Best Ideas 2019 features all the nominated entries submitted under ‘Submit your Idea’ category. All the entries consist of innovative solutions or propositions for an enterprise that champions the Sustainable Development Goals. They can be on the conceptual, planning, or start-up stage.
Explain your idea in details:
PayNow is a mobile cash payment platform that is set to bridge the gap between banked, unbanked and commercial banks in both rural and urban communities Nigeria, allowing them deposit money into any account in Nigeria simply by using PayNow voucher which will be available nationwide in all airtime sales outlets. The PayNow voucher is an All-in-one pin that will have access to all mobile networks in Nigeria(MTN, Glo, Airtel, 9Mobile). The transaction process will begin with the customer after prompt registration/subscription the telecom network and the Banks with each mobile network having their unique transaction codes. Example, I have a Glo Line and I want to send money say #3000 to someone, I dial *123*224*password*pin#, a screen is displayed asking for the account number, shows where I can input the account number, then the system automatically verify the account, if inputed correctly, it prompt me "send now" a when i press send, the bank receives a standing order to credit that account instantly and a comfirmation mesaage is sent to me via sms that transaction was successful!
Expected impact of your idea on sustainable development
We target bank customers, petty traders and local farmers, sme owners both in rural and urban areas. PayNow we believe will help improve people's saving culture, reflecting in their financial wellbeing by helping them make wise choices of investments, build projects that enhance their living conditions. By saving peoples time and convenience, they can channel these times into. Productive activities in their businesses. Government agencies also benefits from it as utilities, bills, revenue can be paid using PayNow with ease!
Plans for implementation and sustainability
With strategic collaboration and partnership with the two major sector ;banking and telecommunication, we would leverage on them to deploy the services to end users(bank customers, smes owners, rural local farmers) by providing the secure transaction channels via which they can fund accounts, pay bills, and also save too, for which they are able to pay for a minimum of #20 as service charge per transaction. We currently source foe finances from investors, and Also apply for startup grants and competition, though our personal savings is our source of funding for now.
I am Paul Osama Eboigbe, from Benin, Edo state of Nigeria. I am a graduate of the University of Benin. PayNow was born out of the desire to solve the problem of lack of financial services in the grass root communities, seeing my own parents traveling to the city whenever they want to send money to me back in my undergraduate days. I believe in the Nigerian spirit which is residence and persistence which has kept me going right from when I started shipping domestic palm oil from Benin city down to far Northern state of Sokoto during my National Youth Service (a compulsory youth service for university and polytechic Graduates under 30 years of age).