Naa Sika

Financial exclusion is a global problem that affects over 1.8 billion adults worldwide. This means they don't have access to basic financial services like savings, loans, insurance and other forms of social protection. The lack of access to financial services can devastate people's lives, making it difficult to start a business, save for the future, or protect themselves against unexpected events.

Several factors contribute to the problem of financial exclusion, including:

Lack of access to physical infrastructure: In many parts of the world, no banks or other financial institutions are available. This is especially true in rural areas and developing countries.

High costs: Financial services can be expensive, especially for people who have low incomes. Banks and other financial institutions must cover rent, staff salaries, and technology costs.

Lack of awareness: Many people are simply unaware of the financial services available to them. This is often due to a lack of education or access to information.

Naa Sika is working to address the problem of financial exclusion in Africa. We use technology to make financial services more accessible, affordable, and inclusive.

What is it?

Naa Sika uses chatbots to provide financial services to Africa's informal sector and youth.

What does it do?
Our ChatBots allow people to open a bank account, take out a loan, buy insurance, Transfer money, Pay bills and accept money from abroad. We also offer affordable financial services, with fees designed to be affordable for low-income people. Additionally, we provide educational resources to help people understand the benefits of financial services and how to use them effectively.

Everyone deserves access to financial services, regardless of income, education, or location.

How does it work?

Naa Sika's chatbots are built into already-known chat apps, such as WhatsApp, Telegram and Facebook Messenger. People can access Naa Sika's services without downloading a separate app as these apps come pre-installed on basic $20 phones.

People must start a conversation with the chatbot in the chat app to use Naa Sika. The chatbot will then ask the person for their information and help them with their financial needs.

What technology does it use?

Naa Sika's chatbots use various technologies, including natural language processing and machine learning. These technologies allow chatbots to understand and respond to people's questions naturally. We working to integrate Generative AI.

Here is a link to a product demo: https://www.youtube.com/watch?v=ruCJh-AANHQ 

Naa Sika uses chatbots and mobile money to provide financial services to the African informal sector and youth. Our target population includes:

Informal sector workers: People who work in jobs not regulated by the government, such as street vendors, farmers, and construction workers. Informal sector workers often have difficulty accessing financial services, such as loans and savings accounts, because they do not have the documentation required by traditional banks.

Youth: Young people in Africa are often underserved by the financial system. This is because they may not have the income or credit history required to qualify for loans from traditional banks.

Naa Sika's chatbots can help people in these groups to access financial services in several ways:

Our chatbots can help people to open bank accounts. This is a critical first step for people who want to save money or build credit.

Our chatbots can help people to deposit and withdraw money. This is important for people who need to access their money quickly and easily.

Our chatbots can help people to transfer money. This is useful for people who need to send money to family or friends who live in other parts of the country or the world.

Our chatbots can help people to pay bills. This is a convenient way for people to stay on top of their finances.

Our chatbots can help people to take out loans. This can be helpful for people who need to start a business or make a major purchase.

Our chatbots can help people to buy insurance. This can protect people from unexpected events, such as illness or job loss.

In addition, Naa Sika chatbots are integrated with mobile money to facilitate transactions. Mobile money is a system that allows people to send and receive money using their mobile phones. This is a convenient and affordable way for people to access financial services, especially in rural areas where there may not be access to traditional banks.

Combining chatbots and mobile money is a powerful tool to help make financial services more accessible and affordable for African people. 

Our team is the right people to design and deliver this solution to the target population because we deeply understand the needs of the informal sector and youth in Africa. We know their needs and understand how to design and deliver solutions that meet those needs. We have been working with these communities for many years and have a strong network of relationships with them.

Our team is also representative of the communities we are serving. Our team lead is from the informal sector, and he understands the challenges faced by people in this sector. Our other team members have lived and worked in Africa, and they sincerely appreciate the people's culture and needs.

We are committed to engaging the communities we serve in designing and implementing our solutions. We have held a series of consultations with people in the informal sector and youth, and we have incorporated their feedback into the design of our solution. We also plan to create a user advisory board to provide ongoing feedback on our solution.

Our solution is meaningfully guided by the communities' input, ideas, and agendas. We have listened to the people's needs and designed our solution to meet those needs. We are committed to working with our communities to ensure our solution is successful.

In addition to our team's proximity to the communities we serve, we also have the expertise and experience to design and deliver a successful solution. Most of our team members have over ten years of experience in financial services, and we have a proven track record of success in developing and implementing innovative solutions. 

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We are applying to Solve because we believe the program can help us overcome several barriers in our mission to provide financial services to the informal sector and youth in Africa.

Specifically, we hope that Solve can help us to:

• Partner with other organizations that share our interest in financial inclusion.

• Gain access to technical expertise.

• Address cultural barriers.

• Enter new markets.

We believe Solve is the right program for us because it provides a unique opportunity to connect with other organizations working to solve the same problems. 

Naa Sika is an innovative solution that approaches the problem of financial exclusion in Africa in a new and significantly improved way. Our solution is based on the following principles:

• Simplicity: Naa Sika is designed to be simple and easy to use. Our Chatbot is intended for people unfamiliar with technology, and Machine Learning powers us, so they can understand and naturally respond to your questions.
• Affordability: Naa Sika is affordable for everyone. We offer various products and services designed to meet the needs of people in the informal sector and youth.
• Accessibility: Naa Sika is accessible to everyone. Our bots can be found in popular Chat apps like WhatsApp, and we offer a variety of ways to deposit and withdraw money by cash and mobile money.

We are also committed to sharing our knowledge and expertise with others so that they can develop solutions to the financial exclusion problem. Our solution is designed to meet the needs of people traditionally underserved by the financial sector. 

One-year impact goals:

• Increase the number of people in the informal sector and African youth with access to financial services by 10,000 customers.
• Reduce the cost of financial services for the informal sector and youth by 10%.
• Improve the financial literacy of the informal sector and youth by 10%.

Five-year impact goals:

• Increase the number of people in the informal sector and African youth with access to financial services by 5%.
• Reduce the cost of financial services for people in the informal sector and youth by 20%.
• Improve the financial literacy of the informal sector and youth by 50%.

We will achieve these impact goals by:

• Expanding our reach to more people in the informal sector and African youth.
• Reducing the cost of our products and services.
• Investing in financial literacy education.

Here are some specific examples of how we plan to achieve these impact goals:

• We will expand our reach to more people in the informal sector and youth in Africa by partnering with local organizations and businesses.
• We will reduce the cost of our products and services by negotiating lower fees with our partners and using technology to automate our operations.
• We will invest in financial literacy education by developing and delivering educational materials and partnering with schools and community organizations.

• Number of people in the informal sector and youth in Africa who have access to financial services. This indicator will measure the number of people who have opened a bank account with Naa Sika or used one of our other financial services.
• Cost of financial services for people in the informal sector and African youth. This indicator will measure the average cost of our products and services as compared to the cost of similar products and services from other providers.
• Financial literacy of people in the informal sector and youth in Africa. This indicator will measure our customers' financial knowledge and understanding.

These indicators are a good way to measure our progress toward our impact goals. We will track these indicators regularly, and we will use the data to make adjustments to our strategy as needed.

We are also committed to sharing our progress with others. We will publish regular reports on our progress and participate in conferences and other events to share our learnings with others.

Problem:

• Financial exclusion is a significant problem in Africa.
• People in the informal sector and youth are disproportionately affected by financial exclusion.
• Financial exclusion can have several negative consequences, including:
  • Reduced economic opportunities
  • Increased vulnerability to poverty
  • Limited access to essential services

Solution:

• Naa Sika is a neoBank that provides financial services to the informal sector and youth in Africa.
• Naa Sika is simple, easy to use, and affordable for everyone.
• Naa Sika is accessible to everyone, even those who do not have a bank account.

Impact:

• Naa Sika can help to reduce financial exclusion in Africa.
• Naa Sika can help to improve the economic opportunities of people in the informal sector and youth.
• Naa Sika can help to reduce poverty and vulnerability.
• Naa Sika can help to improve access to essential services.

Evidence:

• A growing body of evidence shows that digital financial services can help reduce financial exclusion and improve people's lives.
• A study by the World Bank found that digital financial services can help to increase household incomes by up to 20%.
• A study by the International Monetary Fund found that digital financial services can help to reduce poverty by up to 10%.

Naa Sika uses chatbots built into WhatsApp, Telegram, and other apps. These chatbots allow customers to access their accounts and manage their finances within their chat apps. This makes it easy for customers to stay on top of their finances, even on the go.

Naa Sika's SMS service allows customers to receive notifications about payments, balance enquiries, and more.

Diversity, equity, and inclusion are essential to creating a successful and sustainable organization. An equitable and inclusive workforce allows all employees to succeed, regardless of their background or identity. A diverse workforce brings a variety of perspectives and experiences to the table, which can lead to more innovative and creative solutions.

We are committed to creating a diverse, equitable, and inclusive workplace at Naa Sika. We have taken several steps to achieve this goal, including:

• Hiring a diverse team of employees. We are committed to hiring employees from a variety of backgrounds and experiences. We believe that a diverse team is a stronger team.
• Providing unconscious bias training to all employees. This training will help employees to be more mindful of their words and actions and to create a more inclusive environment. We believe that it is essential for all employees to be aware of their own unconscious biases.
• We are creating a culture of inclusion. We believe that it is essential for all employees to feel welcome and respected at Naa Sika. We are committed to building a culture where all employees feel they belong.

We are confident we can create a diverse, equitable, and inclusive workplace at Naa Sika by taking these steps. We believe that this is essential to the success of our organization.

In addition to the above, we are also committed to the following:

• Promoting pay equity. We believe all employees should be paid fairly, regardless of gender, race, or other identity factors. We are committed to conducting regular pay audits to maintain pay equity.
• We are encouraging employee resource groups. We believe that employee resource groups (ERGs) can help to create a more inclusive workplace. We are committed to supporting ERGs and providing them with the necessary resources to thrive.
• Listening to employee feedback. We believe that it is essential to listen to employee feedback and to take action to address any concerns that employees may have. We are committed to creating a workplace where employees feel comfortable speaking up and sharing their ideas.

Naa Sika's business model is based on providing affordable and accessible financial services to low-income African people. Everyone deserves access to financial services, regardless of their income or background. We are committed to providing these services in a way that benefits our customers and is sustainable for our business.

Our key customers are women and youth, often excluded from traditional financial services. We provide a variety of products and services, including:

• Savings accounts: Our savings accounts help people save money for their goals, such as starting a business, buying a home, or sending their children to school. We offer a variety of savings plans to fit different needs and budgets.
• Microloans: Our micro loans are designed to help people start or grow their businesses. We offer loans of up to $500 and have a flexible repayment schedule that fits ones budget.
• Insurance: Our insurance products help protect you and your family from unexpected events, such as death, illness, or job loss. We offer a variety of insurance products to fit your needs.

We provide these products and services through a network of agents and partners. Our agents are trained to help you understand your financial options and choose the right products and services. We also partner with other organizations, such as banks and microfinance institutions, to reach more people.

Our products and services are valuable to our customers because they are affordable, accessible, and tailored to their needs. We understand that financial services can be complex and intimidating, so we make it easy for people to get the help they need. We also offer a variety of products and services to fit different needs and budgets.

We believe that by providing affordable and accessible financial services, we can help people improve their lives and build a better future for themselves and their families. We are committed to providing these services in a way that benefits our customers and is sustainable for our business.

In terms of revenue, we generate income from the interest on loans and the fees on our products and services. We are committed to using our revenue to provide better customer service and expand our reach.

Naa Sika's plan for becoming financially sustainable is to generate income from a variety of sources, including:

• Interest on loans: We generate income from the interest on loans. The interest rate on our loans is set at a level that is both affordable for our customers and profitable for our business.
• Fees on products and services: We also generate income from fees on our products and services. For example, we charge a fee for payments and fund transfers.
• Government grants: We also receive grants to support us. 
• Investment capital: We are raising investment capital to help grow our business. This investment capital will allow us to develop new products and services, to expand our reach, and to improve our operations. In particular, we will use this investment capital to establish B2B products that will help us to reach more customers and to provide them with even better services.

We are scaling across 4 African countries and increasing revenue to help sustain our business in the following ways:

• We are partnering with local banks and microfinance institutions to expand our reach. This will allow us to reach more customers and provide them with the financial services they need.
• We are developing new products and services tailored to our customer's needs in these countries. This will help us to attract new customers and to retain our existing customers.
• We are investing in marketing and advertising to raise awareness of our brand, products, and services. This will help us to reach more customers and to grow our business.
• We are working to improve our operational efficiency. This will help us to reduce our costs and to increase our profits.