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What problem does your solution solve?
Across Nigeria and Nigerians diaspora there is an enormous unbanked percentage of the population which struggles to save and invest their income. In order to do so they give this money to trusted village brokers who aggregate sums and disperse manually. This leads to a huge amount of fraud and insecurity for many in the region who desire to raise their standard of living and build their community as well.
What’s the market potential for your solution?
Nigerians and Africans back home and in Diaspora
Who are your customers?
A Peer to Peer Microfinance platform allows friends and family to pond a portion of their income together for an established number of pay periods and take turns receiving the lump sum.
The goal of the C2C Microfinance Application is to create an online experience with trust and comfort amongst users similar to the closed-system microfinance vehicle called eMoneyPond. Traditional eMoneyPond s exists on every continent and provides access to capital within a tightly bound social network of friends, family and businesses. Migrating the relationship between social networking and access to capital online democratizes access to capital for mobile and internet users offline and online transactions.
How will you reach your customers?
eMoneyPond is SaaS platform for friends, family members, colleagues, and neighbors to form ponds to contribute money to save for raining day, support each, loan each other. Peers will be able to lend to each other and motivate each other to save through our platform. People who save in a pond are more likely to succeed than those who do it alone. A platform will allow users to raise funds from friends and family and also allow for cooprative ponding and to track their lending and financial transactions.
It will run as community money pond marketplace via social media strategies
How will you make money?
Possible revenue stream.
1. Joining and administration fees
2. A percentage of the group pond lump sum to cover payment processing and generate profit. Taken charges at every pond circle from the lump sum ( eg 10 people contribute $100 each and lump sum is $1000. we can applied X% to it and say its 5% meaning users taken turn get $950 and $50 belong to us ) and also we apply X% Late Turn, XX% Middle Turn and XXX% Early Turn etc
3. for cooperative, it works just like a bank, the administrative charges are deducted from the aggregate interest on loans that were taken. Interest on loan to members and investment (ecooperative) we get money fee X% of the interested gotten from loans and investment done with the money.
4. eFund raising pond type fee applied X% on total sum collected or raised.
What kind of partners will you need to make, support and distribute your solution?
Financial company and Funding such as microfiance banks and commercial banks, NGO, government etc
What will your expenses include?
License from regulators (CBN)
Software development and application hosting
Staffing, Office, Marketing and operations
Who is your competition and how do you differ?