Updated Mar 11, 2020

Justice Offei

SIKADAN is a financial platform tailored to save the average income earners from the high cost of house rent tenure in Ghana, with a credit-rating algorithm to determine an entrepreneur’s credit-worthiness for an unsecured loan. www.sikadangh.com

A credit-rating algorithm that uses cash flow and financial management behavioral data gathered through an app to determine an entrepreneur’s credit-worthiness, issue an unsecured loan and a pro-generated bank account (linked to their Mobile Money). Apart from the web/mobile app, SIKADAN offers a USSD and voice notes options in different vernaculars for the uneducated and semi-literate bus...
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A credit-rating algorithm that uses cash flow and financial management behavioral data gathered through an app to determine an entrepreneur’s credit-worthiness, issue an unsecured loan and a pro-generated bank account (linked to their Mobile Money). Apart from the web/mobile app, SIKADAN offers a USSD and voice notes options in different vernaculars for the uneducated and semi-literate business owners. With AI enabled automated analysis and inbuilt coaching feature, users have the tools to make informed decisions and improve their financial literacy; increasing their ability to manage their capital, reducing lending risks and maximizing growth. With house financing feature, prospective tenants and students can explore for their preferred rooms and location whiles SIKADAN will pre-finance the total rent , enabling the tenants to pay back monthly.
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Stage 3: Proof of Concept

SIKADAN is a consolidation of all our loan products that have already been piloted and tested in the market without the use of technology. And this is as result of my vision to convert all my financial services into FINTECH model. www.sikadangh.com

Focus Areas:

Social & Micro Finance, Economic Empowerment, Entrepreneurship and 6 MoreSEE ALL

Social & Micro Finance, Economic Empowerment, Entrepreneurship, Literacy, Education, Housing and Infrastructure, Trade, Financial Sector & Investment and TechnologySEE LESS

125
Lives Impacted to Date
500
Customers
5
Employees
$10,000
Funds Raised to Date

Problem

In Ghana, about 90% of jobs created are furnished by the over 500,000 estimated businesses in the informal sector,which lacked access to loans. Present trends show that the probable increase in Housing deficit may not be because of an increase in population but due to the inability of citizens to afford houses. The rental market in Accra is relatively large with 37.5% of all households renting ( 22% for Ghana as a whole)

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Solution

SIKADAN is seeking to close such gap by providing a financing & housing platform where people can rent rooms of their preference and avoid advance payment by paying monthly and also with a credit-rating algorithm that uses cash flow and financial management behavioral data gathered through an app to determine an entrepreneur’s credit-worthiness to access unsecured loan

Target Beneficiaries

Unbanked and financially underserved; Entrepreneurs, Market women, Low income earners who can't afford annual advance rent payments (Tenants), Students, Landlords,

Mission and Vision

By providing micro-credit access, small businesses will get funding support and allow entrepreneurs to design bankable projects; thereby creating decent jobs and economic growth. Ensuring housing affordability is a complex issue of strategic importance for development, social peace and equality.

Competitive Advantage

This will be a new innovation in the Ghanaian market that will provide a one stop credit shop for the low income earners, the financially undeserved, the unbanked , entrepreneurs

Planned Goals and Milestones

To be able to scale up to meet the needs of 100 clients per day via the introduction of the Fintech, SIKADAN. To be able to create a sustainable affordable House Rental system in Ghana by 2021 To expand operations in other countries by 2025 namely Kenya, Nigeria, Rwanda and South Africa.
Funding Goal50,000
Projected Cumulative Lives Impacted10
New Implemented CountriesRwanda, Nigeria, Kenya, South Africa
Recruit3 Business Development Officers/ Marketers , 2 IT Officers, 1 HR/Account Officer

The Team Behind the Innovation

SIKADAN has a solid team of experienced hands that have a combined management experience of more than 7years in finance, accounting, business, entrepreneurship and IT: Justice Offei Jr, Founder and Managing Director has more than 5 years’ experience in entrepreneurship and business. Korkor Kotey-Afutu, MSc, Chief Technology Officer, young lady with master’s degree in computer science. Sovereign Dede Asare, Accountant: chartered member of ICA with over 4 years’ experience of accounting.

EXECUTIVE TEAM INCLUDES WOMEN AND YOUTH

Milestone

Mar 2019
Recognition ReceivedPENDING
Mar 2019
Lives Impacted
125
Aug 2017
Recognition ReceivedPENDING
 
as part of
 Ghana Startup Award