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:
The Digital Financial Services (DFS) and the industry of financial technology has presented us with the opportunity to run a 'free of charge' social enterprise that will inspire and enable majority of disadvantaged entrepreneurs to extend access to equal financial inclusion by utilizing digital financial management services. Dundiza is a new innovation in Tanzania designed to educate, engage and support low-income entrepreneurs to be able to save and invest for a sustainable business environment. The main objective of this business is to revolutionize and democratize the financial management behavior through the fixed saving for future investing culture to youths and women in Tanzania. The application software has automatically acquired permission to utilize the hardware operating system for users to access the collected, analyzed and disseminated financial information through API for free.
Expected impact of your idea on sustainable development
The progress of goal 8 of the SDGs reveals big achievements on increased labor productivity and decreased unemployment rate. Dundiza is committed to adding more impact on economic growth by such aspect through transforming public and private human resource to engage in financial management practices. Through fixed financial saving, employees can attain financial freedom by allocating a certain percent of their daily or monthly income on savings for the purpose of spending that money on future investment. The main target for this business is to increase self-employment rate which also increases employment rates for unemployed people and also to open opportunities for low-income entrepreneurs to save in order to scale their businesses. Dundiza operates under the umbrella of goal 1 and goal 8 therefore designed to promote safe, secured and relaxing working environments, emphasize future investment and improves access to financial services to ensure sustained and inclusive economic growth. Feedbacks and findings from customer discovery reveal a great success of this business since majority of employed and self-employed residents in Arusha, Tanzania agree to be spending a lot of money on luxuries and other unnecessary purchase. As the beachhead market, they also agree that saving a portion amount from their daily or monthly income for a specific goal will dramatically create possibilities for them to grow their businesses overtime.
Plans for implementation and sustainability
As a cloud-based financial platform, Dundiza will utilize Artificial Intelligence (AI) to allow automatic communication and function of the overall system, Application Programming Interface (API) to create an endless communication and interaction between the user and the system and Unstructured Symmetrical Service Data (USSD) as a global system for mobile communication technology to allow text messaging between mobile phones and application programs in the network. Dundiza system is composed of a user, for this case, an employee or entrepreneur, a mobile device of any kind, a mobile network provider and the bank. The bank is used because the business will open a bank account at Tanzania Investment Bank (TIB) who is our primary partner and collaborator, for the money to be saved in a safe and secured place. The user will attempt to transfer money from their bank accounts or mobile money accounts to Dundiza account which is encrypted with TIB system. The process will conveniently be executed with the help of the above mentioned technologies and all services must be instant and provided for free. After Dundiza receives the money, it will keep it safe and highly secured to avoid the fraudulent by logged in users and fraudulent activity by suspicious connections. Dundiza and TIB will use behavioral analytics and transaction monitoring to detect money movements that look out of the ordinary. The current financing sources for this business are membership fee of 110,000/ per person from four members who make a total of 440,000/. The social enterprise is also looking for loans of 47,700,000/ from Anza Investment Readiness Accelerator to help the enterprise establish itself strongly and viably. If the fees are paid and the loans are approved, the total finance will amount to 48,140,000/.
I am 26 years of age and a certified YALI Network member residing in Arusha, Tanzania. I successfully pursued highly effective courses on matters concerning creative design thinking process based in sustainable human-centered design, research and social innovation. For the past 5 years, I have been involved and volunteered in managing reputable and respective financial management activities focusing on youth and women awareness about potential outcomes of saving and investing as a stepping stone towards impactful social entrepreneurship. Aiming to create a better future for low and medium income entrepreneurs in Tanzania, I commit myself to disrupting traditional savings in banking systems through this cloud-based automated software application that allows Tanzanian youths and women entrepreneurs to use their mobile phones to save a certain amount of their daily income in a fixed account for free, within a specific period of time to successfully reach their investment goals. Working with a team of visionary leaders, Im highly responsible for marketing coordination and more passionate about utilizing the best customer relation approach to engage potential markets in this convenient fixed saving platform that open opportunities for equal financial management inclusion to all social classes. On March 9, 2018, I was awarded a civic leadership certificate by YALI Regional Leadership Center at Kenyatta University in Nairobi, Kenya following a wide range of civic activities that I participated in Tanzania and Kenya including raising awareness to university students about financial management practices. practice.