Best Projects 2018 features all the nominated entries submitted to the Youth Citizen Entrepreneurship Competition under ‘Submit your Project’ category. All the entries consist of innovative projects run by existing enterprises in the form of businesses, NGOs or informal programs. If you want to know the 10 finalists in this category click HERE
YOUTH EMPOWERMENT THROUGH FOREIGN EXCHANGE (FOREX) TRADING
Explain your project in details:
Tanzania Communications Regulatory Authority (TCRA) on its currently report this year 2018, announced that the number of Mobile phone subscribers have jumped to reach 40.5 million users while the number of Internet users rose to reach 23 million. This is a good increase from the past years. TCRA attributes the growth of mobile phone subscribers and internet users to the launch of cheaper smartphones in the country and the 3G and 4G Network infrastructure built. With a population of 55 million people, Communications is one of the fastest-growing sectors in Tanzania, which now has a mobile phone penetration of more than 74 percent. From the above data, we see that majority of people in Tanzanian possess mobile phone and they have internet connection but they do not utilize their phone to its full potential to enable them to generate income instead their phones act as a liability. After seeing that huge hike, MOQ GENERAL ENTERPRISE we decided to invest in the financial sector (FOREIGN EXCHANGE MARKET) by trading, training and providing education to people on the available opportunity in that largest financial market in the world with a 5 TRILLION USD -day trade volume. Our general objective is to establish a profitable financial company that will reduce unemployment rate in the country and reduces the magnitude of poverty to Tanzanian community. With its specific objectives of; providing training and mentorship program to 500 people by the end of the year 2020, conducting 30 seminars to Tanzanian community to create awareness about the forex market by the end of year 2020. To achieve the stated objective above, we are trading, training, mentorship and conducting seminars. Moreover, we are providing a trading start-up capital to our best students every month.
Impact of your enterprise on sustainable development
We have been operating in a period of only one year since the commencement of our operation in this foreign exchange market, for that short period of time we always have two (2) big dreams in mind and that is no poverty and decent work & economic growth. Through all that period (since 2017) we have been trading, training and mentoring people but also conducting seminars to create awareness to people on how they can exploit the available opportunity in this market. We have been doing all that with the main aim to reduce poverty in all its form everywhere around our societies. To achieve these goals that are one of the greatest challenges facing humanity, we have started by conducting training to people concerning forex trading and they have been able to benefit from this largest financial market and diversify their investment into various sectors hence we have managed to encourage entrepreneurship and job creation hence the intensity of poverty is reduced on individual basis. Not only that but also, we want trading to be an effective measure to eradicate forced labor in most of the under-developed countries. Forex trading is the biggest opportunity to everyone since it can be done with anyone and it only requires a very small trading capital of 5 USD. We have a vision on the long run to substantially reduce the proportion of youth not in employment whereby they can be able to earn money from the market and start their own ventures therefore achieving full and productive employment & decent work for all women and men, including young people and person with disabilities.
Sustainability and future plans
Our Firm is service-based that mainly deals with trading and providing training to people about the foreign exchange market, we usually use the following models; one to one training, group training and online training to deliver forex knowledge to our client. Also we offer them a mentorship that is protection from the predatory aspect of financial market trading. Currently our main source of revenue is from our own live trading accounts in the foreign exchange market where by we have managed to achieve a consistency of generating a 30% profit margin from our capital on a monthly basis. We have been using profit generated to cover our daily operation cost but its still not sufficient enough to achieve our broader goal of reaching all Tanzanian and unchain them from poverty. Hence, we are seeking for the financial assistance to improve our capacity and enlarge our operation to reach a large number of the people inside and outside of Tanzania. The fund will be used to increase our trading capital and expand our operation through opening other branches. We have assessed our competitors available in our country Tanzania and found out to we have an added advantage to compete with them since our training prices are very low and we shall offer free seminars (by visiting different university and colleges) and rewarding a startup trading capital to our best performing students. Theoretically they would be our competitors but effectively we complement one another as we have similar objectives of contributing to the economy and poverty alleviation and they may provide us with the yardstick to measure our performance. We have a vision to become the largest financial company (HEDGE FUND) in Africa and diversify our activities in various sectors such as Agriculture and Health, hence achieving more sustainable development
Your profile as an entrepreneur
i'm 24 years old, a bachelor degree holder in PROJECT PLANNING MANAGEMENT AND COMMUNITY DEVELOPMENT (BA. PPM & CD) from the UNIVERSITY OF DODOMA (TANZANIA) 2014-2017. During my three(3) years of my studies i have done practical training in the policy, monitoring and evaluation department at the Ministry of Land, Housing and Human Settlement, field Work at Chamwino District and Mpunguzi Ward in Dodoma Region where by i was conducting Participatory Research Appraisal and Preparing Project Proposal after identification of Project Ideas. After finishing my university studies, I decided to follow my dream to greatness and financial freedom, 2017 in partnership with my other two fellows with our own saving we managed to initiated our very own firm namely Made of Quality(MOQ) general enterprises, the firm that is dealing with digital printing services. We have already working with individuals and different organization as well as schools and universities available around our locality which makes our name be popular due to the quality of the products and services we offer to our customers. Through digital printing services we managed to raise a capital which we diversified it into the forex trading, since then we have been able to achieve a 10% profit margin of our trading capital on a weekly basis. This shows us how potential the foreign market is and it can be used by anyone to unchain themselves from the poverty circle and foster economic growth. After seeing how positive the forex market have impacted our life we decided to take initiatives to create awareness to the people around our society and training them on how they can also benefit from this largest financial market in the world. In that short period of time we have managed to conduct a total of 3 seminars and trained a total of 35 people.