Coins for Capital Project (CCP)

Coins for Capital Project (CCP): Coins for Capital

Accra, GhanaAccra, Ghana
Year Founded:
2013
Organization type: 
for profit
Project Stage:
Start-Up
Budget: 
$10,000 - $50,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

According to information for our baseline data 90% of the young people interviewed have never saved any money for investment purposes. Developing the Coins for Capital Project or Module will motivate a number of our Target audience to save in smaller quantities to start their own business.

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

What if you dont excel in your Education
About Project

Problem: What problem is this project trying to address?

Figures available from the Ghana statistical services states that about 250,000 youth join the labor force annually; over 42.7 percent of unemployed population are people aged between 15 and 24 years. baseline data 90% of the young people interviewed have never saved any money to for investment purposes. 85 % indicated that they do not save because the current financial system does not encourage them to save small amounts.

Solution: What is the proposed solution? Please be specific!

This is a campus based business. Student volunteer Daily collectors (SVDC) have been recruited to collect dally saving from clients on . They have be given three days intensive training on the methodology of the project as well as how to fill the clients savings pass books. The integrity of the SVDCs shall be granted by lectures to help in traceability.Daily savings is banked. There are four key criteria set for the recruitment of the clients:.interest to start a business .must have a business idea or be prepared to conserve an idea .tenacity to save .Age limit between 18 to 35 years. Targeted schools for the pilot were only three Universities with individual school population of 2,500 which about 70% of the students are clients.
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

OUTPUT Employment will be created for 1000 unemployed young aged 20 - 35. 1000 young people’s savings habit will be Increased by 30% in the pilot phase alone The project will Mobilized at least GHC 19,000 capital from 1000 young people. Organize project Inception meetings Project inception meeting shall be held, the objective of the meeting will be to solicit support from partners as well as create room for people to make inputs for the successful implementation of the project Project inception meeting shall be held, the objective of the meeting will be Recruitment of Project Beneficiaries The project shall only recruited young people within the ages of 15 to 35 who are currently in the university.

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

ECONOMICALLY Coins for Capital has empowered students with economic opportunities Sales of daily collection cards have earned an amount of GH¢12000 SOCIALLY the project will reduce social vices such as prostition,armed robbering and .... the interest earn on this project are linked up to other projects to help children access education Reduction of unemployment in the next future.We have empowered youth with entrepreneurial approaches. The project has a future plan of activating coins for capital on all campuses in Ghana. More the project has a future plan of partnering with the ministry of Education in Ghana. This will enable the project management team to introduce this business to all University Authorities in Ghana.

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

Our strategic implementation plan seeks a very long partnership contract with a number of stakeholders. these stake holders include: Enablis Ghana, Ghana Education Service and other organizations. The project again would want to reach about 50 Universities and other tertiary institutions in Ghana. By 2018 the membership client based for coins for capital business should reach 4000 because most of our clients are the majority on the various campuses. We hope in five years from now the Coins for Capital will finally migrate into savings and loans company for the public.
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

The primary source of funds for the project is secured from clients savings. Additionally such family and friends have also invested into the business with an anticipation of getting returns in future. Moreover the business has also floated shares on the pilot campuses for investment purposes. Individuals who also share in the Coins for Capital dream have donated financial resources for the project. The proposal is also on an investment platform

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

Other banks are already into saving and loans. But Coins for Capital is different because is focused on the coins which are always are always not considered worthy by our target audience. The project also enable students and our client save in very smaller quantities based on their daily, weekly and monthly incomes.It fosters strategic partnerships by linking the youth who are direct beneficiaries of the project to formal financial institutions for the expansion of their businesses. The project seeks to inculcate the spirit and culture of savings among young people age 15 - 32
Team

Founding Story

A report by the Bank of Ghana in 2013 indicated that more than 85% of the coins produced are not used. Because of the following reasons. Majority of the losses happen in tertiary schools, people feel they are too matured to use ins in their business transactions. As up and coming entrepreneur I took the opportunity to identify this problem and find a solution to it. I believe that the coins for capital project enable individual save their coins for capital and even move ahead to use it for their business in the long run. Initially the idea wasn't appealing to so many Ghanaians until it was piloted for the first phase. It was now seen appreciated by students in particular and about 550 clients have been secured.

Team

The management team is made up Evans Hokey as the Director who hold a degree in Business Administration Accounting option. Dintie Sule as the Project Director, Doreen Quansah as the head of operation and Beatrice Wilson as Head of procurement. All these persons are working as volunteers for the mean time. The team is planning on a training for all the management team and the Students Daily Collectors. All project management team have degree.
About You
About You
First Name

Evans

Last Name

Hokey

About Your Project
Organization Name
How long has your organization been operating?

Project
Organization Country

, GA, Accra

Country where this project is creating social impact

, GA, Accra

What awards or honors has the project received?
Funding: How is your project financial supported?

Friends and family, Individuals, Customers.

Supplemental
Sector

Sustainable Sourcing, Inclusive Business.

Audience: Who have you identified as your customer/recipient groups and do these groups value your solution for different reasons? How do you engage different customer/recipient groups to deliver your solution?

Coins for Capital shall recruit young people within the ages of 15 to 35 who are currently in the university with the ambitions of starting a business after the completion. These group value the solution because about 90% of our clients recruited fulfilled our criterion which is interest to start a business 2) must have a business idea or be prepared to conserve an idea 3) tenacity to save. We intend to engage other people through 1. capacity building trainings 2. Stakeholders’ updates 3. Data analysis.

Scaling the solution: How would the prize money and publicity help you to achieve your objectives over the next two years?

The prize money would enable the business to expand from its current status to its intended reach. Most importantly the prize money would also enable the business to acquire its resources for effective execution of its plans. The publicity would also help the business to gain credibility. Publicity will help in creating awareness about core values of the business. We believe that Issues that are of general public interest should not be kept as secret. The publicity would also enable the business to put its information about how to help the populace in the public domain.

Experience: Please provide examples of any previous entrepreneurial initiatives you have pioneered

In 2010 I led an Enactus team formerly Sife to draft a five year business development plan for a community who were farmers and fisher folks.

We introduced a new way of using green house technology in their farming which increased their crop productivity by 70%.

In 2012 I gain lead the same team to embark on another entrepreneurial project known as business in Prison. A Project that trained prisoners to make money while in Prison.

Are you are eligible to attend the Accelerator event in Cambridge and subsequent events in London, UK in January, 2015?

yes

Will you require a visa to enter the UK?

yes

Are you are a current Unilever employee?