Nigeria - Startup under 3 years old

Décrivez votre projet en quelques mots

We offer a tool for employers to offer their employees access to their earned wages without putting strain on their cashflows

01.01 Décrivez votre startup en détail

At Incash, we empower hardworking individuals by providing convenient access to earned wages before payday while protecting them from predatory loan companies. With our innovative platform, workers can take control of their financial well-being, bridging the gap between financial obligations and pressing needs. The impact of our work is evident in the lives of low income earners (mostly breadwinners) who often migrate from one state to another to work on construction sites like the recently launched Dangote Refinery. With our service, they are able to send money home to their families to sort bills such as school fees, rent and hospital bills without having to wait till the end of the month.

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

Employees need cash between paychecks, which puts a strain on the relationship with their employers leading them to fall for expensive payday lenders on the other hand employers feel uncomfortable in discussing the financial challenges in the life of their employees

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

Incash is changing the way employees in Africa get paid. We make it possible for them to access a portion of their earned wages at anytime of the month. Our goal is to become the choice Neo-bank for employees by giving them access to savings, investments, credit, insurance and more on one platform We help employers that offer our services to employees as benefits become attractive to top talents and a place where everyone would want to work in. We offer two lines of credit to employees 1) Incash gives Earned Wage Access(a portion of their accrued income) to employees of Sme's and large enterprises so employees can have a cover in case of any emergencies at a nominal cost 2) Incash gives long term credit to employees of smes and large enterprises so they can build assets and manage some long term expenses

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

Incash primarily focuses on serving low-income employees who face financial challenges due to various factors, including irregular income, unexpected expenses, and limited access to traditional financial services. By focusing on these customer segments, we aim to directly impact the lives of those who often find themselves vulnerable to financial stress and in need of a reliable and accessible financial solution. In future, we hope to expand our offerings to include; savings, investments, insurance, credit etc and cater to all categories of employees in Africa.

01.05 Quand votre entreprise a-t-elle été créée ?

07/01/2022

01.06 Vendez-vous déjà votre produit/service ?

Oui

01.07 Combien y a-t-il de propriétaires de votre entreprise en plus de vous ?

2

01.08 Parmi les autres propriétaires, combien sont des femmes ?

0

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

Ujiwal is an entrepreneur at heart. He started his entrepreneurship journey when he was in college with a small brand which was in security solutions. During his first venture he discovered the logistics problems in India and hence founded a tech logistics company which was recognized at E-Summit of IT Roorkee. He is a finance graduate from University of Delhi with a flair for product management and focus of operations. Sudhanshu is an experienced professional with over three decades of involvement in the Nigerian market. With a CFA charter degree and prior work at Deutsche Bank's equity research team covering tech companies, he brings valuable financial expertise. Sudhanshu's key strength lies in his deep understanding of operating in the Nigerian market, gained from working in the construction, distribution, and engineering sectors

01.10 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://incash.africa/

01.11 Quel est le secteur d'activité qui décrit le mieux votre entreprise ?

Services financiers

02.01.01 Ma startup contribue à l'objectif 'Pas de pauvreté'

7 - tout à fait d'accord

02.01.02 Justification de la contribution de ma startup

1.4 Equal Right to Economic and Financial Services 1.5 Reduce exposure to economic and social shocks We have our Theory of change and Impact Tracking metrics ready and we understand the impact we are creating with Incash https://drive.google.com/drive/folders/1fc3RfcIp2jxi5LJy_G_Cc0Hc0pHTSK2r?usp=sharing

02.02.01 Ma startup contribue à l'objectif 'Faim Zéro'

2

02.02.02 Justification de la contribution de ma startup

02.03.01 Ma startup contribue à l'objectif 'Bonne Santé et Bien Être'

2

02.03.02 Justification de la contribution de ma startup

02.04.01 Ma startup contribue à l'objectif 'Éducation de Qualité'

2

02.04.02 Justification de la contribution de ma startup

02.05.01 Ma startup contribue à l'objectif 'Égalité entre les Sexes'

7 - tout à fait d'accord

02.05.02 Justification de la contribution de ma startup

5(a) Give women equal right to economic and financial services 5(b) Enhance the use of enabling technology, to promote the empowerment of women We have our Theory of change and Impact Tracking metrics ready and we understand the impact we are creating with Incash https://drive.google.com/drive/folders/1fc3RfcIp2jxi5LJy_G_Cc0Hc0pHTSK2r?usp=sharing

02.06.01 Ma startup contribue à l'objectif 'Eau Propre et Assainissement'

1 - pas du tout d'accord

02.06.02 Justification de la contribution de ma startup

02.07.01 Ma startup contribue à l'objectif 'Énergie Propre et Abordable'

1 - pas du tout d'accord

02.07.02 Justification de la contribution de ma startup

02.08.01 Ma startup contribue à l'objectif 'Travail Décent et Croissance Économique'

7 - tout à fait d'accord

02.08.02 Justification de la contribution de ma startup

8.3 Promote decent job creation anddevelopement for SMEs through access to financial services 8.5 Achieve achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities We have our Theory of change and Impact Tracking metrics ready and we understand the impact we are creating with Incash https://drive.google.com/drive/folders/1fc3RfcIp2jxi5LJy_G_Cc0Hc0pHTSK2r?usp=sharing

02.09.01 Ma startup contribue à l'objectif 'Industrie, Innovation et Infrastructure'

7 - tout à fait d'accord

02.09.02 Justification de la contribution de ma startup

9.3 increase the access of small-scale industrial and other enterprises, particularly in developing countries, to financial services including affordable credit We have our Theory of change and Impact Tracking metrics ready and we understand the impact we are creating with Incash https://drive.google.com/drive/folders/1fc3RfcIp2jxi5LJy_G_Cc0Hc0pHTSK2r?usp=sharing

02.10.01 Ma startup contribue à l'objectif 'Réduction des Inégalités'

7 - tout à fait d'accord

02.10.02 Justification de la contribution de ma startup

10.1 progressively achieve and sustain income growth of the bottom 40 per cent of the population 10.2 promote economic and financial inclusion for all We have our Theory of change and Impact Tracking metrics ready and we understand the impact we are creating with Incash https://drive.google.com/drive/folders/1fc3RfcIp2jxi5LJy_G_Cc0Hc0pHTSK2r?usp=sharing

02.11.01 Ma startup contribue à l'objectif 'Villes et Communautés Durables'

2

02.11.02 Justification de la contribution de ma startup

02.12.01 Ma startup contribue à l'objectif 'Consommation et Production Responsables'

2

02.12.02 Justification de la contribution de ma startup

02.13.01 Ma startup contribue à l'objectif 'Lutte contre les Changements Climatiques'

2

02.13.02 Justification de la contribution de ma startup

02.14.01 Ma startup contribue à l'objectif 'Vie Sous-Marine'

1 - pas du tout d'accord

02.14.02 Justification de la contribution de ma startup

02.15.01 Ma startup contribue à l'objectif 'Vie Terrestre'

1 -pas du tout d'accord

02.15.02 Justification de la contribution de ma startup

02.16.01 Ma startup contribue à l'objectif 'Paix, Justice et Institutions Efficaces'

1 - pas du tout d'accord

02.16.02 Justification de la contribution de ma startup

02.17.01 Ma startup contribue à l'objectif 'Parteneriats pour la Réalisation des Objectifs'

1 - pas du tout d'accord

02.17.02 Justification de la contribution de ma startup

06.01 Un grand nombre de clients utilisent déjà un produit/service très similaire au nôtre.

3

06.02 Notre produit/service représente un type de produit/service entièrement nouveau

6

06.03 Notre produit/service pourrait être décrit comme une nouvelle technologie

2

06.04 Notre produit/service est une amélioration d'un produit ou d'un service existant

6

06.05 Notre produit/service pourrait être décrit comme une extension d'une gamme de produits ou de services

3

06.06 Notre produit/service répond à une demande ou à un besoin qui n'a pas été satisfait par d'autres produits/services.

3

06.07 Notre produit/service est une nouvelle version d'un ancien produit/service

6

06.08 Justification

06.09 Analyse compétitive

We would divide our competitors into two parts A) Credit Providers: Banks, Loan Sharks etc B) Other EWA Providers We have a very strong competitive edge over credit providers as we are faster, cheaper and more reliable and our users always prefer Incash over any other credit provider. Our Nigerian direct competitor is Earnipay (https://earnipay.com/) We understand that this product is required by people who are at the bottom of the pyramid and are living on paychecks to paychecks. Most of these people work in legacy industries like Manufacturing/Retail/Construction/Hospitality and our approach has been to target such industries. We are developing tools for employees of the enterprises because we believe that it reduces our lending risk and However our competitors are focusing on SME sector hence they are offering payroll to SME's to increase stickiness, we on the other hand see payroll providers as our partners and don't want to offer payroll instead we want to be employee first bank

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

We were a part of Seedstars- Financial Inclusion for women affected by Migration program, Here is the link of our interview in which we have explained the impact of Incash in the lives of women Link: https://youtu.be/MGxc_OKl5zA?feature=shared