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 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 of 3 to 5 percent more as compared to an individual account that had to grow at the rate of 1 to 1.5 percent (the power of working to gather). The app will provide other services that will aid NURTURING of youth towards reaching their intended goals, these services include business consultation, saving plans, mentorship, etc. this goes parallel with our motor SAVING PURPOSEFULLY to help our customers to reach their goals. The app will also generate data which are very important in 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.
Expected impact of your idea on sustainable development
Specifically, smart me mobile app targets to impact the society especially the youth at two levels these are; Personal and group level, How? First, through our App, we expect to reach more than 20,000 customers or more who will be ignited through our workshops in a period of five years to start doing the saving. Our customer will no t be left after igniting rather the app will offer other services to let these youth to grow with such a spirit of saving like Mentorship and entrepreneurship skills. INDIVIDUALLY, the profit generated from a collective account will be distributed to every person doing savings with us at a rate of 3 to 5 percent monthly as an incentive which will lead to a significant increment from their saved amount almost 3 times, this is our first target to push the commitments of these youths. When individual goals are attained plus the significant increment out of profit from the collective investment they can be in a position to venture into a small business (entrepreneurship) and self-employment to have financial freedom and sustainable personal economic growth. 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 ideas like entrepreneurship, etc. to support meaningful startups (this will motivate youth working in partnership) and reaching their 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.
Plans for implementation and sustainability
The organization is in need of funds totaling to US$3.1Million 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 After this stage, we will be to run our own affairs by instantly providing 3 to 5 percent as an interest rate monthly to our people who will start saving even to a minimum deposit amount which is 1000 Tanzanian shillings (US$0.45) this will motivate and encourage more youth to start saving for their future goals. Questions might be where do we get 3 to 5 percent? From simple study survey which we conducted to the different financial institution (banks), we got to be impressed with saving product of National Bank of Commerce (NBC) of which we have started working within our project as part of the solution despite the little interest rate generated per person. Moreover, the NBC bank can offer promisingly higher percent of monthly return as an interest in their saving product with the minimum deposit amount. 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 mature and can stand and operate itself and will continue to be sustainable by bringing more people to save. Moreover, it will impact the lives of many youths in our country and all over the world as we grow.
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.