JITUME- swahili word meaning push yourself forward

The specific problem within the financial inclusion challenge that Jitume Platform is working to solve is the lack of access to affordable investment capital and credit for MSMEs, which contributes to their high failure rate. This problem is compounded by the difficulty in accurately assessing credit-worthiness, which often results in bias against borrowers who have traditionally lacked equitable access to credit. Additionally, there is a lack of relevant data to inform the design of insurance products tailored to populations at greater risk of facing shocks such as unstable markets. In Kenya and Africa, as well as globally, MSMEs are the pillars on which objectives of economic growth are anchored, yet they face significant challenges in accessing funding. According to the SME financing study by Kenya's Bankers Association, both costs of finance and access to finance are key challenges, with at least 60 percent of SMEs in Kenya being denied funding in the last three years. The lack of affordable investment capital and credit is a significant factor contributing to the high failure rate of MSMEs, with insufficient funds cited as the major cause of their collapse. The problem of access to affordable investment capital and credit for MSMEs affects a large number of people globally, with the International Finance Corporation estimating that there are around 400 million MSMEs worldwide. In Kenya, MSMEs account for 98 percent of all businesses and employ around 7.5 million people. The lack of access to funding not only affects the survival of these businesses but also has a negative impact on employment and economic growth. The factors contributing to the problem related to Jitume Platform's solution include the high costs and access of finance and the difficulty in accurately assessing credit-worthiness. In addition, the lack of relevant data to inform the design of insurance products tailored to populations at greater risk of facing shocks such as unstable markets further exacerbates the problem. Jitume Platform's solution aims to address these challenges by providing a digital gateway connecting MSMEs with investors and financial services, making it easier and more affordable for them to access investment capital and credit. Through the platform, MSMEs can also expose their data and financial information to prospective investors and financial services, preparing them for investment and growth. By addressing the challenges faced by MSMEs in accessing funding, Jitume Platform's solution has the potential to support employment and economic growth in Kenya, Africa, and globally.

Jitume is a digital platform that helps MSMEs connect with investors and financial service providers to access investment capital, credit, and business support services. The platform is designed to make it easier and more affordable for individuals and MSMEs to make investments and transfer payments across geographies and different types of platforms. The solution provides new ways to accurately assess creditworthiness of MSMEs and individuals, including methods that reduce bias against borrowers who have traditionally lacked equitable access to credit. It also helps gather, synthesize, or use relevant data to inform the design of insurance products tailored to populations at greater risk of facing shocks such as unstable markets. The Jitume platform operates through a web portal that hosts all the business information, including geolocation for potential investors to view and interact directly with the business owners. Business owners create an account on the site and log in, where they are prompted for necessary details about their business, including existing business documents and an optional video and images about the business. Business owners can then list their businesses based on their geographical location and purchase business support services, such as legal and accounting services, from the Business Services section of the site. Financial service providers can also list and offer their business support services for the business owners to purchase at their own listed rates. Potential investors can create an account on the platform to view businesses per category and interact with business owners, purchase confidential business information, purchase a commitment towards investing in the business, invest in a business owner with business equipment/supplies, or donate to a business owner with business equipment/supplies. The platform uses modern technologies such as web development frameworks, cloud-based servers, and security protocols to ensure that all transactions are secure and confidential. Jitume's solution provides a comprehensive and accessible platform that helps MSMEs connect with the investment and financial support they need to grow and succeed.

The target population for Jitume Platform are Micro, Small and Medium Enterprises (MSMEs) in Kenya and Africa who face challenges in accessing funding and business support services. MSMEs are the backbone of the economy in many developing countries, including Kenya and Africa, but they often lack access to funding due to a lack of creditworthiness assessments, high costs of finance, and limited collateral. This makes it difficult for them to grow and contribute to economic development. Jitume Platform aims to directly and meaningfully improve the lives of MSMEs by providing a digital platform that connects them to investors and financial service providers, helping them access funding and support services that they need to grow and succeed. By providing a geo-located web portal where MSMEs can showcase their businesses, Jitume creates an environment where potential investors can easily view and interact with them, which increases their chances of accessing funding. Jitume also addresses the needs of MSMEs by providing access to business support services, such as legal and accounting services, which are essential to their growth and success. The platform brings together MSMEs and service providers, creating a marketplace where they can find each other and transact. This reduces the time and cost associated with finding the right service providers, which is a challenge for many MSMEs. Overall, Jitume Platform addresses the needs of MSMEs in Kenya and Africa by providing a digital platform that connects them to investors and financial service providers, making it easier and more affordable for them to access funding and support services. The platform leverages technology to increase transparency and efficiency, reducing the barriers that MSMEs face in accessing financial services and support. By doing so, Jitume Platform helps to create a more inclusive financial ecosystem that empowers MSMEs and contributes to economic growth and development.

The Jitume team is well-equipped to design and deliver the solution to the target population. Led by Stephen Waruta, a Kenyan tech entrepreneur who has firsthand experience interacting with diaspora investors and identifying gaps in the investment landscape, the team brings a wealth of knowledge and expertise to the table. Waruta's experience as a business analyst and his certifications in project management, IT, and web development have prepared him to work collaboratively with both technical and non-technical team members, as well as with business owners and investors. In addition to Waruta, the Jitume team includes Joram Mwinamo, a management consultant and founder of SNDBX, and Mashary Keya, a strategy consultant who has worked with over 50 MSMEs in Kenya. Both Mwinamo and Keya bring significant experience working with small and medium-sized enterprises, helping them grow and scale their businesses. What sets the Jitume team apart is their proximity to the communities they are serving. As members of the Kenyan business and startup communities themselves, they have a deep understanding of the challenges and opportunities facing MSMEs in the region. Furthermore, they are actively engaging with the community as they develop the solution, gathering input and feedback to ensure that the platform meets the needs and aspirations of its users. For instance, Mashary Keya's involvement with the Young Entrepreneurs Network allows him to stay informed about the latest trends and priorities among MSMEs in Kenya. Joram Mwinamo's work with SNDBX and SNDBX Capital gives him insights into the financial needs and constraints of small businesses. And Stephen Waruta's interactions with diaspora investors and his understanding of their challenges provide valuable input into the design and implementation of the platform. Overall, the Jitume team's combination of technical expertise, business acumen, and proximity to the communities they serve makes them well-suited to design and deliver a solution that meets the needs of MSMEs and investors in Kenya and beyond.

Our solution is not just a concept, but rather a prototype. This is because we have a clear plan for the technical release schedule, which includes an initial test environment release followed by 8 weeks of QA testing, documentation finalization, and financial transaction test sandbox use. We also have a plan for system regression testing in the staging environment for 4 weeks, and after successful regression tests, all working functions will be deployed to production on Jitume.com. We have identified specific payment gateways such as PayPal, Stripe, and Mpesa for financial transactions. Our solution has already undergone testing in the test environment and will undergo further testing in the staging environment before being released to the public. We have also identified potential payment gateways to be used in production, indicating that we have already taken concrete steps towards implementation. The fact that we have a technical release schedule, testing plan, and identified payment gateways demonstrates that our solution is more than just a concept. We have taken tangible steps towards implementing the platform and are well on our way to delivering a fully functional product to our target population.

N/A- We are at prototype stage

As Jitume seeks financial support, we face several barriers that Solve can help us overcome. Firstly, there is a need for financial resources to set up operations, such as hiring staff, setting up infrastructure, and integrating with various payment gateways. Secondly, marketing the platform requires a significant amount of resources to reach potential users and stakeholders effectively. Thirdly, there may be cultural and legal barriers in some regions that may affect the adoption of the platform. Solve can help us overcome these barriers by connecting us with partners who can provide monetary and non-monetary support, such as financial resources, technical expertise, legal advice, and cultural insights. Solve can also provide a network of mentors and advisors who can guide us through the challenges of setting up operations and marketing the platform. By working with Solve and its partners, we can accelerate our progress towards launching Jitume and delivering its benefits to diaspora investors and MSMEs in Africa.

Jitume is innovative in several ways. Unlike traditional methods of accessing funding and business support services, Jitume leverages digital technology to create a platform that directly connects MSMEs with investors and financial service providers. The platform addresses a significant challenge faced by diaspora investors looking to invest in MSMEs back home, which is currently underserved. Jitume provides a convenient and secure platform for these investors to channel their capital directly into the growth of MSMEs in their home countries, thereby stimulating economic development. One of the key innovations of Jitume is its geo-located web portal, which allows MSMEs to showcase their businesses and attract potential investors. This approach provides greater visibility and accessibility for MSMEs, making it easier for investors to geo-locate and engage with businesses that align with their interests. Moreover, Jitume's platform facilitates not only funding but also the purchase of business support services such as legal and accounting assistance. By offering a one-stop solution for both funding and support services, Jitume streamlines the process for MSMEs, saving them time and effort in searching for and engaging with service providers. Jitume's innovative approach has the potential to catalyze broader positive impacts in the financial inclusion space. By demonstrating the effectiveness of its platform, Jitume inspires other organizations and stakeholders to adopt similar models, leading to a more inclusive financial ecosystem. This creates a ripple effect, as increased access to funding and support services for MSMEs stimulates entrepreneurship, job creation, and economic growth. In terms of changing the market, Jitume disrupts traditional financing and support mechanisms for MSMEs. Its digital platform offers a more efficient and transparent way for investors and service providers to connect with MSMEs, reducing barriers and increasing opportunities for collaboration. By leveraging technology and embracing a user-centric approach, Jitume reshapes the market dynamics, driving greater accessibility, affordability, and efficiency in the MSME financing landscape.

Our impact goal is to make it easier and more affordable for individuals and MSMEs to access investment capital and financial services across geographies and local economies. By connecting MSMEs with potential investors and financial service providers through our digital platform, we aim to bridge the funding gap and provide opportunities for business growth and economic development. We promote financial inclusion and reduce bias. We strive to provide new ways to accurately assess creditworthiness of MSMEs and individuals, reducing bias against borrowers who have traditionally lacked equitable access to credit and financial services. Through innovative methods and data-driven approaches, we aim to provide fair and inclusive access to financial resources, empowering underserved entrepreneurs and fostering a more inclusive financial system.  We will work to establish trust between investors and MSMEs. Our platform will include transparency in financial transactions and detailed business profiles for MSMEs, to help investors make informed decisions about where to invest their capital. We will also work to ensure that MSMEs are properly vetted to reduce the risk of investment. We will focus on providing education and support to MSMEs to help them grow and succeed. This will include resources such as business training and mentorship programs. By helping MSMEs build their capacity and develop strong business plans, we hope to increase the likelihood of their success and attract more investment. To achieve our impact goals will involve establishing partnerships with local financial institutions, as well as building a strong network of investors and MSMEs. Finally, we will track and measure our impact to ensure that we are achieving our goals. This will involve gathering data on the number of MSMEs and investors using our platform, as well as the amount of capital being invested and the impact on MSME growth and development.

Jitume aims to improve access to capital for MSMEs in Africa through a platform that connects investors with local entrepreneurs. By doing this, we contribute to poverty reduction, economic growth, and job creation, in line with the UN Sustainable Development Goals. Our theory of change is that by increasing access to capital, MSMEs will be able to expand their operations, increase their revenue, and create more jobs. The immediate outputs of our solution are the successful registration of diaspora and other investors and the connection of these investors with local MSMEs. This will result in the flow of capital from the diaspora, financial services to the local MSMEs, which will support their growth and expansion. We will measure the success of our solution based on the number of registered investors, the amount of capital invested, credit granted and the number of MSMEs connected to these investors. The longer-term outcomes we hope to achieve are increased revenue for MSMEs and job creation. By increasing access to capital, MSMEs will be able to purchase more equipment, hire more employees, and expand their operations. This, in turn, will increase their revenue and create more jobs, contributing to poverty reduction and economic growth. We will measure the success of our solution based on the increase in revenue and the number of jobs created by the MSMEs connected to investors through our platform.

The core technology that powers the Jitume Platform is a digital web portal and application that leverages various technological tools and features to facilitate interactions between MSMEs and potential investors. The platform utilizes modern technologies and digital innovations to address the challenges faced by MSMEs in accessing capital and financial services. At its core, Jitume is built upon a web-based infrastructure, allowing business owners to create accounts, upload business information, and list their services based on their geographical location. This web portal serves as a central hub where investors can explore and interact directly with the business owners. The platform incorporates features such as geolocation, enabling investors to search for businesses in specific areas, and provides options for online financial transactions. By integrating with trusted payment gateways such as PayPal, Stripe, and local online regulated payment systems like Mpesa, Jitume ensures secure and efficient financial transactions between investors and MSMEs. The platform incorporates components of machine learning data-driven technologies and analytics to assess creditworthiness and reduce bias against borrowers who have traditionally lacked equitable access to credit. This approach allows for more accurate evaluations of MSMEs' financial information and enables better-informed investment decisions. Furthermore, Jitume utilizes cloud-based storage and data management systems to ensure the confidentiality and security of sensitive business and investor information. This technology enables seamless and efficient exchange of data between the platform users.

At Jitume, we believe in the power of diversity, equity, and inclusivity to create a more just and equitable world. We recognize that systemic discrimination and inequality exist in our society, and we are committed to addressing these issues within our own organization and through our work. One of our key approaches to incorporating diversity, equity, and inclusivity into our work is by actively seeking out and listening to diverse perspectives. We believe that by engaging with people from different backgrounds and with different experiences, we can gain a deeper understanding of the problems we are trying to solve and develop more effective solutions. We are intentional about creating a culture that encourages open and honest communication and values different opinions.

We are also committed to creating a safe and inclusive environment for all of our employees and stakeholders. We have established policies and procedures to prevent discrimination and harassment and provide ongoing training to ensure that everyone in our organization understands their rights and responsibilities. We are mindful of the impact that our work may have on different communities and strive to ensure that our solutions are accessible and beneficial to all. We work closely with community members and stakeholders to understand their needs and tailor our solutions accordingly