Eassy Banking

Presentation Summary

Title: Eassy Bank

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Problem:

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With over 83 million extremely poor population, higher than India’s 73 million, Nigeria’s low per capita income level means that many adults in Africa’s largest economy cannot afford to own a bank account.

High poverty rate, cost of account maintenance, lack of trust in financial service providers and proximity to service points are key reasons why half the country’s adult citizens of over 40 Million people are excluded from the formal financial system.

Exacerbated by the impact of COVID-19, the weak purchasing power of many Nigerian adults is one of the reasons for the country’s low financial inclusion rate.

Financial inclusion means that people have access to basic financial services like a savings account, credit and insurance. A higher exclusion rate in Nigeria could lead to a poorer population as lack of access to credit and insurance puts them at an economic disadvantage.

This is why we’ve come up with a simple, inclusive and innovative solution to drive this revolution.

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Solution:

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We created a mobile banking application called, Eassy Bank, that banks the underbanked in Nigeria via Digital documentation such as NIN, Sim Card registrations, and Voters cards by simply dialing USSD codes using mobile phones. Our solution also involves providing financial literacy to the unbanked to help them access more financial services and gain control of their finances thereby fostering financial growth and inclusivity.

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Target Market:

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Adult Men and Women living in the rural areas of Nigeria within the ages of 18 to 60

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% of Men: 42.1

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% of Women: 57.9%

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Working with existing communities: We’ll partner with community banks for easy penetration.

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Grassroots Engagement: We will also engage with mobile money agents who will be positioned in strategic areas of these rural communities to help onboard more people and provide easy financial services quickly.

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Marketing and Financial Literacy Campaigns: We have mapped out other various promotional channels for our marketing campaigns. These include: Use of radio jingles, TV, fliers, bulk SMS notifications and referrals as possible customer acquisition strategies.

 

Social media: The rate of internet penetration in Nigeria is increasing even in rural areas. Therefore, we will also run social media marketing campaigns on platforms such as Facebook and Instagram to expand our reach.

 

Revenue model:

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Our revenue model includes, 0.5 to 2.5% transactional charges and single digit interest rates on loans.

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Click here to access the Full slides presentation

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Reflections

During the duration of the Hackathon , some of my key takeaways where:

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• Keep the team strong and diversified. Because, according to IBM, a solution’s quality hinges directly on the qualities of the team delivering it.

• Ensure the Team is communicating effectively with each other and ensure all communication channels are open for free flow of information and quick ideas, to facilitate faster decision making

• Adopt a customer-centric approach in the design process by eliciting requirements from the customers and other stakeholders having a connection to the project

• Ultimately, the customers’ needs and satisfaction is the end goal. Therefore, ensure the team conducts an extensive primary market research to better understand the needs of the market.

• Every team member should be given an opportunity to state their opinions and contribute to the solution and idea generation.

• Every proposed solution should be filtered through the innovation trifecta of, desirability, feasibility and viability in order to build a sustainable product that will achieve product-market fit.

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