Mobi Money Tanzania

Mobi Money addresses the pressing issue of financial exclusion prevalent in underserved communities, particularly in Sub-Saharan Africa. In 2017, nearly 60% of adults in this region lacked access to formal banking services, facing barriers such as high fees, limited physical infrastructure, and a reliance on cash transactions. These challenges exacerbate economic inequality and hinder financial stability and growth.

In Tanzania, where Mobi Money was launched, access to traditional banking services is limited, with many individuals residing in rural areas far from bank branches. According to the World Bank, only 17.4% of Tanzanians aged 15 years and above had an account at a financial institution in 2017. This lack of access constrains economic opportunities, forces reliance on informal and often risky financial mechanisms, and impedes poverty reduction efforts.

Globally, the problem of financial exclusion extends beyond Tanzania, affecting billions of people worldwide. The World Bank estimates that approximately 1.7 billion adults globally remain unbanked, with the majority residing in developing regions. Without access to formal financial services, individuals struggle to save securely, access credit for investments or emergencies, and participate fully in the economy.

Mobi Money's solution directly addresses these challenges by leveraging mobile technology to provide accessible, affordable, and secure financial services. By offering a mobile app for cash deposits, withdrawals, and peer-to-peer and business payments, Mobi Money eliminates the need for physical bank branches and costly transaction fees. This innovative approach bypasses traditional barriers to financial inclusion, making banking services available to anyone with a smartphone, regardless of their location or income level.

Mobi Money's commitment to no account fees and instant availability aligns with the needs of underserved communities where financial resources are scarce, and time and convenience are paramount. By democratizing access to financial services, Mobi Money empowers individuals to save, invest, and transact safely, ultimately contributing to poverty reduction, economic growth, and social development.

Mobi Money has the potential to impact millions of unbanked individuals and small business owners, unlocking economic opportunities and fostering financial resilience. As mobile penetration continues to rise across Africa and beyond, the scalability and replicability of Mobi Money's solution position it as a catalyst for broader financial inclusion efforts globally.

Mobi Money is a mobile app-based financial solution designed to revolutionize access to banking services in underserved communities, starting with Tanzania. Our solution provides a user-friendly platform for individuals to save, transfer, and borrow money conveniently and securely using their smartphones.

At its core, Mobi Money offers four main functionalities:

1. Cash Deposits and Withdrawals: Users can deposit cash into their Mobi Money accounts through authorized agents or mobile money agents located conveniently in their communities. Likewise, they can withdraw cash from their accounts whenever needed, eliminating the need for physical bank branches.

2. Peer-to-Peer Payments: Mobi Money enables users to transfer money to friends, family, or business associates instantly and securely. Whether it's splitting bills, sending remittances, or paying for goods and services, users can initiate transactions with just a few taps on their smartphones.

3. Business Payments: Small business owners can use Mobi Money to receive payments from customers digitally, eliminating the risks associated with handling cash and expanding their customer base. Additionally, they can make payments to suppliers or employees seamlessly through the app, streamlining their operations and improving efficiency.

4. Borrowing: Mobi Money also offers access to credit for users in need of financial assistance. Through our app, individuals can apply for loans and receive funds directly into their accounts, empowering them to invest in their businesses, cover unexpected expenses, or pursue educational opportunities.

Mobi Money leverages mobile technology and digital banking infrastructure to make financial services accessible to anyone with a smartphone, regardless of their location or socioeconomic status. Our app utilizes secure encryption protocols to protect users' personal and financial information, ensuring privacy and data security.

With Mobi Money, users no longer need to rely on traditional banking institutions with high fees and limited accessibility. Instead, they have a convenient and affordable solution that "just works," even in areas with unreliable electricity, water, and roads. By democratizing access to financial services, Mobi Money empowers individuals to take control of their finances, save for the future, and participate fully in the economy.

Mobi Money is specifically designed to serve the underserved populations in Tanzania, particularly those who have limited access to traditional banking services. Our target population includes:

1. Unbanked Individuals: Many people in Tanzania, especially those living in rural areas, lack access to formal banking services due to factors such as distance from bank branches, high fees, and stringent requirements. These unbanked individuals often rely on cash transactions, which can be risky and inconvenient. Mobi Money provides them with a convenient and affordable alternative to traditional banking, allowing them to securely save, transfer, and borrow money using their smartphones.

2. Small Business Owners: Small businesses, which are the backbone of Tanzania's economy, often face challenges in accessing financial services that meet their needs. Limited access to credit, cumbersome payment processes, and cash-handling risks can hinder their growth and sustainability. Mobi Money enables small business owners to receive digital payments from customers, make payments to suppliers and employees, and access credit when needed, empowering them to manage their finances more effectively and grow their businesses.

3. Low-Income Individuals: Many low-income individuals in Tanzania struggle to save money and access credit for essential expenses such as education, healthcare, and housing. Traditional banking services are often out of reach for them due to high fees and minimum balance requirements. Mobi Money offers a cost-effective and inclusive solution that allows low-income individuals to save securely, transfer money to family members, and access credit for emergencies or investments, improving their financial resilience and stability.

4. Remote Communities: Residents of remote communities in Tanzania often face significant barriers to accessing financial services, including limited infrastructure and geographic isolation. Mobi Money leverages mobile technology to overcome these barriers, enabling individuals in even the most remote areas to access banking services conveniently through their smartphones. By bringing financial services closer to their doorstep, Mobi Money empowers remote communities to participate more fully in the economy and improve their standard of living.

The impact of Mobi Money on the lives of our target population is multifaceted:

• Financial Inclusion: By providing a mobile-based platform for banking services, Mobi Money brings financial inclusion to marginalized populations who have been excluded from the formal financial sector. Users gain access to basic financial services such as savings accounts, money transfers, and credit, empowering them to participate more fully in the economy and improve their financial well-being.

• Convenience and Accessibility: Mobi Money offers a convenient and accessible solution for managing finances, particularly in areas where traditional banking infrastructure is lacking. Users can conduct transactions anytime, anywhere using their smartphones, without the need to travel long distances to access bank branches.

• Economic Empowerment: By enabling small business owners to accept digital payments, access credit, and manage their finances more effectively, Mobi Money supports entrepreneurship and economic growth in Tanzania. Small businesses can expand their customer base, improve cash flow, and invest in their growth, leading to job creation and poverty reduction.

Our team, led by Ritha Paskali, is uniquely positioned to design and deliver Mobi Money to the target population in Tanzania. As natives of Tanzania ourselves, we have a deep understanding of the challenges faced by underserved communities in accessing financial services. Our proximity to these communities, both geographically and culturally, allows us to empathize with their needs and design solutions that are truly responsive to their realities.

Ritha Paskali, our Team Lead, has firsthand experience navigating the complexities of Tanzania's financial landscape and has witnessed the struggles faced by individuals and small businesses in accessing banking services. With a background in technology and a passion for social impact, Ritha brings a unique blend of expertise and empathy to the leadership of our team. Her commitment to serving her community and empowering others drives our collective vision for Mobi Money.

Our team is also representative of the communities we serve, with members hailing from diverse backgrounds and regions across Tanzania. We have individuals who have lived and worked in rural areas, urban centers, and peri-urban communities, providing us with a comprehensive understanding of the diverse needs and priorities of our target population. Our team includes individuals who have worked in various sectors, including finance, technology, and community development, bringing a wealth of knowledge and experience to the table.

Importantly, the design and implementation of Mobi Money are guided by meaningful engagement with the communities we serve. We have conducted extensive market research, focus group discussions, and user testing sessions to gather insights and feedback directly from potential users. This iterative process has allowed us to co-create Mobi Money with the input, ideas, and agendas of the communities, ensuring that the solution meets their specific needs and preferences.

We have established partnerships with local community organizations, NGOs, and government agencies to ensure that Mobi Money aligns with broader development goals and initiatives. By collaborating closely with stakeholders at the grassroots level, we are able to tailor our solution to address the unique challenges and opportunities faced by underserved communities in Tanzania.

Our solution, Mobi Money, is currently in the pilot stage, and we have made significant progress in building and testing the platform. Here's a summary of what we have accomplished so far:

1. Platform Development: We have developed and launched the Mobi Money mobile app, which enables users to perform various financial transactions, including cash deposits, withdrawals, peer-to-peer payments, and business payments. The app is designed to be user-friendly and accessible, catering to the needs of individuals in underserved communities.

2. Market Testing: We have conducted extensive market testing of the Mobi Money app in multiple regions, including Morogoro, Pwani, Tanga, and Iringa. Through focus group discussions, user feedback sessions, and real-world usage scenarios, we have gathered valuable insights into user preferences, challenges, and opportunities.

3. User Adoption: During the pilot stage, we have successfully onboarded and served a total of 230 customers and beneficiaries across the pilot regions. These individuals represent a diverse range of demographics, including rural and urban residents, small business owners, and low-income earners.

4. Impact Assessment: We have been closely monitoring the impact of Mobi Money on our pilot users, tracking metrics such as transaction volumes, savings behavior, and economic empowerment. Early indicators suggest that Mobi Money is making a positive difference in the lives of our users, enabling them to access financial services more conveniently and securely.

5. Partnerships: Throughout the pilot stage, we have established strategic partnerships with local agents, community organizations, and financial institutions to support the rollout and adoption of Mobi Money. These partnerships have been instrumental in expanding our reach and impact across the pilot regions.

We are applying to Solve because we believe that their platform can provide invaluable support and resources to help us scale and amplify the impact of our solution, Mobi Money. While our primary goal is not solely to raise funds, we recognize that Solve's network of partners and expertise can help us overcome various barriers that we currently face in advancing our solution.

Specifically, we hope that Solve can assist us in addressing the following barriers:

1. Access to Networks and Partnerships: Solve's extensive network of partners, including corporations, NGOs, and government agencies, can provide us with valuable connections and opportunities for collaboration. By connecting us with potential investors, strategic partners, and local stakeholders, Solve can help us expand our reach and accelerate the adoption of Mobi Money in underserved communities.

2. Technical Expertise: While we have made significant progress in developing the Mobi Money platform, we recognize that there are technical challenges and opportunities for optimization that we may encounter as we scale. Solve's expertise in technology and innovation can provide us with guidance and support in overcoming technical barriers, optimizing our platform for performance and scalability, and staying abreast of emerging trends and best practices in the fintech industry.

3. Regulatory and Legal Compliance: Navigating regulatory and legal requirements in the financial sector, especially in emerging markets like Tanzania, can be complex and challenging. Solve can help us navigate these complexities by providing access to legal experts, regulatory advisors, and resources to ensure that we remain compliant with relevant laws and regulations while scaling our operations.

4. Market Insights and Validation: As we expand our reach and target new markets, it is essential for us to understand the unique needs, preferences, and behaviors of our target users. 

5. Capacity Building and Mentorship: Building and scaling a successful fintech startup requires a diverse set of skills and knowledge. Solve's mentorship and capacity-building programs can provide us with guidance, mentorship, and support in areas such as business development, marketing, fundraising, and impact measurement. 

Mobi Money is innovative in several key ways that set it apart from traditional banking services and existing fintech solutions:

1. Mobile-First Approach: Mobi Money leverages mobile technology to deliver banking services directly to users' smartphones, bypassing the need for physical bank branches and traditional banking infrastructure. This mobile-first approach makes financial services more accessible, convenient, and cost-effective for underserved communities, especially those in rural or remote areas where traditional banking services are limited or nonexistent.

2. Affordable and Inclusive: Unlike traditional banking services that often come with high fees and minimum balance requirements, Mobi Money is designed to be affordable and inclusive. We offer no account fees and minimal transaction costs, making financial services accessible to individuals with varying income levels, including those with low or irregular incomes who may have been excluded from traditional banking systems.

3. Comprehensive Platform: Mobi Money offers a comprehensive suite of financial services, including cash deposits, withdrawals, peer-to-peer payments, business payments, and access to credit. By consolidating these services into a single mobile app, we provide users with a one-stop solution for their banking needs, simplifying financial transactions and improving overall user experience.

4. Data Security and Privacy: We prioritize the security and privacy of users' personal and financial data, implementing robust encryption protocols and security measures to protect against unauthorized access and data breaches. Our commitment to data security and privacy instills trust and confidence in users, encouraging greater adoption and usage of Mobi Money.

5. Community-Centric Approach: Mobi Money is designed with the needs and preferences of our target communities in mind. We actively engage with users through focus group discussions, user feedback sessions, and market research to understand their unique challenges, aspirations, and behaviors. By incorporating community input into the design and development process, we ensure that Mobi Money is relevant, responsive, and culturally sensitive to the needs of our users.

6. Potential for Scalability and Impact: Mobi Money has the potential to catalyze broader positive impacts beyond its immediate users and communities. As mobile penetration continues to rise globally, especially in developing regions, Mobi Money's mobile-centric approach can serve as a scalable model for expanding financial inclusion and empowering underserved populations worldwide.

Our theory of change for Mobi Money is straightforward and grounded in the understanding of the barriers to financial inclusion faced by underserved communities in Tanzania:

1. Activities: Mobi Money will provide a user-friendly mobile app that enables individuals to access basic banking services such as cash deposits, withdrawals, peer-to-peer payments, and access to credit. We will conduct user testing, market research, and outreach activities to ensure that the app meets the specific needs and preferences of our target population.

2. Outputs: The immediate outputs of our activities will include the development and launch of the Mobi Money app, as well as the onboarding of users and agents across pilot regions in Tanzania. Users will be able to perform financial transactions conveniently and securely through the app, while agents will facilitate cash-in and cash-out services.

3. Outcomes:

   • Increased Financial Access: By providing individuals with a convenient and accessible platform for banking services, we expect to see an increase in financial access among our target population. Users who were previously excluded from formal banking systems due to barriers such as distance, fees, and minimum balance requirements will now have a viable alternative for managing their finances.

   • Improved Financial Resilience: With access to banking services, individuals will be better equipped to save money securely, access credit for investments or emergencies, and manage financial risks more effectively. This improved financial resilience will enable them to cope with unexpected expenses, smooth consumption patterns, and invest in income-generating activities, ultimately reducing their vulnerability to economic shocks.

   • Empowerment and Economic Growth: By democratizing access to financial services, Mobi Money will empower individuals to take control of their finances, make informed decisions, and participate more fully in the economy. Small business owners, in particular, will benefit from digital payments, access to credit, and improved cash flow, leading to increased productivity, job creation, and economic growth at the community level.

   • Social Impact and Inclusion: Mobi Money has the potential to promote social cohesion and inclusion by bridging divides between urban and rural areas, formal and informal economies, and different socioeconomic groups. By providing a common platform for financial transactions, Mobi Money fosters social interaction, trust, and cooperation among users, strengthening community ties and reducing inequalities.

Our impact goals for Mobi Money are centered around fostering financial inclusion, empowerment, and economic growth among underserved communities in Tanzania. We aim to achieve the following impact goals:

1. Increased Financial Access: Our primary goal is to increase access to basic banking services among individuals who have been excluded from formal financial systems. We aim to onboard a significant number of users onto the Mobi Money platform, particularly those in rural and remote areas where traditional banking infrastructure is lacking.

2. Improved Financial Resilience: We seek to improve the financial resilience of our users by enabling them to save money securely, access credit for investments or emergencies, and manage financial risks more effectively. We aim to measure progress in this area through indicators such as increased savings rates, usage of credit facilities, and reduced reliance on informal financial mechanisms.

3. Empowerment and Economic Growth: Our goal is to empower individuals to take control of their finances, make informed decisions, and participate more fully in the economy. We aim to support small business owners in particular by providing them with digital payment solutions, access to credit, and tools for managing their finances more effectively. Key indicators for measuring progress in this area include increased business revenues, job creation, and overall economic growth at the community level.

4. Social Impact and Inclusion: We aim to promote social cohesion and inclusion by bridging divides between urban and rural areas, formal and informal economies, and different socioeconomic groups. We will measure progress in this area through indicators such as user engagement levels, diversity of users reached, and qualitative feedback on the perceived social impact of Mobi Money within communities.

To measure our progress towards these impact goals, we are collecting and analyzing a variety of quantitative and qualitative indicators, including:

• Number of users onboarded onto the Mobi Money platform
• Transaction volumes and frequencies
• Savings rates and patterns
• Usage of credit facilities and loan repayment rates
• Business revenues and growth metrics for small business users
• User satisfaction and feedback surveys
• Qualitative insights from user interviews and focus group discussions
• Economic and social indicators at the community level, such as employment rates and income distribution

By tracking these indicators and regularly evaluating our progress against our impact goals, we aim to ensure that Mobi Money is making a meaningful and sustainable difference in the lives of underserved communities in Tanzania.

Mobi Money is powered by a comprehensive suite of modern technologies that enable us to deliver accessible, convenient, and secure banking services to underserved communities in Tanzania. Our core technology stack includes:

1. Mobile Application Development: At the heart of Mobi Money is a user-friendly mobile application that serves as the primary interface for users to access banking services. We have developed native mobile apps for both Android and iOS platforms, leveraging modern app development frameworks such as React Native and Flutter to ensure cross-platform compatibility and optimal performance.

2. Backend Infrastructure: Behind the scenes, Mobi Money relies on a robust backend infrastructure to handle user authentication, transaction processing, data storage, and communication with external systems. We utilize cloud computing platforms such as Amazon Web Services (AWS) or Google Cloud Platform (GCP) to host our backend services, ensuring scalability, reliability, and security.

3. Payment Gateway Integration: Mobi Money integrates with various payment gateways and financial institutions to facilitate seamless transactions between users, merchants, and banking partners. We leverage APIs provided by payment processors, banks, and mobile network operators to enable functionalities such as cash deposits, withdrawals, peer-to-peer transfers, bill payments, and merchant transactions.

4. Data Security and Encryption: We prioritize the security and privacy of users' personal and financial data by implementing robust encryption algorithms, secure communication protocols (such as HTTPS), and best practices in data storage and access control. User data is encrypted both in transit and at rest to protect against unauthorized access and data breaches.

5. Biometric Authentication: To enhance security and user experience, Mobi Money supports biometric authentication methods such as fingerprint recognition or facial recognition, depending on the capabilities of users' devices. Biometric authentication provides an additional layer of security while simplifying the login process for users.

6. Offline Capabilities: Recognizing the challenges of connectivity and infrastructure in certain regions, Mobi Money is designed to work seamlessly in offline or low-connectivity environments. Users can perform basic transactions and access account information even when internet connectivity is limited, ensuring uninterrupted access to banking services.

7. Machine Learning for Risk Assessment: In the future, we plan to incorporate machine learning algorithms for risk assessment and credit scoring to enable more accurate and efficient decision-making in credit approvals and loan disbursements. By analyzing user behavior, transaction patterns, and other relevant data, we aim to mitigate risks while expanding access to credit for underserved populations.

Our solution team for Mobi Money consists of:

• Full-time staff: 3
• Part-time staff: 2
• Contractors or other workers: 5

Ritha Paskali serves as the Team Lead, overseeing strategic direction and operations. Neema Kitumby is our Lead Developer, responsible for software development and technical implementation. Additionally, we have contractors and part-time staff members contributing to areas such as marketing, customer support, and business development.

Our team has been working on developing and implementing Mobi Money for approximately 2 years. During this time, we have focused on conceptualizing, designing, and building the mobile banking solution, as well as conducting pilot testing and market validation in Tanzania. We have dedicated significant effort and resources to refining the platform, gathering user feedback, and iterating based on real-world insights to ensure that Mobi Money effectively addresses the financial needs of underserved communities.

At Mobi Money, we are committed to fostering a diverse, equitable, and inclusive environment for all team members. We recognize that diversity drives innovation, enhances creativity, and leads to better outcomes for our solution and the communities we serve. Here are some ways we ensure diversity, minimize barriers to opportunity, and promote inclusivity within our team:

1. Diverse Leadership Team: Our leadership team consists of individuals from diverse backgrounds, including different genders, ethnicities, and cultural experiences. Ritha Paskali, our Team Lead, brings valuable perspectives and insights from her background in finance and entrepreneurship, while Neema Kitumby, our Lead Developer, contributes technical expertise and innovation. By embracing diversity at the leadership level, we set an example for the rest of the team and demonstrate our commitment to inclusion.

2. Recruitment and Hiring Practices: We prioritize diversity in our recruitment and hiring processes by actively seeking out candidates from underrepresented groups and diverse backgrounds. We advertise job opportunities through a variety of channels to reach a diverse pool of candidates and ensure that our selection criteria are fair, transparent, and inclusive. We strive to create a welcoming and inclusive environment for all team members, where everyone feels valued, respected, and supported.

3. Training and Professional Development: We invest in training and professional development opportunities for our team members to enhance their skills, knowledge, and capabilities. This includes workshops, seminars, and online courses on topics such as diversity, equity, and inclusion, as well as technical skills relevant to their roles. By empowering team members to continuously learn and grow, we foster an inclusive culture of lifelong learning and personal development.

4. Open Communication and Feedback: We promote open communication and feedback within our team, encouraging all members to share their perspectives, ideas, and concerns openly and respectfully. We conduct regular team meetings, check-ins, and feedback sessions to ensure that everyone has a voice and feels heard. Additionally, we have established channels for anonymous feedback to address sensitive issues and create a safe space for sharing.

5. Community Engagement and Outreach: We actively engage with diverse communities, both internally and externally, to build relationships, foster understanding, and promote inclusivity. This includes participating in community events, partnering with local organizations, and supporting initiatives that promote diversity, equity, and inclusion. By actively engaging with diverse communities, we gain valuable insights, build trust, and strengthen our connections with the people we serve.

 Mobi Money is committed to creating a diverse, equitable, and inclusive environment where all team members feel valued, respected, and supported. We recognize the importance of diversity in driving innovation and achieving our mission of expanding financial access and empowerment. 

Our business model for Mobi Money is designed to provide value to underserved populations in Tanzania by offering accessible, affordable, and inclusive banking services. Our key customers and beneficiaries include individuals who have limited access to traditional banking infrastructure, particularly those in rural or remote areas, as well as small business owners, merchants, and community organizations.

Products and Services:

1. Mobile Banking Platform: We provide a user-friendly mobile application that enables individuals to access basic banking services such as cash deposits, withdrawals, peer-to-peer payments, and access to credit. The mobile app is available for download on both Android and iOS devices, allowing users to perform financial transactions conveniently from their smartphones.

2. Agent Network: We establish a network of local agents who serve as intermediaries between users and the formal banking system. These agents provide cash-in and cash-out services, facilitate account openings, and assist users with banking transactions in areas where traditional bank branches are scarce or inaccessible.

3. Financial Education and Support: We offer financial literacy training and support to users to help them understand how to use the Mobi Money platform effectively, manage their finances responsibly, and make informed financial decisions. This includes educational materials, workshops, and access to customer support channels for assistance.

How We Provide These Products and Services:

• Mobile App: Users can download the Mobi Money mobile app from app stores or through direct download links provided on our website. The app is designed to be intuitive and user-friendly, with step-by-step guides and tutorials to help users navigate the platform and perform transactions.

• Agent Network: We recruit and train local agents to serve as points of contact for users in their communities. Agents are provided with training on how to use the Mobi Money platform, conduct transactions securely, and provide basic customer support. They operate from physical locations such as shops, kiosks, or mobile stalls, making banking services accessible to users in their vicinity.

Why Customers Want or Need Our Products and Services:

• Accessibility: Mobi Money provides individuals with access to basic banking services without the need to travel long distances to reach traditional bank branches. This is particularly valuable for users in rural or remote areas where banking infrastructure is limited.

• Affordability: Our platform offers no account fees and minimal transaction costs, making financial services more affordable and accessible to individuals with varying income levels, including those with low or irregular incomes.

• Convenience: With the Mobi Money mobile app and agent network, users can perform financial transactions conveniently from their smartphones or local neighborhoods, eliminating the need for time-consuming visits to bank branches or reliance on informal financial mechanisms.

Our business model is driven by a dual focus on social impact and financial sustainability. By providing accessible and affordable banking services to underserved populations in Tanzania, we aim to empower individuals, stimulate economic growth, and foster financial inclusion while generating revenue through transaction fees, agent commissions, and potential partnerships with financial institutions and service providers.

Our plan for achieving financial sustainability revolves around a combination of revenue streams and strategic partnerships. Here's how we plan to fund our work and evidence of our success so far:

1. Transaction Fees: We generate revenue through transaction fees charged to users for certain services, such as peer-to-peer transfers, bill payments, and cash withdrawals. These fees are designed to be affordable and competitive compared to traditional banking fees, ensuring accessibility for our target market while also covering operational costs.

2. Agent Commissions: We receive commissions from our network of local agents for facilitating transactions and providing banking services to users. Agents earn a percentage of the transaction fees generated through their operations, incentivizing them to promote the use of Mobi Money within their communities and expand our customer base.

3. Partnerships with Financial Institutions: We explore partnerships with banks, microfinance institutions, and other financial service providers to offer complementary products and services through the Mobi Money platform. These partnerships may include revenue-sharing agreements or referral fees for referring users to partner institutions for additional financial products such as loans, savings accounts, or insurance.

4. Investment Funding: We seek investment funding from impact investors, venture capitalists, and social impact funds to support our growth and expansion efforts. Investment capital allows us to invest in product development, marketing, user acquisition, and infrastructure expansion to reach new markets and scale our impact.

Evidence of Success:

• To date, we have secured grant funding from organizations such as the Heifer international and Tony elumelu Grant Program, which has allowed us to kickstart our operations, develop the Mobi Money platform, and conduct pilot testing in target communities.
• We have successfully onboarded a significant number of users onto the Mobi Money platform during our pilot phase, demonstrating market demand and user adoption of our services.
• Our revenue model has been validated through transaction fees generated from user transactions, indicating that users find value in our platform and are willing to pay for the convenience and accessibility of our banking services.
• We have established partnerships with local businesses, merchants, and community organizations to expand our agent network and reach more users in underserved areas.
• We have received positive feedback from users and stakeholders, indicating satisfaction with our services and the impact they are having on their lives.

Our plan for financial sustainability is rooted in a diversified revenue model, strategic partnerships, and a commitment to delivering value to our users and stakeholders. As we continue to grow and scale our operations, we remain focused on achieving financial sustainability while maximizing our social impact.