My name is Oyeyebi Ridwan Oyewale, a final year computer science student of Ahmadu Bello University Zaria Kaduna State, I am a problem solver, a great team player and i love innovation and entrepreneurship, I am also the CEO of Urban Desk Ltd, a company duly registered with the Corporate Affairs Commission in Nigeria.
The idea to build a business around thrift was birthed during the COVID-19 lockdown when I noticed that a lot of people ranging from students to government workers to business people to artisans were able to attain financial stability in those trying times by conducting thrift but the traditional way of thrifting or group contribution is faced with so many challenges ranging from security, trust, lack of transparency, accountability and reliability, also ease of use and access as the thrift collectors go from house to house or shops to shops or from offices to offices as the case may be to get the contributions of the members.
We solve these problems and more associated to conducting thrift by creating an app that ensures transparency, ease of use, security and trust and this gave birth to KoloPurse, KoloPurse is a platform that seeks to automate the traditional thrift process in Nigeria.
KoloPurse will provide users with a platform where they can register, create groups, set the amount, interval (daily, weekly or monthly) and invite friends or join already-existing groups
to conduct their thrift from the comfort of their smartphones. @decentralizenubia@olutaiwo
KoloPurse benefits from this exactly the same way the traditional thrift collector does, we charge a % commission ( a very small rate so as not to put a hole in our user’s pockets) when it is a group member’s turn to take his or her contribution.
No, you can join an already-existing group or create a group yourself and share the invite link to your friends and family.
Currently, the model we use for defaulters is when a particular user fails to contribute when it is their turn, the system (i.e, the company) pays for the user and keeps track of the number of times the user misses, at the end of the thrift cycle and when it is time for the user to get credited his contribution, the system deducts the amount it paid for the user with a % commission as penalty to ensure it doesn’t happen again.
@binary
Who are the target Audience? How will this solve their pain points, and the specific benefits it will bring to your customers or the target audience?
the app is 80% complete, by the time we are done, the customer support will be available 24/7 through the use of third-party chat softwares to ensure instant communication, likewise phone lines will be available and they can also reach us via our channels. we intend to make the reach as efficiently as possible.
we perform kyc on our users by taking their information, bank info (for those who want to conduct thrift from their bank accounts) or wallets or via ATM cards to make and receive payments.
Thrift contribution is widely-practiced and accepted in Nigeria. Artisans, market women, business people, government workers, students all practice thrift as it is an alternate means
to attain financial stability and ensure discipline. These are our audience.
KoloPurse will solve their pain points by ensuring a smooth, easy-to-use and access, transparent and accountable system is given to them to conduct their thrift and ensure they meet their financial goals.
Our developers are experts and they have put into consideration security as we know we deal with vital information and have taken extra measures and followed conventions adopted in the banking and finance sector in building fintech apps as safeguarding users information is important to us. i will rate the security of this platform 8 and I am sure it will be a 10 by the time we move our data to the cloud to seek better security.
We also plan to integrate KoloPurse on the Bantu blockchain infrastructure to ensure security is at its peak.
Yes we will make it a 10 soonest we have the funds to purchase cloud storage.
Yes there’s a link, the previous MVP we released can be found at www.kolopurse.com but after we had a few users use it and gotten feedbacks from them with regards to the UI and User experience, we had to go back to the drawing board and start a new design. Please find the link below this, I will reply with the link to this
Maybe what I have not heard yet is how you want to get this on the Blockchain. Which part of the KoloPurse flow will the Bantu Blockchain enhance.
Have you thought about a KoloPurse Token [Maybe $KOP] that might be used by all participants to make sure participation is no more geographically restricted irrespective of users’ Fiat currencies. A stable coin can also be adopted. What’s your plan around this?
We have been able to achieve transparency on the platform via other means (which means each and every member of a group can see what is going on with the group) but soonest we have the manpower and resources, we want to achieve transparency using Blockchain and also ensure security and privacy, likewise in a not-so-far future, we hope to have a feature on Kolopurse that gives users the chance to conduct thrift with crypto currency, this is where the Bantu Blockchain comes in and more.
Currently, as part of our expansion strategies, we plan to develop a feature to enable users contribute using their crypto coins but the I really appreciate the hint on having our own Kolopurse token. I will take it to my team and we will include it in our executive summary. Thank you very much sir.
that’s all from me