Include

Financial exclusion is a significant problem that affects over 1.8 billion people worldwide. This means that these people do not have access to basic financial services such as banking, insurance, and credit. As a result, they are often forced to rely on informal financial services, which are often costly and unreliable.

Financial exclusion is not only a moral issue but also an economic one. Studies have shown that financial inclusion can lead to economic growth and poverty reduction. For example, a study by the World Bank found that increasing financial inclusion in developing countries could lead to a 6% increase in GDP growth.

One of the main reasons why financial exclusion persists is that financial services companies are often reluctant to extend their services to financially excluded regions. This is often due to a lack of profitability in these areas, which makes it difficult for companies to justify investing in them.

However, the team at Fuspay believes that financial inclusion is not only a moral imperative but also an economic one. This is why they have developed Include App, an end-to-end financial product that allows people in financially excluded regions to access financial services.

Include App is an end-to-end financial product that allows people in financially excluded regions to access financial services. The app is designed to be user-friendly and accessible to people who may not have had access to financial services before.

The app has a range of features that allow users to send, receive, pay for utilities, save, or access lending. Users can also access a range of other financial services such as insurance and investment products. The app is available in multiple languages, making it accessible to people from diverse backgrounds.

Include App is designed to be as accessible as possible, with both mobile app and ussd options available. This means that users can access the app even if they do not have a smartphone or access to the internet.

One of the key features of the Include App is its back-office support. Fuspay provides technical support and maintenance for the app, allowing businesses and entrepreneurs to focus on customer acquisition and marketing. This means that users can focus on growing their business without having to worry about the technical aspects of the app.

The Include App has the potential to impact the lives of people in financially excluded regions in several ways. Here are some of the ways in which the app will make a difference:

Access to Financial Services: The most significant impact of the Include App is that it provides people in financially excluded regions with access to financial services. This includes services such as banking, insurance, credit, and investment. With access to these services, people can manage their finances more effectively, save money, and invest in their future.

Financial Stability: Financial exclusion often leads to instability, as people are forced to rely on informal financial services that can be unreliable and costly. With access to formal financial services through Include App, people can build financial stability, save for emergencies, and plan for their future.

Business Growth: For entrepreneurs and businesses in financially excluded regions, the Include App can be a game-changer. With access to financial services, businesses can grow and expand, create jobs, and contribute to the local economy. The back-office support provided by Fuspay also means that businesses can focus on customer acquisition and marketing, rather than technical issues.

Convenience: Include App makes it convenient for people to access financial services. Users can access the app through their mobile phones or ussd, and the app is available in multiple languages, making it accessible to people from diverse backgrounds. With Include App, people can access financial services on the go, without having to travel long distances to access a bank or other financial institution.

Cost-Effective: The Include App is a cost-effective solution for financial inclusion. Rather than building physical branches and infrastructure, Fuspay has developed a mobile app that can be accessed by people in financially excluded regions. This means that the cost of providing financial services is lower, making it more accessible to people who may not have had access to these services before.

In Conclusion,

Include App is a game-changing technology that has the potential to impact the lives of people in financially excluded regions. The app provides access to financial services, financial stability, and business growth opportunities. It is user-friendly, convenient, and cost-effective, making it accessible to people who may not have had access to financial services before.

Fuspay's back-office support also means that businesses and entrepreneurs can focus on customer acquisition and marketing, rather than technical issues. Include App is a cost-effective solution for financial inclusion that has the potential to reduce the financial inclusion gap and contribute to economic growth and poverty reduction.

At Fuspay, we understand that the success of the Include App depends on our proximity to the communities we are serving. We believe that the best way to design and deliver a solution that meets the needs of these communities is to involve them in the design process.

Our team lead and team members are representative of the communities we are serving. We have a diverse team that includes people from different backgrounds, including people who have experienced financial exclusion firsthand. We believe that this diversity gives us a unique perspective and helps us to understand the needs of our target population better.

We are engaging with the communities we are serving in several ways. We have set up focus groups and conducted surveys to gather feedback and input from people in financially excluded regions. We have also been working with local NGOs and community-based organizations to understand the needs of these communities better.

We are using the feedback and input we have received from these engagements to guide the design and implementation of our solution. We believe that it is essential to involve the communities we are serving in the design process to ensure that our solution meets their needs and is meaningful to them.

Furthermore, we are committed to ongoing engagement with the communities we are serving. We will continue to gather feedback and input and use this to improve and iterate on our solution. We believe that this ongoing engagement is crucial to ensuring that our solution remains relevant and impactful for the communities we are serving.

In conclusion, we believe that our team's proximity to the communities we are serving, our commitment to engagement and ongoing feedback, and our diversity and unique perspectives make us the right people to design and deliver this solution. We are committed to creating a solution that meets the needs of our target population and contributes to reducing the financial inclusion gap.

At Fuspay we have built a mobile app and currently testing it with a close group of people in a community.

• The team has invested development hours over 8 months in the development of the Include App technology.
• At Fuspay we have raised a pre-seed fund of $250,000
• Testing with a close-group of 200 people.

We currently testing the application with a close group of 200 selected people within the locality of the community we are serving

Below are Test Data - Screenshots

Numbers of Phone brand testing our application

Rating & Experience on the app usage

Test Data on different features of the app

We believe that the community of innovators and problem-solvers that Solve brings together can help us connect with potential partners, investors, and stakeholders who share our vision of financial inclusion for all.

As a team, we are committed to the success of our Include App solution, and we understand that we cannot achieve this alone. We recognize the importance of building strong partnerships and collaborations with other organizations and individuals who share our passion for financial inclusion.

We believe that the Solve platform provides an excellent opportunity for us to engage with a diverse community of problem-solvers and innovators, share our solutions, and learn from other innovators in the same space. Through Solve, we hope to connect with potential partners and investors who can provide the necessary resources, expertise, and support to scale our solution to new regions and communities.

At Fuspay, we are excited about the potential impact of our Include App solution, and we are committed to ensuring that it reaches as many people as possible. We believe that applying to Solve will help us achieve our goals and make a meaningful difference in the lives of millions of people who currently lack access to basic financial services.

Include by Fuspay is innovative in several ways that set it apart from other financial inclusion solutions. Here are a few key features that make Include innovative:

End-to-end solution: Include is an end-to-end financial solution that provides a range of services such as sending, receiving, paying for utilities, saving, and accessing lending. This means that users can access a range of financial services through a single platform, which simplifies the process of financial management.

Mobile-first design: Include has been designed from the ground up to be mobile-first, which means it is optimized for use on mobile devices. This is important because many people in financially excluded regions primarily use mobile devices to access the internet, so having a mobile-first solution makes it more accessible and convenient for users.

Accessibility: Include is designed to be accessible to people who are financially excluded due to literacy or technology barriers. The platform includes support for USSD, which allows users to access the service using basic mobile phones without the need for a smartphone or internet connectivity.

Community-driven approach: Fuspay's Include solution is developed with a community-driven approach, which means that the needs of the target population are taken into account during the design and development process. This approach ensures that the solution is relevant, useful, and accessible to the people who need it the most.

Partnership opportunities: Include is designed to be a scalable solution that can be easily integrated with existing financial services providers, such as banks and payment processors. This opens up partnership opportunities that can help to accelerate the adoption of the platform and expand its reach to new regions and communities.

Decentralized Impact Approach: With Include operating as a white-labeled solution, this promotes concurrent participation of different communities. The impact is decentralized. This means that Include can make an impact in 1000 different communities all at the same time without limitation.

Overall, Include by Fuspay is an innovative financial inclusion solution that is designed to be accessible, convenient, and community-driven. Its end-to-end design, mobile-first approach, and focus on partnership opportunities make it a unique and promising solution for addressing financial exclusion in underserved regions.

Short-term (12 months):

1. Increased awareness and adoption of the Include App by people in financially excluded regions.
2. Improved access to financial services for people in financially excluded regions.

Medium-term (2 years):

1. Increased usage and engagement with Include App by people in financially excluded regions.
2. Improved financial literacy and capability for people in financially excluded regions.
3. Improved financial health for people in financially excluded regions.

Long-term (5years):

1. Increased financial inclusion for people in financially excluded regions.
2. Improved economic growth and development in financially excluded regions.
3. Improved social outcomes such as poverty reduction, gender equality, and reduced inequalities in financially excluded regions.

SDG 1: No Poverty - Include App can help reduce poverty by providing access to financial services such as savings, loans, and insurance, which can help people manage their finances and build a safety net.

SDG 5: Gender Equality - Include App can play a crucial role in promoting gender equality by giving women access to financial services, which can help them to start and grow businesses, save money, and invest in education and health.

SDG 8: Decent Work and Economic Growth - Include App can support economic growth by providing access to credit, which can help entrepreneurs and small businesses to start and expand their businesses, create jobs, and contribute to the local economy.

SDG 10: Reduced Inequalities - Include App can help to reduce inequalities by providing access to financial services for marginalized and disadvantaged populations, such as rural communities and low-income households.

SDG 17: Partnerships for the Goals -

Include Appis an important enabler for several of the SDGs, and achieving financial inclusion that contributes to the broader global efforts to eradicate poverty, promote gender equality, create decent work and economic growth, reduce inequalities, and build sustainable partnerships. 

Our Theory of Change for the Include App is as follows:

Goal:

To increase financial inclusion for people in financially excluded regions by providing an end-to-end financial product through a mobile app, ussd, and back-office.

Assumptions:

• Lack of access to financial services is a key barrier to financial inclusion.
• People in financially excluded regions have a need for financial services such as savings, loans, and payment solutions.
• Providing an end-to-end financial product through a mobile app, ussd, and back-office will enable people to access financial services.
• Building partnerships with financial institutions, governments, and other stakeholders will help to scale the solution and make it sustainable.

Intervention:

Develop and deploy Include App, a mobile app and ussd platform that allows users to send, receive, pay for utilities, save, or access lending. Provide support to users and build partnerships with financial institutions, governments, and other stakeholders to scale the solution.

Outcomes:

Short-term:

• Increased awareness and adoption of the Include App by people in financially excluded regions.
• Improved access to financial services for people in financially excluded regions.

Medium-term:

• Increased usage and engagement with Include App by people in financially excluded regions.
• Improved financial literacy and capability for people in financially excluded regions.
• Improved financial health for people in financially excluded regions.

Long-term:

• Increased financial inclusion for people in financially excluded regions.
• Improved economic growth and development in financially excluded regions.
• Improved social outcomes such as poverty reduction, gender equality, and reduced inequalities in financially excluded regions.

Monitoring and Evaluation:

• Collect data on the number of users and usage patterns of the Include App.
• Conduct surveys and focus groups to gather feedback and insights from users.
• Monitor financial health indicators such as the savings and debt levels of users.
• Track progress towards achieving long-term outcomes and adjust strategies as necessary.

Our solution is built on:

Payment Technology - Blockchain technology.

Mobile App - Flutter for iOS & Andriod

Inclusion - USSD

Messaging - SMS, Email

Hiring a diverse team: Fuspay ensures that its team is diverse in terms of ethnicity, gender, and cultural background. This enables us to bring a range of perspectives and experiences to the table, which will help us to design and deliver a solution that is relevant and appropriate for the communities we serve.

Conducting community consultations: Fuspay engages with the communities we serve through consultations to understand their unique needs, preferences, and cultural sensitivities. This will help us to tailor our solution to meet their specific needs and ensure that we are not imposing our own biases or assumptions on them. 

Incorporating diversity into product design: Fuspay ensures that our product design incorporates a range of cultural perspectives, languages, and other factors that reflect the diversity of the communities we serve. This may include features such as language localization, culturally relevant graphics, and user-friendly interfaces that are accessible to all users.

Establishing partnerships: Fuspay partners with local organizations, financial institutions, and other stakeholders to gain a better understanding of the cultural and social norms that impact financial inclusion. This will enable us to build relationships and collaborations that are grounded in mutual respect and trust.

Ongoing training and development: Fuspay ensures that our team is trained and developed in DEI practices and principles. This may include training in cultural sensitivity, unconscious bias, and other related topics that will enable us to be more effective in our work and responsive to the needs of the communities we serve.

Value Proposition - We offer White labeled financial apps that allows users to save, send and receive money, purchase utilities, and access lending services to different business in communities that are not financially included.

Channel - Our Channel of marketing is Digital marketing, PR, Email marketing, and deploying our solution through white labeling to different people across different communities.

Revenue Model - We make through transaction fees in transfer, interest on savings deposits, and commissions on utility services.

As we provide White labeling of our solution we generate revenue true transaction commission on transfers, savings, and purchase of utilities.

The decentralization nature of our business strategy allows us to scale our impact significantly while increasing our revenue capacity.

Fuspay has raised $250,000 in pre-seed funding and is currently in the process of raising both debt and equity of $5m in its seed round to drive business growth impact and marketing.