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Smart Teller
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SmartTeller is a digital cooperative banking platform providing access to digital financial services: we're revolutionising how emerging markets SME'S and individuals access financial services.
We are empowering individuals and businesses to learn about access to credit and savings products through their mobile phone, SMS, and our data-driven mechanism, We provide financial service providers (Cooperatives) with our technology to serve the people.
We aim to democratize how unbanked and underserved micro and small businesses get financial services that best meet their needs.
Define three specific objectives that you would like to achieve with your proposal.
Driving financial inclusion across Nigeria by providing access to quality financial education.
Alleviating poverty through our agent network financial cooperatives, social enterprise, and Technology.
Bridge the gap between the banked and underbanked in Nigeria and predominantly Africa.
What problems (particularly in value chain competitiveness and global disruption) are your community’s stakeholders facing due to the Covid-19 pandemic?
Even before and during Covid-19 the Micro-Entrepreneurs and Individuals in Nigerian don’t have access to quality finance experience because they bank with local cooperatives, that do not have quality banking operations, and that's According to EFINA report, which state that about 59% of Nigeria population don’t have access to the standard banking experience.
What minimum viable solution(s) are you proposing to address the challenge(s) in your community?
This problems can be solved by setting out financial literacy content through our SMS and voice call services to inform these people about how to use our technology in the simplest ways, and Through our data-driven mechanism, We provide financial service providers (Cooperatives) with our technology to serve the people.
Share your story (your narrative)
I am the C.E.O of SmartTeller and the product manager. I started SmartTeller because I noticed that a significant percentage of the Nigerian population and of course African population does not have access to standard & quality banking services being enjoyed by most literate banked persons, this to me was a problem and there was a WHY? the question which was needed to be answered and solved in other brings about economic growth within our local communities in Nigeria and across Africa. So by driving the financial inclusion across Nigeria by providing access to quality financial education, SmartTeller will make lives easier for many people.
Please provide any additional relevant information that you would like to share.
Smartteller's aim is to bridge the gap between the banked and underbanked in Nigeria and predominantly Africa. This is made possible through Smartteller's banking technology; a mobile application that enables you to pay anyone through their cooperative, and also gives access to financial education through a data-driven technology (SMS, voice call). This technology is made for financial cooperatives like thrift collector, groups, cooperatives, Microfinance, etc.
Hence, making lives easier for many people from the market woman to the youth who need to make or know that their daily or targeted contributions with their cooperatives.
What makes smartteller different:
At SmartTeller we setup cooperative agent networks to provide financial service to the unbanked in their communities, we offer USSD infrastructure and financial education to reach the last mile, we are not just a neo bank, we are a cooperative bank.
SmartTeller unique selling point:
The SMS Notification that customers receive on every transaction and transaction print received from our SmartTeller BOX
Our Revenue Model:
We have a subscription based revenue model from Financial Cooperatives which depending on the number of underbanked we reach through them.
Your Final Proposal for challenge
yes
Dear Oluwole, This is a great idea. It is not clear how developed the cooperative movement is in your country. In Kenya for instance, the cooperative movement has been the main compliment for the mainstream banking industry. What you would want to consider also is how to integrate the idea with mobile money. You can study the Mpesa-Coop integration model in Kenya. All the best!
Dear Oluwole,
Got the Story. How do you differentiate yourself from the ones like Eversend, N26, Revolt etc.
I like this idea.
However.
What is your USP?
Thanks
Awesome platform alowule. i have a few questions regarding your innovation . 1. Will this platform also allow people access the actuall funding or it is just an educational platform?. 2. how are you planning to monetize your system? 3. will this platform also be available for investors who are searching for businesses to fund? .
otherwise i love the idea that in future with ideas like yours many underprevilaged people will have good access to financial literacy and access
Hello Oluwole. Congratulations on your idea. I think for a start, I and my team may have a market for you. We are on a project,which I think your solution can be integrated to.
You would want to reconsider your MVP to that viable but minimum product feature that solves the problem across the market target you desire to serve, without perhaps releasing the entire product feature or development cost. A good question to ask is, ow can we do this without necessarily spending cash on building an app at the get-go
Could you elaborate on your business model? While I can see a clear need for your initiative, It's not very clear how you'll make money.
I like the fact that you plan to use SMS as a base for you operations and if I may make a suggestion: you could leverage this SMS/voicecall model by liaising with telecom providers to see if they'd be interested.
This is a brilliant initiative from a continent's promising minds. The project will sail through among the low-earning individuals in Africa and improve their economies.
Greetings
Let me congratulate you on your incredible project in digital inclusion and financial literacy as well as Alleviating poverty through our agent network financial cooperatives, social enterprise, and Technology. i would like to recommend you to find what we can Unit Selling Point so that its implementation will be creative and competitive
Thanks
Sounds interesting, In bangladesh and nepal mobile banking is super populer you can check 2 app for getting some idea. Bangladesh- Bkash model and in Nepal Khilty model. Hope you will like both application and get some idea over there.
Nice idea,
It is good that you are considering Sms and voice calls .
However, because you are targeting the unbanked whom may be predominantly uneducated, I advice that you establish physical accessible smart teller locations as well as the digital, so you can appeal to all.
Dear Oluwole,
How would you face the Govt's regulations as in many countries any financial institutions have to be affiliated with a bank?
How would ensure data security of your clients information?
What will happen if many lenders default of the loan?
You are already in market. How do you differentiate yourself system with other banking system.
Status label added: Mentor feedback received
Hi Oluwole,
Good initiative. You have mentioned in your goals that you're going to provide financial education, but, it looks like your SMS content is providing information on how to use the technology. Indicate, where exactly,you're going to provide the financial education.
My advice Start small and build momentum, Being a social entrepreneur can be very difficult, you are constantly in a field dominated by changing dynamics, you will often face business challenges, and you have to start small and build your enterprise from the ground up. You must be resilient, realistic, and passionate about your goals and the impact you are trying to achieve.
To add to your solution, I am sharing with you questions from one of our trainings that can help in refining our ideas and projects
What business model will you follow to implement this idea?
What methodology or strategy will you use during different processes of implementing this idea?
Which are the processes you have to go through until the finalization of the idea?
What means or tools do you need to implement my idea?
Which are your potential collaborators, investors?
I honestly suggest that before you submit your idea or project, please and ask yourself these questions and even if you have submitted their project, do remember that we still have opportunity to refine our ideas and resubmit. I hope that you find this useful.
Also, please create time and take the campus online trainings as the trainings are there to help campus members understand what it is to be an entrepreneur.
Consider my idea share and comment on it
Thank you
Hi Oluwole,
How do you intend to make money and how much does it cost to send SMS and voice calls to cooperative groups? Have you got any endorsement from government authorities with regards to providing financial services?
Hello Oluwole
Nice thinking and idea for the mobile money in Nigeria.
The idea however needs an interlink between the source of revenue to be gotten from the implementation of the concept.Kindly check M-Pesa services by Safaricom Kenya to get some guidance .
Secondly would you elaborate of what assistance you will offer for Sacco's interested.
Best of luck
Kind Regards
Great initiative. For micro-lending project, I strongly advise the use of cryptomoneys such as bitcoin or ethereum as methods of payment. They have proven good solution for financila inlcusion and, furthermore, they do not depend on central authorities.
Good idea,i will like to know if financial education is the only financial inclusion you are offering?But all thesame wonderful idea.You have my vote.
Hi Oluwole Ogunwande . I really like your project . your project as well as mine
contribute to financial inclusion in Africa. what is your business model and people
living in the rural area are going to access smart Teller
Hi Oluwole!!
Financial education is critical in our countries, because the lack of this is one of the main causes of poverty. In this platform they can get financial formation , but can they get some for example micro credits for an entrepreneurial project?
Status label added: Community feedback received
The idea has been progressed to the next milestone.
Hi Oluwole, this is a very brilliant idea. Digital financial sety have the potential to lower costs by maximizing economies of scale, to increase the speed, security and transparency of transactions and to allow for more tailored financial services that serve the poor. Have you explored some of the risks involved and how do you intend to address them?