Updated Apr 03, 2018

BITKwacha Money: Simple Algorithms to Bank and Climate-Insure the Unbanked and Undocumented

Access credit and climate-risk insurance at negligible cost without a bank account or ID.

http://bitkwacha.launchrock.com/
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Chifungu Samazaka

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Snapshot

Stage 3: Proof of Concept

BITKwacha Money offers a comprehensive set of financial and non-financial services on a single electronic interface, at negligible cost.

Focus Areas:

Digital Inclusion & Connectivity, Climate Change and Resilience and Agriculture

Digital Inclusion & Connectivity, Climate Change and Resilience and AgricultureSEE LESS

Implemented In:

Zambia

ZambiaSEE LESS

1
Country Implemented In
11
Customers
2
Employee
$1,200
Funds Raised to Date

Problem

Unbanked and undocumented individuals have no easy way to store and transfer assets.

- No single view for available financial and non-financial services

- Want to make online purchases but have only cash

- Pay extremely high transaction fees.

MSMEs and service providers spend too much time/money processing transactions when they would rather be selling products.

- 80 – 90% lower cost from providing digital rather than physical accounts

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Solution

We enable consumers to store funds and pay for a wide range of services with cypto-currency, offer P2P/P2B/ B2B/G2P local and international transfers, give access to loyalty programs in local stores and analyze user’s incomes and expenses using Artificial Intelligence.

Target Beneficiaries

Un/banked and un/documented individuals, MSMEs, FMCGs Suppliers, farmers, banks, insurance firms, local service providers, large organizations, local communities, local and regional authorities, developers, researchers, Telcos, payment providers.


Mission and Vision

Smart banking and climate-risk insurance for all.

Innovation Description

BITKwacha Money Wallet and cryptocurrency: “Access credit and climate-risk insurance at negligible cost without a bank account or ID.”


Consumers:

- Save time; securely transfer funds almost instantly.

- Save money; traders/service providers compete for their business

- Great job; traders/service provider work hard for great reviews (gain access to loan and insurance products with a hassle-free application process and rapid turnaround time.)


MSMEs:

- Save time; less time processing payments, accounting and acquiring customers

- Save Money; gain powerful insights for retaining customers and boosting sales

- More money; more time and funds invested in core business.

- Grow faster; gain access to loan and insurance products with a hassle-free application process and rapid turnaround time


Service providers:

- Save time; less time processing payments, accounting and acquiring customers

- Save money; gain powerful insights for retaining customers and boosting sales; more time serving customer needs.

- Grow faster; more customers + great insights = more work

Competitive Advantage

1.Anyone can use BITKwacha’s Wallet and crypto-currency to send money globally almost instantly and with very low fees.

2. BITKwacha Money automates the rules and execution of contracts with real-world information automatically fed into the program, and funds held and controlled by the code.

- Minimizes risks and administration costs versus paper money.

- Data is verified and secured using cryptography.

Planned Goals and Milestones

We are seeking $50,000 seed funding (target close by EOQ3), so we can:

- Reach 100,000 active month users

- Scale/refine marketing/customer acquisition

- Scale customer service

- Scale infrastructure

Funding Goal50,000
New Implemented CountriesCongo, Democratic Republic of the, Malawi, Tanzania
Recruit3 management, 2 advisors
New FeatureCreate a new version of the Wallet that allows transactions across Blockchains

Milestones

Jun 2018
Created
Date Unknown
New Country Implemented In
Zambia
Date Unknown
Recognition ReceivedPENDING
ORGANIZATIONUnited Nations

Supporting Materials

BITKwacha-Money-Simple-algorithms-to-bank-and-insure-the-unbanked-and-undocumented.pdf