon projet

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

7 - Tout à fait d'accord

02.08.02 Justification de la contribution de mon projet

Our startup contributes significantly to the United Nations Sustainable Development Goal of Decent Work and Economic Growth by focusing on micro, small, and medium-sized enterprises (MSMEs) in sub-Saharan Africa. By providing these businesses with access to secure savings accounts, affordable microloans, and low-cost digital payment and transfer solutions, we help them stabilize and grow, leading to increased employment opportunities and economic activity. Our platform also supports the growth of the informal sector, which employs a significant portion of the workforce in the region. By formalizing financial transactions and providing tools for business growth, we contribute to the transition from informal to formal employment, improving job security and working conditions for many.

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

4

02.09.02 Justification de la contribution de mon projet

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

Many MSMEs, particularly those in rural and semi-urban areas, face significant inequalities in access to financial services compared to larger enterprises. Our platform provides these businesses with access to secure savings accounts, affordable microloans, and low-cost digital payment and transfer solutions, leveling the playing field and reducing the financial gap between small and large businesses. Our platform is designed to be inclusive, catering to the needs of semi-literate business owners and ensuring that even those with limited education can easily adopt and use our services. This inclusivity helps reduce the digital divide and empowers a broader range of individuals to participate in the formal economy.

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

1 - Pas du tout d'accord

02.11.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.12.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.13.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.14.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.15.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.16.02 Justification de la contribution de mon projet

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

1 - Pas du tout d'accord

02.17.02 Justification de la contribution de mon projet

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

5

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

4

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

5

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

The unique aspect of our product is our focus on impact. We are dedicated to making a positive difference in the lives of MSME owners, particularly women entrepreneurs, who often face greater barriers to accessing financial services. By providing them with the tools and resources they need to succeed, we contribute to reducing poverty, promoting gender equality, and fostering economic growth in the communities we serve. Our holistic approach simplifies financial management for MSMEs and enhances their access to essential financial tools that can drive business growth. One of our key innovations is our platform's inclusivity using USSD. We have designed it to be accessible to semi-literate business owners, ensuring that even those with limited education can easily adopt and use our services. This inclusivity is crucial for bridging the digital divide and ensuring that all MSMEs can benefit from the digital economy.

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

Traditional Banks like GTbank, Ecobank, First bank. They often have stringent requirements for account opening, extensive documentation, and collateral for loans.They also tend to be less accessible due to limited branch networks in rural and underserved areas. Microfinance Institutions like Accion, Lapo focus on serving low-income clients, they often charge high interest rates on loans to cover their operational costs. They may also require group lending models, which can be restrictive for individual entrepreneurs. Fintech startups like Paga, Moniepoint, Opay, Momo, Palmpay, and Fairmoney. These fintech solutions focus primarily on mobile money transfers and personal loans, with limited offerings specifically tailored to the unique needs of MSMEs. None of these platforms provide comprehensive financial literacy resources or asset financing solutions.

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

No