Team 39: DIGIFÍ
A digital financial hub in rural communities to provide financial education classes, digital skill training and access to loans and investments for micro and small businesses at favorable interest rates through partnerships with government, NGOs, public and private organizations.
The Team:
Elochukwu Mbah
Soumeya Lardjam
Kwazi Sokhela
Patience Obande
Problem:
“Of the 500 million to 800 million low-income earners who now have access to formal financial services, only an estimated 110 million to 130 million have had exposure to financial capability building” (Citi Foundation). This statement shows the problem of the lack of financial literacy in the world. A closer look at Africa as a continent and the numbers get worse. In Africa, there is a lack of basic financial literacy for individuals and even micro & small enterprises along with that these individuals and micro & small enterprises, which are usually based in rural/suburban areas, do not have access to financial services and credit facilities.
Solution:
To solve this problem, we have come up with creating digital financial hubs in communities in Africa to provide financial literacy, digital literacy and access to credit facilities. This solution was chosen as it deals with the root cause of the problem. There are several solutions already existing but these solutions do not identify the need to convey financial information in local languages, neither do they regard the importance of community closeness. Our digital financial hub will be located such that it is integrated with the community as a means of improving their livelihood and helping them thrive through various global changes.