Empower360

The specific problem we are working to solve is the lack of access to financial resources and opportunities for low-income communities in South Sudan. This problem is particularly acute in South Sudan, where conflict, poverty, and economic instability have severely limited access to financial services for the majority of the population.

According to the World Bank, only 16% of adults in South Sudan have access to formal financial services, with even lower rates in rural areas. The lack of financial inclusion in South Sudan is a major barrier to economic growth and poverty reduction, as it limits opportunities for entrepreneurship and access to credit.

Globally, the problem of financial exclusion is widespread, with an estimated 1.7 billion people around the world lacking access to formal financial services. This problem disproportionately affects women, youth, and low-income communities in developing countries.

Our solution aims to address this problem by providing entrepreneurship training, access to funding, and mobile banking services through the Empower360 app. By providing these services, we aim to empower individuals and communities to start and grow businesses, build financial resilience, and contribute to economic growth and poverty reduction.

Our solution is Empower360, a mobile app that provides entrepreneurship training, access to funding, and mobile banking services to low-income communities in South Sudan. Empower360 is designed to be user-friendly and accessible, even for individuals with limited digital literacy.

The app works by first providing entrepreneurship training to users, helping them learn the skills they need to start and grow a business. Once users have completed the training, they can apply for funding through the app, and receive the funds directly in their Empower360 account. The app also offers mobile banking services, allowing users to deposit, transfer, and withdraw funds from their account, as well as make payments and access other financial services.

Empower360 uses a combination of technologies to provide these services, including mobile payments, biometric authentication, and machine learning algorithms to assess credit risk. The app is also designed to work offline, allowing users to access services even in areas with limited connectivity.

Our target population is low-income individuals and communities in South Sudan especially the youth and women who lack access to traditional banking services and face barriers to entrepreneurship and economic opportunities.

These individuals are often excluded from the formal financial system due to factors such as lack of identification, limited financial literacy, and inadequate collateral. They may also lack the skills and knowledge needed to start and grow a business, and face challenges in accessing funding and other resources to support their ventures.

Empower360 is designed to address these needs by providing a comprehensive solution that includes entrepreneurship training, access to funding, and mobile banking services. The entrepreneurship training is tailored to the specific needs and challenges of the target population, and is designed to help users learn the skills they need to start and manage a business. The access to funding through the app provides an alternative to traditional banking and lending channels, enabling users to access the capital they need to start and grow their businesses. The mobile banking services provide a convenient and accessible way for users to manage their finances, including making deposits and withdrawals, transferring funds, and making payments.

As the Team Lead, I have spent several years working with low-income communities in South Sudan. Through my work, I have developed a deep understanding of the challenges they face and the opportunities for improving their lives through entrepreneurship. Our team is also representative of the communities we are serving, as we have members who have lived and worked in these communities for many years.

To understand the needs of our target population, we have conducted extensive community engagement and needs assessments. We have met with local entrepreneurs, community leaders, and financial institutions to understand the challenges faced by low-income entrepreneurs in South Sudan. We have also engaged with potential users of our app to understand their needs and preferences when it comes to accessing financial services.

We have used this input to guide the design and development of our app, ensuring that it meets the needs and preferences of the communities we are serving. We have also involved local entrepreneurs in the development process, seeking their feedback and input on the features and functionality of the app. This approach ensures that our solution is meaningfully guided by the communities' input, ideas, and agendas, and that it will effectively serve their needs.

Our solution is a prototype because we have already completed the design process and have a clear understanding of the features and functionality that the app will offer. We have created a detailed wireframe and storyboard of the app's user interface, which shows how users will navigate the app and interact with its different features. Additionally, we have created a basic functional prototype of the app, which allows us to test its basic functionality and user experience. While there is still work to be done in terms of adding additional features and refining the user experience, we believe that our prototype provides a solid foundation for further development and testing. We also have a clear roadmap for the next steps of development, which includes development process, testing, further testing and refining of the app's features, as well as integration with existing banking systems in the target country. Additionally, we will identify potential partners and stakeholders who will be interested in collaborating with us to scale the solution. All of these factors demonstrate that our solution is beyond the concept stage and is actively being developed towards implementation.

We have not yet launched our app . However, there is a huge number of people who have shown interest in our app and services, therefore, we have potential clients.

Empwer360 is applying to Solve for several reasons. Firstly, we believe that Solve can provide us with skills, knowledge through training and mentorship, valuable connections to potential partners, investors, and advisors who can help us overcome the financial, technical, legal, cultural, or market barriers we face. We also believe that Solve can offer us access to expertise and resources that can help us refine and improve our solution.

Specifically, we hope that Solve can help us overcome the financial barrier of securing seed funding for our operations, as we plan to use our revenue streams to cover our operational costs in the long term. We also hope to receive technical support in areas such as platform development and data management, as well as legal guidance in navigating the regulatory environment.

In addition, we believe that Solve can help us overcome cultural and market barriers by connecting us with communities and stakeholders who can provide insights and feedback on how to effectively tailor our solution to local contexts. We are confident that Solve's network and resources can help us achieve our vision of providing access to credit, financial literacy, and economic empowerment to underserved communities worldwide.

Our solution approaches the problem of financial exclusion in a new and innovative way by utilizing technology to create a mobile banking platform specifically designed for the underserved population in South Sudan. While there are other financial inclusion solutions available in the market, they are often inaccessible, expensive, and inconvenient for the people we aim to serve. Our solution will provide a more convenient and affordable way for people to access financial services such as deposits, transfers, and withdrawals, as well as apply for trainings and funding opportunities.

Moreover, our platform will be designed with a user-centered approach, taking into account the unique needs and circumstances of our target population. By engaging with the community and gathering feedback, we can ensure that our solution is relevant, accessible, and impactful.

We believe that our solution has the potential to catalyze broader positive impacts in the financial inclusion space by demonstrating the viability and benefits of mobile banking platforms for underserved populations. Our success could encourage other organizations and financial institutions to invest in similar initiatives, expanding access to financial services and promoting financial inclusion on a larger scale.

Additionally, by increasing financial inclusion, we could contribute to economic growth and poverty reduction in South Sudan. Access to financial services can help individuals and small businesses to grow and thrive, creating more jobs and opportunities for the community.

Our impact goals for the next year include:

• To provide entrepreneurial training to 1,000 individuals from underserved communities
• To facilitate access to funding for at least 100 entrepreneurs to start or scale their businesses
• To onboard 5,000 individuals onto our mobile banking platform to promote financial inclusion
• To increase financial literacy among our target population through customized financial education programs

To achieve these goals, we plan to:

• Establish partnerships with local community-based organizations and microfinance institutions to reach more individuals in underserved communities
• Develop and deliver high-quality entrepreneurial training programs that are tailored to the needs of our target population
• Work with financial institutions to provide affordable access to funding for our entrepreneurs
• Develop and deploy an easy-to-use mobile banking platform that caters to the unique needs of our target population
• Develop and deliver financial literacy programs that are culturally sensitive and tailored to the needs of our target population

Our impact goals for the next five years include:

• To empower at least 10,000 individuals to become successful entrepreneurs and leaders in their communities
• To facilitate access to funding for at least 1,000 entrepreneurs to start or scale their businesses
• To onboard 50,000 individuals onto our mobile banking platform to promote financial inclusion
• To establish Empower360 as a leading provider of financial inclusion and entrepreneurship services in the communities we serve

To achieve these goals, we plan to:

• Scale our operations by expanding our reach to more underserved communities
• Forge partnerships with local and international organizations to increase our impact
• Leverage technology to improve the effectiveness and efficiency of our programs
• Establish Empower360 as a trusted brand in the financial inclusion and entrepreneurship space.

There are several ways we are measuring our progress towards our impact goals. Here are some of the key indicators we are using:

1. Number of people trained: We will be tracking the number of individuals who participate in our entrepreneurial training programs. This will give us an idea of how many people are gaining new skills and knowledge to start or grow their businesses.

2. Number of loans disbursed: We will be tracking the number of loans we are able to disburse to entrepreneurs. This will give us an idea of how many individuals are able to access funding to start or grow their businesses.

3. Number of mobile banking transactions: We will be tracking the number of mobile banking transactions made through our app. This will give us an idea of how many people are using our app to access financial services.

4. Reduction in poverty rates: We aim to reduce poverty rates in the communities we serve. We will track poverty rates before and after our intervention to determine the impact of our solution.

5. Increase in financial literacy: We will be tracking the increase in financial literacy among the individuals who participate in our training programs. This will give us an idea of how much individuals are learning and growing in terms of their financial knowledge.

By tracking these indicators, we will be able to measure our progress towards our impact goals and make any necessary adjustments to our approach.

Our theory of change for Empower360 is based on the idea that by providing entrepreneurial training, access to funding, and mobile banking services, we can empower individuals to take control of their finances and build sustainable livelihoods. We believe that financial inclusion and literacy are key factors in reducing poverty and promoting economic development.

Our activities include providing training and resources to help individuals develop their business ideas, connecting them with microfinance institutions and other funding sources, and providing mobile banking services to make financial transactions easier and more accessible.

Our immediate outputs include the number of individuals who receive training, the amount of funding secured for their businesses, and the number of transactions made through our mobile banking service.

In the short term, we expect to see increased financial literacy and the establishment of sustainable small businesses among our target population. In the long term, we hope to see increased economic stability and reduced poverty in the communities we serve.

We will measure the success of our theory of change by tracking indicators such as the number of businesses created, the amount of revenue generated by these businesses, and changes in household income and poverty levels over time. We will also conduct regular evaluations to assess the effectiveness of our activities and make necessary adjustments to our approach.

Empower360 leverages multiple core technologies to deliver its solution. Here are a few key technologies that power Empower360:

1. Mobile banking: Empower360 uses mobile banking technology to provide access to financial services for people who are unbanked or underbanked. This technology allows users to access banking services such as depositing and withdrawing funds, transferring money, and paying bills through their mobile phones.

2. E-learning platform: Empower360 leverages an e-learning platform to provide entrepreneurial training and financial literacy courses. This platform allows users to access training materials and courses online, making it more accessible and convenient for them.

3. Data analytics: Empower360 uses data analytics to track user behavior, financial performance, and program outcomes. This data is used to improve the platform's effectiveness and to make data-driven decisions.

4. Cloud computing: Empower360 uses cloud computing to store and process data, making it more accessible and easier to manage. This technology allows the platform to scale more efficiently, reducing costs and improving performance.

Overall, Empower360's core technologies work together to deliver a comprehensive financial inclusion and literacy solution.

Empower360 is committed to fostering an environment of diversity, equity, and inclusivity in all aspects of our work. Our team is composed of individuals from diverse backgrounds, including gender, race, ethnicity, and socio-economic status despite being only two at this early stage. We recognize that diversity is essential for driving innovation, and we actively seek to create an inclusive environment that promotes collaboration, open communication, and respect for all individuals.

To ensure equity, Empower360 is committed to providing equal access to opportunities and resources, including entrepreneurial training, funding, and mobile banking services, regardless of race, gender, ethnicity, or socio-economic status. We also strive to eliminate unique and systemic barriers that have prevented marginalized groups from accessing financial services.

In terms of inclusion, Empower360 values the input and feedback of all individuals, and we seek to create a supportive and welcoming environment that values diversity of thought and encourages the expression of diverse perspectives. We actively seek out opportunities to engage with diverse communities and incorporate their feedback into their work.

Empower360 recognizes that diversity, equity, and inclusion are essential for creating lasting positive impact in the communities we serve, and we are committed to incorporating these values into all aspects of their work.

Empwer360's business model is as follows:

Key Customers/Beneficiaries: 

Empwer360's target customers are small and medium-sized enterprises (SMEs) and individuals in underserved communities in Africa who lack access to traditional financial services. Empwer360 aims to provide financial inclusion and access to credit to these populations.

Products/Services: 

Empwer360 offers a range of financial products and services including loans, savings, and credit scores. They provide access to these products and services through a mobile application that is user-friendly and accessible to individuals in underserved communities. Empwer360's mobile app also includes financial education resources to help customers better manage their finances.

Revenue Model:

 Empwer360 generates revenue by charging reasonable interest rates on loans, transaction fees on savings and other financial transactions, and fees for accessing credit scores. The revenue generated is used to sustain the business and provide funding for future expansion.

Value Proposition:

 Empwer360 provides financial inclusion to individuals and SMEs in underserved communities who lack access to traditional financial services. They aim to empower their customers to achieve financial stability and independence through access to affordable credit, savings, and financial education.

 Empwer360's business model is based on providing affordable and accessible financial services to underserved communities while generating revenue through their services.

As a social business, Empwer360 plans to become financially sustainable by generating revenue through the following ways:

1. Interest income from loans: We will offer loans to our clients at a reasonable interest rate. This will allow us to generate income while also providing affordable financial services to underserved communities.

2. Transaction fees: We will charge transaction fees for our services, such as mobile banking, bill payments, and other financial transactions. These fees will be competitive and affordable, while still generating revenue for our operations.

3. Credit scoring: We plan to develop a credit scoring system that will allow us to assess the creditworthiness of our clients. We will charge a fee for this service, which will provide an additional revenue stream for our organization.

4. Strategic partnerships: We will seek strategic partnerships with other organizations, such as microfinance institutions, banks, and mobile network operators, to expand our reach and generate revenue.

5. Grants and donations: We will continue to seek grants and donations to support our operations and expand our impact.

In the long term, we aim to have our revenue streams cover our expected expenses, allowing us to achieve financial sustainability while also providing sustainable and impactful services to our clients.

So far we have noy yet raised any funds. However, Empower360 plans to achieve financial sustainability through several revenue streams. 

We  plan to pursue partnerships with organizations that share our mission and values. These partnerships may include NGOs, government agencies, and financial institutions. Through these partnerships, we hope to access additional funding and resources that can support our work and help us achieve financial sustainability.

While we have not yet raised any funds, we will engage in discussions with potential partners and investors who may have  interest in our solution. We are also actively seeking grants and other funding opportunities to support our initial launch and early operations. We are confident in our revenue streams and funding strategy and believe that with dedicated effort and strategic partnerships, we can achieve financial sustainability and long-term impact.