Please describe your proposed solution.
Our solution would be a wallet for fiat access and output services, services will be offered in the form of USSD to allow end users to convert stablecoins into local fiat, and an end-to-end API to allow other companies to integrate it. It will use a stablecoin indexed to the US dollar, which will sit on the Cardano blockchain to protect users from the volatility of traditional cryptocurrencies.
It will provide an easy integration experience, as most blockchain protocols require internet access and the installation of additional mobile apps or wallets, which limits their adoption in Africa by blocking users who should benefit the most.
One of the advantages of USSD is that it doesn't require a smartphone or an internet connection, and can run on a simple mobile phone with a mobile network connection. This makes it the primary mobile interface in the developing world, with 1.4 billion people in Africa, the majority of whom still use basic phones. This can put them at a disadvantage, as most mobile financial applications require a modern smartphone with an internet connection.
How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?
One of the advantages of USSD is that it doesn't require a smartphone or an internet connection, and can run on a simple mobile phone with a mobile network connection. This makes it the primary mobile interface in the developing world, with 1.4 billion people in Africa, the majority of whom still use basic phones. This can put them at a disadvantage, as most mobile financial applications require a modern smartphone with an internet connection.
Let's assume that in Burkina Faso alone, the application attracts just 1% of these users, which means that at least 3.5 million users are integrated with Cardano. The net effect is much greater over time, because once users have had their first experience, there will be new use cases and more solutions that will drive even more adoption in Burkina Faso.
As adoption of the app grows, operations could expand to other West African countries, meaning that even more Africans will be integrated into financial services based on Cardano. Over time, general familiarity with Cardano will build trust and perhaps lead to Ada becoming one of the first cryptocurrencies to be recognised at an institutional level.
· An introduction to online banking on the Cardano and USSD blockchains;
· Regular collection of nano-savings from $1;
· An offer of online nano-credits from $200 to $1,000;
· An online insurance offer;
· Savings based on networks of cooperative, mutual or individual members that we will support from inception to full implementation in rural areas or areas that are difficult for traditional financial institutions to access.
· The NeedCash savings account is nothing more than a grouping of different secure investments with 100% online management. This account aims to pool savings, however small (a minimum deposit of $1 per day), while earning an annual interest rate of 8.5%.
· Borrowing is based on the granting of emergency nano-credits, which are repaid within 15 or 30 days, to mutual or individual cooperative networks in rural and urban areas that have difficulty accessing traditional credit.
How do you intend to measure the success of your project?
The development of the application will be based on sprints and each sprint will have deliverables focused on functionality.
The project will use a tool such as Asana and Atlassian Jira to manage the overall project management and this board will be open to the community for evaluation.
The GitHub repository can also be made available to members to access the progress of tasks and issues, with a view to daily/monthly check-ins.
For user onboarding, onboarding campaigns will be run with target user groups, this will be managed using Asana (PM tool) so that metrics and number of new users and progress reports will be traceable and measurable.
Please describe your plans to share the outputs and results of your project?
A monthly report will be sent to the Catalyst school with details of the work done. A the end of the project, a close report will be made as well