Evolve Fin Tech

We are committed to closing up financial inclusion gaps and encourage savings among households, informal workers and small businesses in Nigeria and 45 other Sub-Saharan African countries which could add $10.4billion to Nigerian economy alone in lieu of market size.

Evolve Fin Tech proposes digital access to savings cum financial services via creation of digits worth different money value which users will purchase (online and offline) then input to save into their designated digital wallets using options of mobile application, web and USSD means.

If our solution is scaled globally, it will enhance shared prosperity and increase gross savings leading to more investments, implying more jobs. It will provide safe savings capacity, credit access and relevant financial education needed to drive economic advancement for 289 million people in Sub-Saharan Africa alone as World Bank Findex(2018) puts unbanked adults in the regions to be 17% of 1.7billion unbanked adults globally.

Specifically, we are working to solve financial exclusion problem by connecting more people to financial services through safe, digital savings mechanism, among households, informal workers and small businesses in Nigeria and 45 other Sub-Saharan African countries. This connection will further offer access to credit opportunities, seamless payment services and other essential financial tools to those included in the digital economy.

Nigeria and Sub-Saharan Africa Gross Savings stood at 21.7% and 21.9% respectively while unbanked Nigerian Adults – 57.8 million and unbanked Adults in Sub-Saharan Africa – 289 million as estimated by National Bureau of Statistics, Nigeria (2020) and World Bank Findex (2018) indicating that savings has been low and there are still financial inclusion gaps hindering shared prosperity thus emergence of our solution. Besides, 1.7 billion adults are still unbanked according to World Bank Findex (2018).

Disconnection from financial services, safe-digital savings mechanism and digital economy are factors contributing to low savings rate, financial exclusion and poverty problem in Nigeria and other Sub-Saharan African countries as the relate to our solution.

Our solution offers digital savings mechanism for under-served and excluded in the financial sector and digital economy.

Our solution works by creating digits worth different money value which our service users will purchase directly or through accredited agents nationwide just like telecommunication companies do and then input to save into their designated digital wallets using options of mobile application, web presence and USSD means; creating alternative for more people and small businesses to save daily with more ease, less time, seamlessly and anytime at a minimal cost. Evolve Fin Tech is unique in that it digitizes cash and transfers while spurring savings and financial inclusion locally and casually at the comfort and privacy of users’ mobile phones.

It is a digital savings platform. It allows users save as low as $1 or any amount they desire safely and seamlessly.

Its processes include cash and transfers digitization through API codes and top financial technology. 

We are working to directly and meaningfully improve the lives of 57.8 million unbanked Nigerian adults and 231.2 million unbanked adults in the Sub-Saharan Africa countries who operate remotely by connecting them to financial services through safe savings mechanism which will in turn: increase investments which means more jobs in their respective communities, give access to credit facility, financial tools and inclusion in the digital economy capable of accelerating their economic advancement.

They are dwellers in rural areas/communities of Nigeria and 45 Sub-Saharan Africa countries and they are currently underserved because they lack access to financial institutions and adequate financial services.

We are using practical surveys and official statistics to understand their needs. As we work towards developing our solution, we already testing some portion of the population with surveys using two communities in Abuja, Nigeria respectively where out of 500 individuals, 60% says it will ease their suffering, 25% are indifferent while 15% are not interested.

Our solution will address their needs through offering access to digital savings mechanism by which they will save safely with more convenience and anytime at a minimal cost and have access to our financial education and more  external financial tools and credit opportunities at their door step.

Since we are addressing the problem of low savings trend and financial inclusion gaps, our solution is in line with ‘’scale safe and private digital identity and financial tools to allow people and small businesses to thrive in the digital economy’’

Our solution is a digital savings mechanism that is technology based geared towards financial inclusion which at the same time is driving access to the digital economy.

The population we are focusing on are those dwelling in remote, rural areas that are disconnected or lacks adequate access to financial services thereby building inclusive digital economy.

We are working on building our prototype and then test the market in real time. As our local survey is gradually revealing acceptance.