MIT Solve

Solution Overview

Solution Name:

Pulling resouces, for better outcomes

One-line solution summary:

develop a Chama or merry go round mobile app for financial management

Pitch your solution.

Jobs are quickly disappearing, with small and medium term businesses closing down as they aren’t able to deal with unexpected shocks caused by the global pandemic.

Pulling resources together, for better outcomes; A case of “Chama’s” in rural Kenya

We proposal to develop a Chama or merry go round mobile app that guide members in financial reporting that put in place eat least 3% of the bad debts that might be incurred by these organizations.

We shall be working with already existing organization that are facing financial management problems and might close shop due to that fact that they cannot comfortably manage this system.

What specific problem are you solving?

Region: Rural Kenya

scale of problem:individual jobs are disapearing leading to lack of source of livelyhood.

Population appriximately target 120 Chammas or co-operative societies of at least 100-200 per group.

Debt and financial management solutions

What is your solution?

To archive this, we suggest to integrate International Financial Reporting Standards (IFRS). This consists of a set accounting rules that determine how transactions and other accounting events are required to be reported in financial rules and other accounting events in financial statements. (IFRS) is designed to maintain credibility and transparency in the financial world, which enables business operators to make informed financial decisions.

Who does your solution serve, and in what ways will the solution impact their lives?

We shall be working with already existing organization that are facing financial management problems and might close shop due to that fact that they cannot comfortably manage this system.

Which dimension of the Challenge does your solution most closely address?

Prevent the spread of misinformation and inspire individuals to protect themselves and their communities, including through information campaigns and behavioral nudges.

Explain how the problem you are addressing, the solution you have designed, and the population you are serving align with the Challenge.

We therefore suggest to developing a financial digital system linked to a computer application which will allow cooperatives to reduce their costs and risks to a significant and sustainable degree by increasing efficiency and transparency so that they can operate even more successfully in this uncertain marketplace. We belive this will cushioun individuals affected by the covid 19 pandemic.

In what city, town, or region is your solution team headquartered?

Nairobi, Kenya

What is your solution’s stage of development?

Concept: An idea being explored for its feasibility to build a product, service, or business model based on that idea.

Explain why you selected this stage of development for your solution.

Chama is Swahili word that means, co-operative society.

The effects of COVID-19 have caused massive economic disruption and challenges that will take ages to solve. Jobs are quickly disappearing, with small and medium term businesses closing down as they aren’t able to deal with unexpected shocks caused by the global pandemic.

Anytime people have common concerns, and face similar struggles or are looking for solutions bigger than they alone can accomplish, cooperative societies offer an answer via strength in numbers. This is why cooperative societies are important solution to economic stability in times of uncertainties.

In particular, medium and small size business are most at risk of being wound up over this looming corona virus pandemic crisis. Cooperatives are critical to cushioning this untimely shocks. All cooperatives, social or economic, are mechanisms that ensure the growth and prosperity of communities. In developing and transitioning countries that lack access to capital, education, and training, cooperative structures allow communities to pool together their resources to solve problems, identify common goals and target the causes and symptoms of poverty.

Who is the Team Lead for your solution?

Oscar Omondi Onyango