Industries

• IT Development

Idea

Nano eBank will be a cross-platform digital solution (iOS, Android and Web) for destinations in Africa which will respond to all the problems linked to the savings sector(microfinance) in Africa. Starting with the decentralization of systems (transparent platform in all aspects and especially online), the resolution of the logistics problem and the total review of the costs linked to the savings of individuals and small businesses.

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Challenge

Africa is the continent where there are the most small businesses and the most effective way for these businesses to build up savings is to make daily or weekly savings. Something that is traditionally done through microfinance. But the fees deducted from savings are relatively high, pushing small businesses after a certain period, often quite short, to make loans in order to replenish their supplies. Even the logistics behind collecting savings are very arcane and have long required a digital solution.

- Centralisation of the system Microfinance is the only one to decide and does not offer any decision flexibility to clients. A microfinance subscriber cannot save an amount which varies over a given period, for example.

- High deductions deductions range from five to ten percent per year

- The arcane means of collecting savings all microfinance in Africa relies on physical collections, which generates travel costs, hence the very high collection fees.

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Solution

- Digitization of the savings system set up a cross-platform app allowing individuals and small businesses to save as much as they want, when they want and where they want

- Eliminate traditional logistics The establishment of a digital platform will make it possible to eliminate physical collections

- Make Nano Bank accessible in the most remote places in Africa Since fund transactions will be made via mobile payment methods, this will make Nano Bank available wherever the customer is.