Mobile Money Biz Loan For Women would help increase access to capital for small businesses. Also reduce hunger and poverty,because alot of women who have lost hope can now have access to seed capital to enable them provide for their families.
About Your Organization
NOVINE KONCEPT VENTURES
Nigeria, LA, LAGOS
Country where this project is creating social impact
Age of Innovator
Gender of Innovator
Is your organization a
How long has your organization been operating?
Name Your Entry
Select the stage that best applies to your solution
Idea (you're poised to launch)
How long have you been in operation?
Still in idea phase, but looking to launch soon
The Need: What problem are you trying to solve?
Access to capital,unemployment. Getting loans for business ,through your mobile phones using mobile money applications and to encourage the cashless society which the Nigerian Central Bank is campaigning for. Many women find it hard to get loans to start up their busness, especialy those in the rural areas, who does not have bank accounts,but with MOBILE MONEY BIZ LOAN FOR WOMEN, their phone numbers become their bank account using mobile money, and they can be given loan which they pay back later.
The Solution: What is your solution? Be specific!
This would for the enable the banked, under-banked and unbanked (woman or enterprise)access to banking services and loans. It is also a branchless banking business, meaning that its services are designed so that women can generally conduct transactions without the need to visit bank branches, but simply by using their mobile phones to conduct transactions. It would enable them recieve payments for goods and services through their MobiLe phones
The Model: Walk us through a specific example of how your solution makes a difference; include your primary activities
The women are trained on how to use their mobile phones to accept payments and also to make payments.She is registered for mobile money, her phone number becomes her bank account, she can save money through her phone. she is trained on how to manage and grow her business if she has one and given a loan to fund her business. If she doesnt have a business she s trained on a vocational skill and given a loan through her mobile phone to start up.
The Marketplace: Who are your peers and competitors? Identify others also working to address the needs you are and what differentiates you from them. What challenges could these players pose to your success or growth?
No organization curently gives loans to empower women through mobile money. We only have mobile money operators and banks, what they do,is just sign up people to use their product.
This Entry is about (Issues)
What solution(s) does your initiative address to help emerging entrepreneurs and small businesses grow and thrive in underserved communities? (select all applicable)
Access to financing, Access to talent, Access to technology, Access to economic opportunity.
What has been the impact of your solution to date?
We are about starting but,Since the introduction of cashless economy and mobile money in nigeria, I,the mobile company I registered with and my agents in 6 months have registered over 200,000 mobile money users.
What is your projected impact over the next 1-3 years?
It would help increase access to capital for small businesses,also reduce poverty,because alot of women who have lost hope can now have access to seed capital to enable them provide for their families.
What barriers might hinder the success of your project? How do you plan to overcome them?
Illteracy, we are going to train the women on how to make use of mobile money applications(JAVA,USSD AND SMS IVR) on the phones
Loaning Institution. We are planing on how to get till we get a loaning instution.
Winning entries present a strong plan for how they will achieve and track growth. Identify your six-month milestone for growing your impact
Financially empowered literate mobile money users in 10 local goverment area's in Lagos state,Nigeria.
Identify three major tasks you will have to complete to reach your six-month milestone
partner with mobile money operator and loaning instutution
register and train the women
Now think bigger! Identify your 12-month impact milestone
Financially empowered literate mobile money users in all the local goverment area's in Lagos state,Nigeria.
Identify three major tasks you will have to complete to reach your 12-month milestone
create more awareness
hold campaigns about the project
train more women
Founding Story: We want to hear about your "Aha!" moment. Share the story of where and when the founder(s) saw this solution's potential to change the world.
As an aggregator to etranzact, I discovered that through mobile money the unbanked can become banked with their mobile phones. So MOBILE MONEY BIZ LOAN FOR WOMEN was formed to solve problem of source of capital for women and to reduce robbery and handling cost associated with handling physical cash.
Tell us about your partnerships
We are partnering with Etranzact.eTranzact International Plc is Nigeria’s first award winning multi-application and multi-channel electronic transaction switching and payment processing platform. eTranzact has operations in Nigeria, Ghana, Kenya, Zimbabwe, Cote d’Ivoire, South Africa and the United Kingdom.
Please elaborate on any needs or offers you have mentioned above and/or suggest categories of support that aren't specified within the list