Dot

Growing up as an immigrant student in Africa, my friends and I struggled to access financial services as we moved from one country to the other. Immigrant students are forced to use cash primarily because our credit/debit cards don’t work outside of their origin country, there’s no cross-border transfer of credit history, and the KYC (SSN equivalent) systems are localized (not designed to serve immigrants). As a result of these factors, immigrant students are usually ostracized from the banking system in their new country and cannot digitally move their funds, experience e-commerce, or peer-to-peer transfers, let alone experience support with finance management. 

Dot is building a cash-to-cashless experience for immigrant students in Africa- allowing them to digitize their cash in seconds. Our fintech partner (Ukheshe) enables us to use over 1500 Pick N Pay stores where immigrant students can fund their Dot wallet with cash in South Africa, create virtual Mastercard for e-commerce, initiate instant peer-to-peer transfers, and manage healthy spending habits without needing an existing bank account/ debit or credit card. Our first-time customers are immigrant students within Africa between the age of 16-30 studying in another country and are limited in online spending due to not being formally banked.

Every year, 40,000 immigrant students enroll across schools in South Africa. We want to begin by primarily servicing the immigrant students in South Africa and a secondary focus on local students who do not have access to banking or have limited access to digital banking.

Hence, immigrant students between the age of 16-30 studying in another country and are limited in online spending due to not being formally banked.

Immigrant workers, asylum seekers, and refugees. 

Total Available Market (African Immigrants in Africa): 20M+

Total Available Market (Immigrants in the World): (281M+)

Serviceable Available Market (African Immigrants in South Africa): 4M+

Growing in Africa, my options were limited to cash (only local and offline), highly expensive cards (debit cards only work locally and credit cards are rare in Africa), or having a rich uncle and aunt (we shared an indignant background and local banks were a nightmare). 

When I left Nigeria to study in South Africa, Dot was born out of the need to solve the problems we experienced as students. Rather than providing bank accounts for students, we are focusing on providing students with the banking experience. 

Abdulrasaq (Dulra) worked as a consultant for the African Leadership Consulting Group to deliver pro-bono research and consulting for youth-led SMEs in Africa and also worked as a Research Analyst for the Pennsylvania Small Business Development Center. He has also served as the Director for Logicae Science Summer Program, where he helped build a scientific research summer program for high school students from 15+ African countries. He was recently named a Silicon Valley Social Impact Fellow at Lehigh University and a Ford Fund Fellow by the Watson Institute. He also joined the highly selective NASDAQ Milestone Maker Program that comes with intense executive coaching and was recently featured on Nasdaq Times Tower in NYC. At Dot, Dulra leads a team of 6- a full-time backend engineer, two full-time frontend engineers, two product designers, and a marketing lead. Together, the team strives to provide financial inclusion to immigrant students in Africa. 

We served 200+ immigrant students in our pilot version. We are planning to relaunch a full-scale fintech solution to thousands of students in the coming months.

We are applying to Solve because we strongly believe in the power of community and the value of a supportive network. Solve provides an incredible platform that fosters collaboration, learning, and feedback, which are essential for our growth and success. We recognize that by engaging with Solve, we can connect with like-minded individuals and organizations who are passionate about making a positive impact in the world. 

The diverse community within Solve can offer us valuable insights, knowledge, and expertise that will help us navigate the challenges we face.

By becoming a part of Solve, we aim to not only receive support but also actively contribute to the community by sharing our experiences and expertise, thus fostering a culture of learning and innovation.

In the rapidly evolving landscape of financial technology, staying ahead with the latest technological advancements is crucial. We recognize that Solve can connect us with leading technical experts and partners who can provide valuable insights and guidance. By leveraging Solve's network, we can access cutting-edge technological expertise, including advancements in digital payment systems, data security, and user experience, enabling us to continuously enhance and refine our solution.

Additionally, navigating the complex regulatory landscape within the financial sector can be challenging, especially when dealing with cross-border transactions and digital financial services. Solve can facilitate connections with legal experts who can help us navigate these regulatory challenges and ensure compliance with relevant laws and regulations. This support will be instrumental in expanding our solution across multiple African countries and addressing the legal barriers associated with operating in different jurisdictions.

In addition, each country in Africa has its own unique cultural nuances and preferences when it comes to financial services. Solve's diverse network and global reach can connect us with cultural advisors and partners who understand the intricacies of the regions we aim to serve. By incorporating cultural insights into our solution, we can better tailor our offering to meet the specific needs and preferences of immigrant students in Africa, enhancing user adoption and engagement.

On top of that, entering and scaling in new markets can be a daunting task, particularly in the financial sector. Solve's network can connect us with potential partners, including financial institutions, mobile network operators, and e-commerce platforms, who can facilitate market access and collaboration. By forming strategic partnerships through Solve, we can overcome market barriers, leverage existing distribution channels, and reach a larger user base more efficiently.

Overall, Solve offers us a unique opportunity to connect with a diverse range of partners and experts who can provide both monetary and non-monetary support to advance our solution. We recognize that Solve is not solely a funding opportunity but rather a platform that can help us overcome the specific barriers we face by connecting us with the right partners and resources. We are excited to engage with Solve's community and leverage its expertise to further develop and scale our solution, ultimately creating a positive impact on the lives of immigrant students in Africa.

Dot's solution approaches the problem of financial inclusion for immigrant students in Africa in a new and innovative way. By offering a cash-to-cashless experience, Dot allows these students to easily digitize their cash within seconds. This process is facilitated through a strategic partnership with Ukheshe, a fintech company, and leverages the extensive network of over 1500 Pick N Pay stores in South Africa. Through these stores, immigrant students can fund their Dot wallet with cash, enabling them to access a range of financial services.

One key aspect of Dot's solution is the creation of a virtual Mastercard for e-commerce. This empowers immigrant students to engage in online spending, opening up a world of opportunities for them in the digital realm. Additionally, the ability to initiate instant peer-to-peer transfers facilitates seamless transactions between individuals, making it easier for students to manage their finances and support each other within their community.

Dot's solution is particularly beneficial for immigrant students who do not possess a formal bank account, debit card, or credit card. By providing them with a cashless option, Dot removes the barriers that hinder their access to financial services and empowers them to take control of their finances.

Furthermore, Dot's solution has the potential to catalyze broader positive impacts within the financial inclusion space. By demonstrating the effectiveness of a cash-to-cashless experience tailored to the needs of immigrant students, Dot can inspire and influence other organizations and stakeholders to develop similar solutions for underserved populations. This could lead to a wave of innovation and collaboration in the sector, driving positive change and expanding access to financial services for millions of individuals across Africa.

In terms of market transformation, Dot's solution has the power to revolutionize the way immigrant students manage their finances. By providing a seamless and user-friendly cash-to-cashless experience, Dot can fundamentally change the way these students interact with money, enabling them to navigate the challenges of cross-border transactions and financial management.

As Dot's solution gains traction and popularity, it could disrupt traditional banking models and encourage the financial industry to adopt more inclusive practices and services. This market transformation would ultimately result in greater financial inclusion, improved economic opportunities, and enhanced financial well-being for immigrant students and other underserved populations in Africa.

Our impact goals for the next year and the next five years are focused on creating a transformative change in the lives of immigrant students in Africa through our solution.

In the next year, our primary goal is to successfully launch our V1.0 product by Summer (July/August). This will mark a significant milestone in our journey towards empowering immigrant students with digital financial services. We will work diligently to ensure a smooth and user-friendly experience for our users.

To expand our reach and maximize our impact, we aim to onboard 50 campus ambassadors across five schools in South Africa within the next year. These ambassadors will play a crucial role in raising awareness about our solution and engaging with the student community, ultimately driving the adoption and usage of our platform.

Furthermore, we are committed to achieving a minimum of 500 new users per month on a month-over-month basis post-launch. This growth target reflects our dedication to reaching a significant number of immigrant students and providing them with the necessary tools to manage their finances effectively.

To achieve these impact goals, we have developed a comprehensive strategy. We will leverage strategic partnerships with educational institutions, student organizations, and other relevant stakeholders to identify and recruit campus ambassadors. Through targeted marketing campaigns, we will raise awareness about our solution and its benefits among immigrant students. Additionally, we will continuously enhance our product based on user feedback, ensuring that it meets the evolving needs of our target audience.

As we progress towards our five-year impact goals, we will focus on scaling our solution to reach a broader population of immigrant students across multiple countries in Africa. We will invest in technological advancements and innovations to continually enhance our platform's capabilities and expand the range of financial services we offer.

Collaboration will be a key element of our strategy. We will actively seek partnerships with financial institutions, payment processors, and other ecosystem players to integrate our solution into existing infrastructure and provide a seamless experience for our users.

Ultimately, our impact goals are centered around empowering immigrant students with the financial tools they need to thrive in their new environments. By enabling them to digitize their cash, access e-commerce, and manage their finances effectively, we aim to catalyze their economic empowerment, foster financial inclusion, and drive positive social change.

1. Number of users onboard: This metric helps us track the growth and adoption of our solution. We monitor the number of users who have successfully registered and started using our platform to digitize their cash, make transactions, and manage their finances.

2. Number of campus ambassadors: As an important component of our strategy, the number of campus ambassadors we onboard serves as an indicator of our ability to engage with the student community effectively. We track the recruitment and activation of campus ambassadors across various schools in South Africa, which reflects our progress in raising awareness and driving user acquisition.

3. Finalize agreement with banking/fintech partner: This milestone indicates our progress in establishing a strategic partnership with a banking or fintech institution. It demonstrates our ability to collaborate and leverage existing infrastructure to enhance our solution's functionality and provide a seamless user experience.

4. Collaboration with strategic partners: We collaborate with organizations such as the African Leadership Network and Master Foundation Scholars Program to recruit campus ambassadors. The successful establishment of these partnerships signifies progress in expanding our network and leveraging existing communities to reach our target audience effectively.

In addition to these specific indicators, we also align our progress measurement with relevant indicators associated with the UN Sustainable Development Goals (SDGs) that resonate with our solution's objectives. These indicators provide a broader framework for assessing our impact in areas such as financial inclusion, education, and partnerships for sustainable development.

By regularly tracking and analyzing these indicators, we can evaluate our performance, identify areas for improvement, and make data-informed decisions to steer our solution toward achieving its intended impact.

Our theory of change centers around addressing the challenges faced by immigrant students in Africa who struggle to access financial services. By providing a cash-to-cashless experience through our solution, we aim to empower these students to digitize their cash and gain access to essential financial tools and services. Here's how we expect our solution to have an impact on the problem:

1. Immediate Outputs: a. Onboarding users: We will onboard immigrant students onto our platform, allowing them to create virtual Mastercards for e-commerce, initiate instant peer-to-peer transfers, and manage their spending habits without the need for a traditional bank account or debit/credit card. b. Recruiting campus ambassadors: By collaborating with strategic partners like the African Leadership Network and Master Foundation Scholars Program, we will recruit campus ambassadors who can help raise awareness about our solution and assist their peers in utilizing our platform.

2. Short-Term Outcomes: a. Increased financial inclusion: Immigrant students will have access to digital financial services, enabling them to participate in e-commerce, make secure transactions, and manage their funds more effectively. b. Enhanced financial literacy: Through our platform and the support of campus ambassadors, we will provide educational resources and tools that promote financial literacy among immigrant students, empowering them to make informed financial decisions.

3. Long-Term Outcomes: a. Improved economic opportunities: By facilitating digital financial inclusion, our solution will enable immigrant students to explore economic opportunities, access microloans, and build financial resilience, thereby contributing to their economic empowerment. b. Broader societal impact: As more immigrant students gain access to financial services and become financially empowered, we anticipate positive ripple effects within their communities and broader society, fostering economic growth and social development.

Our theory of change is supported by our partnership with Ukheshe, a fintech company that provides the infrastructure and network of Pick N Pay stores for cash funding. Additionally, our collaboration with strategic partners and the engagement of campus ambassadors further strengthen our ability to reach and serve our target population effectively.

While we continuously evaluate and refine our theory of change through user feedback, engagement metrics, and impact evaluations, we remain committed to our vision of empowering immigrant students in Africa through our cash-to-cashless solution and driving positive change in their financial well-being and overall quality of life.

The core technology that powers our solution is mobile applications for iOS and Android users. These mobile apps serve as the primary interface for immigrant students in Africa to access our cash-to-cashless platform. Through our mobile apps, users can easily digitize their cash, create virtual Mastercards for e-commerce, initiate peer-to-peer transfers, and manage their spending habits.

By leveraging mobile technology, we tap into the widespread use of smartphones among our target audience. Mobile apps provide a user-friendly and accessible platform for immigrant students to interact with our solution, regardless of their location or access to traditional banking services. The apps enable seamless and secure financial transactions, ensuring a smooth cash-to-cashless experience for our users.

Furthermore, our mobile apps are designed to prioritize user experience and provide a range of features tailored to the specific needs of immigrant students. We integrate intuitive interfaces, personalized financial management tools, and educational resources to enhance financial literacy and empower users to make informed decisions.

Our choice of mobile technology aligns with the prevailing trend of digital transformation and the increasing adoption of mobile devices across Africa. By utilizing mobile apps, we leverage the convenience and connectivity offered by smartphones, reaching a larger user base and enabling broader financial inclusion for immigrant students.

As we continue to develop and improve our solution, we stay abreast of advancements in mobile technology to enhance the functionality, security, and user experience of our mobile apps. We remain committed to leveraging technology to address the financial challenges faced by immigrant students and empower them to thrive in their new environments.

In summary, our solution is powered by mobile applications for iOS and Android users, enabling immigrant students in Africa to access our cash-to-cashless platform, manage their finances, and unlock digital financial opportunities. This technology-driven approach allows us to deliver convenience, accessibility, and transformative impact to our target audience, contributing to their financial inclusion and overall well-being.

Incorporating diversity, equity, and inclusivity into our work is a fundamental aspect of our approach. While our current leadership team comprises individuals from Nigeria, Tanzania, Rwanda, and the United States, we recognize the importance of further diversifying our team to foster a more inclusive and equitable environment.

One of our goals as a team is to actively promote diversity and gender representation within our organization. Although our current main team does not include any female or nonbinary individuals, we are dedicated to addressing this disparity and working towards a more balanced and diverse team composition. We believe that diverse perspectives and experiences are crucial in driving innovation, understanding the needs of our target audience, and effectively addressing the challenges faced by immigrant students in Africa.

To enhance diversity within our team, we have implemented an internship program that has resulted in a 70% female representation among our interns. This initiative reflects our commitment to providing opportunities and creating a more inclusive environment for individuals from different backgrounds.

Moving forward, we are actively seeking to learn and implement strategies that promote diversity, equity, and inclusion within our organization. We recognize that diversity goes beyond gender and includes social, cultural, and identity-based attributes. We are dedicated to fostering an environment where all team members feel welcomed, respected, supported, and valued.

To achieve our goals, we are exploring various approaches, such as targeted recruitment efforts, partnerships with organizations focused on diversity and inclusion, and ongoing training and education for our team members. We aim to create a workplace culture that embraces diversity, encourages collaboration, and leverages the strengths and perspectives of every individual.

We believe that by incorporating diversity, equity, and inclusivity into our work, we can better understand and meet the diverse needs of immigrant students. Our commitment to these principles extends beyond our internal team to our interactions with partners, stakeholders, and the communities we serve.

In summary, our approach to incorporating diversity, equity, and inclusivity involves actively working towards a more diverse team composition, fostering an inclusive environment, and implementing strategies that promote diversity in all its forms. We are committed to continuously learning and evolving as an organization to ensure that diversity and inclusion are at the forefront of our work, enabling us to create a positive and transformative impact for immigrant students in Africa.

Our business model revolves around providing value to our users, primarily immigrant students in Africa, by offering them a cash-to-cashless experience through our digital platform. We generate revenue through a combination of monthly subscription fees and per-transaction fees. Additionally, we offer specific features tailored for schools and e-commerce sellers, for which we charge additional fees.

To ensure our long-term financial sustainability, we have developed a multi-faceted approach that combines different revenue streams. In the initial stages, we will rely on grants and equity funding to support our operations and fuel our growth. We will actively seek out grant opportunities from foundations, government agencies, and impact-oriented organizations that align with our mission of empowering immigrant students in Africa.

Additionally, we will engage in equity funding rounds to attract investment from impact investors, venture capitalists, and strategic partners who share our vision and recognize the potential of our solution. These funds will provide us with the necessary capital to scale our operations, expand our reach, and further enhance our platform's features and capabilities.

As we progress and gain traction in the market, we will also generate revenue through our business model. We plan to charge users a monthly fee and a per-transaction fee for utilizing our cash-to-cashless platform. This subscription-based revenue model will provide a steady stream of income and help cover our operational costs and ongoing development efforts.

Furthermore, we will explore partnerships and collaboration opportunities with educational institutions, schools, and e-commerce platforms. By offering tailored features and services for these specific segments, we can generate additional revenue through service contracts and fee-based arrangements.

Ultimately, our goal is to establish a sustainable financial model where a combination of grants, equity funding, and revenue from our user base and strategic partnerships will cover our expected expenses and support the continued growth and impact of our solution. As we expand our user base and demonstrate the value and effectiveness of our platform, we aim to reach a point where our revenue streams surpass our expenses, ensuring long-term financial sustainability.

We have raised a combination of grants and venture capital to achieve financial sustainability So far, we have received $21,000 in grants and $125,000 in equity funding. We also got into a program with additional access to $10,000 for the next three years.