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.
smart me mobile app
Explain your idea in details:
Smart me mobile app is a new disruptive and simple technology that combines an effective and efficient procedure to simplify the money-saving process and financial education (awareness) using existing components (digital technology, banks, integrated mobile money system) under a well-coordinated and controlled interaction. Smart me mobile App will provide a virtual account through which our customers who will be doing saving may deposit money to their accounts easily via mobile money like Tigo Pesa and M Pesa directly to a single collective account. These virtual accounts are made to be easy, efficient and secure, a customer will be required to provide some details while at home and after 48 hours he/she will be in a position to have an activated virtual account. Through the invention of a collective account, we expect to reach the amount which would bring back more profit as an interest rate. which will be distributed back to our people doing saving to boost up their savings at the rate 6 to 7 per cent per annum. The app will provide other services that will aid NURTURING of youth towards reaching their intended goals (with our motor SAVING PURPOSEFULLY), these will include, saving plans and online education. The app is also intended to generate data which are very important in decision making and research related to finance, as to identify trends of youth who are prepared to employ themselves in the future through accumulating capital obtained from smart saving. This aims at encouraging the very low-income earners to start a saving deposit as minimum as 1000/= TZSh or 0.44 USD. Also ensuring discipline among users this goes parallel with restrictions of irregular withdrawal of cash to enhance their saving habit.
Expected impact of your idea on sustainable development
Specifically, smart me mobile app targets to impact the society especially the youth at two levels socially and economically aspects these are, Personal and group level, How? socially, through our App, we expect to reach more than 20,000 savers who will be ignited through our workshops and continuously nurtured through our e-learning resources in a period of five years. This will go hand in hand in the provision of entrepreneurship skills and creation of employment opportunities for all. To the GROUPS, apart from the percentage that will be directed to administrative cost, partly will go back to the community to support the groups of youth with viable and productive entrepreneurial ideas (this will motivate youth working in partnership) and reaching their economic goals. Our success will be measured by the amount deposited in a collective savings account, the number of registered users and the number of successful entrepreneurs groups raised by smart me. Finally, smart me is dedicated to driving short and long term social and economic sustainability without negatively impacting on the environment
Plans for implementation and sustainability
The organization has a plan to execute the following tasks up to July 2021. 1. Researching to explore more about complex patterns and understanding our target population 2. Developing MVP 3. Testing the solution and refining the idea 4. Smart me mobile App development 5. Legal compliances as a limited company and scaling up Currently, we acknowledge the support from our mentor Mr Alponce Musiba Manager of National Bank of Commerce (NBC) Muhimbili Branch who continuously gives us financial advice together with Mr Samson Genya Executive Director at Endless Tech Company for his technical advice and mentorship to our team Furthermore, we have been able to raise funds totalling to TZSh 1,700,000 (US$740) from family and friends for developing MVP, our target is to raise 11,000 US$ by July 2020 so as we can be able to pitch and demonstrate our working idea to attract the investors. After series A1, our financing source will be from smart me collective saving account. Our customers will be able to receive monthly updates to see their progress via their emails. After a certain period of time (estimated two years) smart me will continuously mature and sustain its financial sustainability by attracting more people to save. Moreover, it will impact the lives of many youths in our country and all over the world as we grow by providing free financial literacy (education) creating employment opportunities for all and offering ground for capital accumulation.
Edgar Vitus Luambano was born in 1993, He is currently a second year student pursuing Bachelor of Science in environmental health at Muhimbili University of Health and Allied Science (MUHAS) in Dar es salaam, Tanzania. Back to secondary school Edgar has been a work minister in the year 2010 to 2011, and was awarded a leadership prize. At university level, currently he is a Vice president of Tanzania Environmental Health Student Association (TEHSA). He has been attending different workshop and seminars for innovation, entrepreneurship and leadership. He has also been awarded by ACACIA as third best student in occupational health and safety. Edgar attended the innovation week of 2019 that was powered by Human Development Innovation Fund (HDIF) and for the first time he introduced the idea at pechakucha night for innovation week which was happening in 90 cities all over the world. Recently he organized the trip of 7 fellow students including himself to attend the 3th international Federation of Environmental Health World academic and 16th Makelele University Environmental Health Students Association MUEHSA scientific conference at kampala, Uganda.