Mama Pesa

In Kenya, an estimated 58% of women are financially excluded, lacking access to formal financial services. This mirrors a global trend where women are disproportionately impacted by a lack of financial inclusion, with the World Bank estimating 1.4 billion adults worldwide are unbanked.

Limited financial education is a key factor. Many women entrepreneurs lack basic financial literacy, hindering their ability to manage money, budget effectively, access credit, and build savings. Traditional financial literacy programs often face language and accessibility barriers, failing to reach women in remote areas or those who don't speak the dominant language. Additionally, social stigma can discourage women from taking control of their finances or seeking financial services.

Mama Pesa's AI-powered solution tackles these challenges directly. By personalizing financial literacy content based on a woman's business and goals, Mama Pesa delivers accessible education through mobile phones in local languages. Interactive learning through chatbots or modules keeps women engaged in a user-friendly way.

By addressing these factors, Mama Pesa empowers women entrepreneurs with the knowledge and confidence to manage their finances effectively, driving financial inclusion and economic empowerment.

Mama Pesa is an AI-driven platform designed to empower unbanked and underbanked women-owned businesses in Kenya with comprehensive financial literacy and education. Our platform seamlessly integrates data from a range of financial institutions, including banks, the Capital Markets Authority, insurance companies, pension funds, and investment firms. This wealth of data enables women who previously had limited access to such financial services to gain a deep understanding of them, empowering them to make informed decisions to grow their wealth and investments.

Central to the Mama Pesa platform is our interactive chatbot, serving as a personal financial assistant for every question and concern women may have about finance. This chatbot is trained on a sophisticated language model, allowing it to provide clear and actionable information in a natural and conversational manner. Whether users need guidance on opening a bank account, investing in the stock market, or understanding insurance options, our chatbot is equipped to offer tailored advice to meet each user's specific needs.

Built on cutting-edge technology, Mama Pesa prioritizes data security and privacy while delivering a user-friendly experience. By democratizing access to financial information and education, Mama Pesa is leveling the playing field and empowering women to take control of their financial futures.

For a closer look at how Mama Pesa works, you can check out our product demo video- https://drive.google.com/file/...

Mama Pesa serves unbanked and underbanked women-owned businesses in Kenya, a demographic that has historically faced significant barriers to accessing financial services and education. These women often lack the necessary knowledge and resources to navigate the complex world of banking, investing, and insurance, making it difficult for them to grow their businesses and secure their financial futures. According to the Kenya National Bureau of Statistics, 58% of Kenyan women are financially excluded, lacking access to formal financial services. This statistic mirrors a global trend identified by the World Bank, which reports that 1.4 billion adults worldwide are unbanked, with women disproportionately impacted by this lack of access.

In response to this widespread issue, Mama Pesa provides comprehensive financial literacy and education through our AI-driven platform. By integrating data from various financial institutions and offering personalized guidance and support through our interactive chatbot, we empower women to learn about, understand, and leverage a wide range of financial services tailored to their needs.

By democratizing access to financial information and education, Mama Pesa is leveling the playing field and equipping women with the knowledge and tools they need to make informed financial decisions. Our platform enables these women to open bank accounts, explore investment opportunities, understand insurance options, and ultimately, take control of their financial lives.

With Mama Pesa, we aim to reverse the trend of financial exclusion and empower women to build a more prosperous future for themselves and their communities, both in Kenya and globally.

Our team at Mama Pesa is deeply rooted in the communities we serve, reflecting a diverse range of expertise and experiences that uniquely position us to design and deliver impactful solutions to unbanked and underbanked women-owned businesses in Kenya.

1. Purity, our AI expert and Royal Academy of Engineering alumna, leads the design and development of Mama Pesa's AI infrastructure. With seven years of experience at Google specializing in AI, Purity brings a powerful blend of technical brilliance and social impact to our team. Her ability to translate complex AI into tangible impact has been showcased at international conferences like ICCM5 and UNESCO, making her a powerful advocate for both women and environmental sustainability.
2. Derrick is the driving force behind Mama Pesa's technological innovation, leveraging his expertise in top-tier technologies like React, React Native, Django, and Docker to craft intuitive user interfaces that guide women towards financial empowerment and independence. His background in Computer Science and previous contributions to groundbreaking projects at Dukatech demonstrate his commitment to leveraging technology for social good.
3. Juliet spearheads our Sales and Marketing efforts, drawing on her three years of expertise in embedded finance and Data Mining to forge seamless partnerships across various sectors like agriculture, agribusiness, and consumer goods. Her understanding of supplier, wholesaler, and retailer needs ensures a steady stream of new users, fueling Mama Pesa's mission to empower women farmers through innovative financial solutions.
4. Kelvin, an alumnus of the Royal Academy of Engineering UK, brings a wealth of experience working with global organizations like the World Bank and the Newton Fund to tackle complex financial challenges in the developing world. His visionary leadership and commitment to lasting impact drive Mama Pesa's research and development, inspiring the creation of futuristic products that bridge local needs with global trends.
5. Noreen, our data-driven strategist with a global perspective, leads Mama Pesa's operations, harnessing data insights to fuel innovative campaigns and drive business growth. Her proven track record in crafting impactful campaigns across Europe and South Africa demonstrates her ability to scale solutions beyond local borders, fostering sustainable growth for a future where every woman farmer thrives.

Collectively, our team's diverse skills, experiences, and deep understanding of the communities we serve enable us to design and implement solutions that are meaningfully guided by the input, ideas, and agendas of the women we aim to empower. We are committed to building a more equitable and sustainable future, and we believe that Mama Pesa is the right platform to make this vision a reality.

Mama Pesa is currently at the prototype stage. We have developed an AI-driven platform that integrates data from various financial institutions to provide comprehensive financial literacy and education to unbanked and underbanked women-owned businesses in Kenya. Our platform features an interactive chatbot that acts as a personal financial assistant, offering tailored guidance and support to users on a wide range of financial topics, including banking, investing, insurance, and more.

To validate our prototype and gather feedback for improvement, we have conducted initial testing with over 300 women, including 150 farmers, in Kenya. Through these pilot tests, we have been able to assess the functionality, usability, and impact of our platform. We have received valuable insights that have informed further development and refinement of our solution based on real-world user experiences and needs.

While our platform is still in the prototype stage, we have already begun to make a meaningful impact by serving a significant number of customers and beneficiaries. Our goal is to continue iterating and improving our platform based on user feedback and insights to ensure that we meet the unique needs of our target population and deliver a solution that empowers women to take control of their financial futures.

We are applying to Solve because we believe in their mission to support innovative solutions that address global challenges and drive positive change. Solve's commitment to connecting Solver teams with partners who can provide both monetary and non-monetary support aligns perfectly with our current needs and future goals.

As we continue to develop and refine Mama Pesa, we face several barriers that Solve can help us overcome. On the financial front, securing additional funding and resources is crucial for scaling our platform and reaching a larger audience of unbanked and underbanked women-owned businesses in Kenya. Solve's network of partners can offer valuable financial support, as well as expertise in fundraising and investment readiness, to help us attract the necessary investment to grow and expand our impact.

Technically, we are looking to enhance the functionality and capabilities of our AI-driven platform to better serve our users and adapt to their evolving needs. Solve can connect us with technical experts and mentors who can provide guidance and support in areas such as AI development, data analytics, and platform optimization, helping us to accelerate our technological innovation and improve the user experience.

Legally, navigating the regulatory landscape and compliance requirements in the financial sector can be challenging, especially when dealing with sensitive financial data and integrating with multiple financial institutions. Solve's legal partners can offer valuable advice and assistance in ensuring that our platform meets all legal and regulatory standards, thereby mitigating potential risks and liabilities.

Culturally, understanding and addressing the unique cultural and societal factors that influence financial behavior and decision-making among our target population is essential for the success of our platform. Solve's network of experts and local partners can provide valuable cultural insights and guidance on how to effectively tailor our financial literacy and education resources to resonate with and empower the women we aim to serve.

Lastly, in terms of market barriers, building and maintaining strategic partnerships with financial institutions, government agencies, and other stakeholders is crucial for scaling our platform and expanding our reach. Solve can help us connect with potential partners and collaborators who share our mission and can offer valuable support in terms of market insights, customer acquisition, and ecosystem development.

Mama Pesa's approach to financial inclusion for unbanked and underbanked women-owned businesses is truly innovative, addressing the root causes of financial exclusion in a comprehensive and impactful manner.

Firstly, we acknowledge that a significant barrier to financial inclusion is the lack of fundamental knowledge and understanding of how finance works among many women. This knowledge gap extends to various financial sectors, such as banking, investments, and insurance, making it difficult for women to prepare themselves to be creditworthy and access essential financial services.

To illustrate, in Kenya alone, insurance penetration is at a mere 2%, and only 50% of all women are banked. These statistics highlight a substantial gap in financial inclusion, which can be attributed to a lack of knowledge and understanding of how these industries work. Many women are unaware of what they need to do to qualify for a loan or why they need insurance for their businesses, underscoring the critical need for education and awareness-building initiatives like Mama Pesa.

To address this knowledge gap, Mama Pesa takes a holistic and educational approach to financial inclusion. We prioritize financial literacy and education as the foundation upon which women can build their financial resilience and empowerment. Our platform provides comprehensive and accessible resources on banking, investments, insurance, and more, tailored to meet the unique needs and learning preferences of our users.

Secondly, Mama Pesa leverages advanced AI technology, specifically a large language model continuously trained with data from banks, insurance companies, capital markets authorities, investment firms, and financial institutions. This data-driven approach enables us to develop a personalized and interactive chatbot that serves as a personal financial assistant for our users. This chatbot is accessible in different languages, making it inclusive and user-friendly for women from diverse linguistic backgrounds.

By combining financial education with AI-powered personalized assistance, Mama Pesa empowers women to make informed financial decisions, build their financial literacy and confidence, and ultimately, unlock access to a wide range of financial services. Our platform enables women to open bank accounts, make savings, invest in high-yield fixed deposit accounts, government bonds, treasury bills, real estate, and even cryptocurrencies, thereby expanding their financial options and opportunities for wealth creation.

Our innovative approach has the potential to catalyze broader positive impacts in the financial inclusion space by demonstrating the importance of combining education with technology to create scalable and sustainable solutions. By empowering women with the knowledge and tools they need to navigate the financial landscape effectively, Mama Pesa can change the market/landscape by reducing barriers to financial inclusion, increasing the number of financially literate and empowered women, and unlocking access to financial services for over 500 million financially excluded women worldwide.

Mama Pesa's approach is rooted in addressing the fundamental barriers that prevent unbanked and underbanked women-owned businesses from accessing and utilizing financial services effectively. Our strategy combines comprehensive financial education with personalized assistance through our AI-powered platform.

Through our platform, women are provided with tailored educational content on banking, investments, insurance, and more. This educational content is enriched by our partnerships with leading banks in Kenya, such as NCBA and Equity, as well as insurance companies like Britam and Kenbright Financial Services. These partnerships enable us to integrate data from their banking and insurance services into our platform, ensuring that the education content is tailored towards their offerings. This allows women to learn about specific financial and insurance services, including various investment options like money market funds, bonds, and fixed saving accounts.

Our interactive chatbot serves as a personal financial assistant, offering real-time information and tailored guidance to help women make informed financial decisions. This personalized approach not only increases financial literacy but also empowers women to navigate the financial landscape confidently.

The immediate outputs of our efforts include an increase in financial literacy among the women we serve and greater access to essential financial information and advice. This, in turn, leads to improved financial behavior and increased financial inclusion among our target population in the longer term.

Supporting our theory of change are relevant research and statistics that highlight the existing gaps in financial inclusion. For instance, in Kenya, only 50% of women are currently unbanked, and insurance penetration is as low as 2%. These numbers underscore the critical need for our educational approach to bridge the knowledge gap that contributes to these disparities.

Feedback from pilot tests involving over 300 women, including 150 farmers, has been overwhelmingly positive. Users have reported improved financial knowledge, confidence, and behavior, validating the effectiveness of our approach.

To further substantiate our impact, we are planning to conduct a comprehensive impact evaluation. This evaluation will help us measure the effectiveness of our solution in enhancing financial literacy, promoting positive financial behavior, and ultimately increasing financial inclusion among our target population.

Our impact goals for Mama Pesa are clear and ambitious: we aim to empower over 500 million financially excluded women worldwide by increasing their financial literacy, improving their financial behavior, and ultimately facilitating their access to essential financial services such as banking, investments, and insurance.

To measure our progress towards these impact goals, we have identified several key indicators that align with the UN Sustainable Development Goals. First, we track the number of women engaging with our platform and participating in our financial education programs. This helps us assess the reach and scalability of our solution and ensures that we are making progress towards our goal of empowering over 500 million women.

Second, we monitor changes in financial literacy levels among our users by conducting pre- and post-assessments to evaluate their knowledge, understanding, and confidence in managing their finances. Improvements in financial literacy serve as a critical indicator of our impact, as they directly contribute to improved financial behavior and decision-making among women.

Third, we measure the adoption and utilization of financial services by our users, including the opening of bank accounts, access to credit, and investment in various financial products such as money market funds, bonds, and fixed saving accounts. Increased adoption and utilization of financial services indicate that our users are gaining greater access to and benefiting from formal financial systems.

Lastly, we collect feedback and testimonials from our users to understand their experiences, satisfaction, and perceived benefits of using Mama Pesa's platform. Positive feedback and testimonials validate the effectiveness of our approach and provide valuable insights for continuous improvement and refinement of our solution.

By regularly tracking these key indicators and conducting comprehensive impact evaluations, we can assess the effectiveness of our solution in achieving our impact goals and make data-driven decisions to optimize our approach and maximize our positive impact on the lives of financially excluded women worldwide.

Mama Pesa leverages advanced Artificial Intelligence (AI) to drive our transformative solution for financial inclusion. Central to our platform is a large Language Model that powers our interactive chatbot, serving as a personal financial assistant. This chatbot is seamlessly integrated within our mobile app, creating a cohesive user experience that is both intuitive and accessible.

With 75% of women in Kenya owning smartphones, our app's availability on Android and iOS platforms ensures easy access for our target customers. This streamlined accessibility enables women to download, sign up, and start utilizing Mama Pesa's services promptly and efficiently.

Our AI-powered chatbot within the mobile app offers tailored guidance on a variety of financial topics, such as opening a bank account, setting up savings, investing in bonds, and understanding insurance options. For instance, the chatbot can walk a user through the process of opening a bank account, explaining the necessary documentation and benefits of maintaining a bank account. Similarly, it can provide insights into the importance of savings and guide users on how to start saving effectively. Additionally, the chatbot can educate users about various investment options like bonds, highlighting their potential returns and risks. Lastly, it can demystify insurance products, helping users understand the different types of insurance available and their relevance to protecting their businesses and assets.

By offering personalized financial education and assistance through our AI-powered chatbot and mobile app, Mama Pesa aims to empower unbanked and underbanked women-owned businesses to make informed financial decisions and gain greater access to essential financial services. Our innovative approach leverages modern technology to break down the barriers of financial exclusion, enabling women to take control of their financial futures and contribute positively to their communities and the planet.

Our successful pilot program has been instrumental in validating the effectiveness of our technology. We conducted pilot tests involving over 300 women, including 150 farmers, to evaluate the impact of our AI-powered chatbot and mobile app. The feedback from these pilot tests has been overwhelmingly positive, with users reporting improved financial knowledge, confidence, and behavior. This tangible evidence of our platform's impact underscores its effectiveness in empowering unbanked and underbanked women-owned businesses with financial literacy and access to essential financial services.

In addition to the positive feedback from our pilot tests, we have also developed strategic partnerships with leading banks and insurance companies in Kenya, such as NCBA, Equity, Britam, and Kenbright Financial Services. These partnerships enable us to integrate real-time data from their banking and insurance services into our platform, ensuring that our educational content is tailored towards their offerings. This collaboration enhances the relevance and applicability of our platform's recommendations, further contributing to its effectiveness in meeting the unique needs of our users.

With 75% of women in Kenya owning smartphones, our technology's distribution and accessibility are greatly enhanced. Our mobile app is readily available on both Android and iOS platforms, making it easy for our target customers to download, sign up, and start using our services. This widespread availability not only facilitates the rapid scaling of our solution within Kenya but also positions us well for global expansion, ensuring that women worldwide can benefit from our innovative approach to financial inclusion.

Our commitment to transparency and evidence-based practice is further demonstrated by our ongoing efforts to publish our findings in an academic paper. This publicly available evidence will provide stakeholders with comprehensive insights into the effectiveness of our technology, reinforcing our dedication to developing and delivering a solution that truly works for our users and drives meaningful and lasting impact.

Our dedicated team comprises full-time staff, including Purity, our AI expert and Royal Academy of Engineering alumna, Derrick Munyole, our technological visionary with a Computer Science background, Juliet Wanjiru, our growth strategist with expertise in embedded finance and Data Mining, Kelvin Mulama, our market seer and leader with diverse experience from global giants like the World Bank, and Noren Kwamboka, our data-driven strategist with a global perspective. Additionally, we collaborate with part-time staff and contractors to ensure the seamless execution and continuous improvement of our solution.

Our team has been diligently working on developing and refining Mama Pesa for the past 12 months. Through strategic partnerships with banks like NCBA and Equity, and insurance providers including Britam and Kenbright Financial Services, we've enhanced our platform's applicability. These collaborations integrate real-time data and promise API integrations for contextual fintech, enabling users to open bank accounts, save, and buy insurance seamlessly. With these partnerships and our innovative approach, we aim to empower women with tailored financial literacy and services.

Our commitment to diversity, equity, and inclusion is foundational to Mama Pesa's ethos, even as we've started with a small team of five. We believe in harnessing diverse backgrounds, experiences, and perspectives to drive innovation and effectively address the complex challenges of financial inclusion.

Though our team is currently small, our aspirations are vast. We aim to diversify our team, welcoming individuals from varied backgrounds to ensure our solutions resonate with our diverse user base. We're exploring the integration of audio technology to make our platform inclusive for people with visual impairments, enhancing accessibility to our services.

Empowering refugees, unbanked women of black origin and marginalized groups with access to financial literacy and education is central to our mission. We collaborate with financial institutions to facilitate access to financial and insurance services for these communities, ensuring they have equal opportunities to thrive and succeed, just like any other native citizens.

Our commitment extends to minimizing barriers to opportunity for our staff through inclusive hiring practices, ongoing professional development, and creating a supportive work environment. We engage in discussions about diversity and inclusion, conduct training sessions, and collaborate with external organizations to learn and implement best practices.

Creating an inclusive environment is a continuous journey, and we are steadfast in our dedication to fostering a culture where all team members feel valued, respected, and empowered. By embracing diversity, equity, and inclusion in our team and operations, we aim to build a resilient organization that effectively serves our diverse user base and drives positive change in the financial inclusion landscape.

At Mama Pesa, our business model is designed to create a sustainable and impactful solution for financial inclusion. We serve as a bridge between unbanked and underbanked women-owned businesses, financial institutions, and insurance providers, empowering women with financial literacy and access to essential services while generating revenue through strategic partnerships.

One key element of our business model involves collaborating with financial institutions and insurance companies. These partners pay for the integration of their services and marketing information within our platform, granting them priority access when our users seek to open bank accounts, purchase insurance, or establish savings accounts. Additionally, as we scale across different countries, we tailor our platform to meet the specific financial needs and regulatory environments of each market. Partners compensate us based on the number of users reached in their target regions, allowing us to offer localized and relevant services. This dual approach not only connects our users with tailored financial products and services but also provides our partners with access to a focused and engaged customer base across diverse regions, fostering a symbiotic relationship that drives mutual growth and impact.

Additionally, we operate on a subscription model, where users can access basic financial literacy content for free. Premium features and personalized financial guidance are available through a subscription or a pay-per-use model. This tiered approach ensures that our services cater to users with diverse needs and financial capabilities, making financial education and empowerment accessible and affordable to everyone.

Furthermore, we leverage data analytics and insights as another revenue stream. By analyzing user behavior, financial trends, and market dynamics, we offer valuable insights to our partners, enabling them to refine their marketing strategies and product offerings. This data-driven approach not only enhances our partners' capabilities but also generates additional revenue for Mama Pesa.

Our business model is built on creating mutual value for all stakeholders. By empowering women with financial literacy and access to essential services, we contribute to their economic empowerment and financial inclusion. Simultaneously, we provide financial institutions and insurance companies with innovative solutions to tap into untapped markets effectively. This symbiotic relationship enables us to build a sustainable and impactful business that drives positive change in the financial inclusion landscape, while also supporting our growth and expansion through diverse revenue streams.

Our plan for achieving financial sustainability revolves around diversifying our revenue streams through strategic partnerships, grants, equity investments, and increased user engagement. For instance, in Kenya, we have successfully initiated partnerships with leading financial institutions and insurance companies, including NCBA Bank, Equity Bank, Britam, and Kenbright Financial Services, who have started paying for the integration of their services and marketing information within our platform. This partnership model allows us to generate revenue based on the number of users reached in their target markets, providing a sustainable and scalable income source.

In addition to our partnership model, we aim to secure grants from various organizations that support our mission of financial inclusion and women empowerment. These grants will enable us to expand our reach, enhance our platform's features, and invest in marketing and user acquisition strategies. Furthermore, we are planning to raise equity investments from impact-focused investors who share our vision and believe in the potential of our solution to drive positive change in the financial inclusion landscape.

As a result of our strategic partnerships, grant funding, and equity investments, we will be able to see a significant increase in our revenue and user engagement. The revenue generated from our partners and the additional funding received through grants and investments will allow us to cover our operational expenses and invest in our growth and expansion initiatives. With the increasing interest and support from partners across the world, we anticipate further growth in our revenue streams and continued financial sustainability as we scale our impact and reach more underserved communities globally.