Cardano Ubuntu Informal Business Registry & Accounting dApp - a blockchain-based solution for informal businesses in Africa

[IMPACT] Please describe your proposed solution.

Summary

The proposal seeks to provide identity and develop informal businesses in Africa by providing DApp solutions for simple accounting, marketing, management and tracking SMEs business progress with less documentation which would form the basis for creditworthiness, financial inclusion, and access to financing instruments tailored to the needs of the informal business (rural and urban) for growth and expansion.

Solution in Details

It has been said by Charles Hoskinson that, ‘Cardano is an open platform that seeks to provide economic identity to billions who lack it by providing decentralized applications to manage identity, value and governance’. With Cardano’s strategic plan for Africa, there is no greater way to help Africa without focusing on its traditional economy thus the informal sector. This sector is important because it sustains billions of livelihoods in Africa. According to Africa Development Bank (2013), the informal sector is a major source of employment which accounts for 70% of employment in Sub-Sahara Africa and 60% in North Africa. The World Bank (2020) has reiterated that the urban informal sector accounts for 80.8% of employment in Africa.

The informal economy in Africa is bigger and impacts most livelihoods in Africa. It is the very backbone of Africa’s economic activities. It includes the local corner shop, street vendor, and as high as manufacturing. They are full of creators and entrepreneurs and a unique space that is advancing decentralized solutions off-grid. The off-grid feature existing in their operation makes it difficult to identify and takes a longer time to build trust and mutual cooperation. A blockchain is a platform to integrate informal sector activities on the grid with a focus on reducing the risk associated with the informal sector and build dApp tool to provide identification and accounting and financial inclusion for the informal sector.

Our DApp would be built to develop a registry and accounting solutions for the informal sector businesses which would be the basis for financial inclusiveness.

Solution A - The Registry

The focus of the centralized government has priority in increasing taxes and formalizing businesses within the informal sector. The former has deepened the burden and increased production cost whereas the latter has not been effective at all.

The informal sector is rooted in traditional African origins hence, understanding the need for the sector to maintain its original form while undertaking initiatives to boost productivity levels among players in the sector is the way to go and blockchain technology would be effective in maintaining their original form whilst increasing productivity levels. Increasing productivity is the surest way to make the informal sector bridge the gap with the formal sector and progressively formalize and improve the livelihoods of their workforce. This would require a strategic partnership to provide financial inclusiveness and an identification system for players in the sector.

The Registry would function using smart contracts to provide a unique identity for individual businesses in the informal sector. The identification would function in three ways;

Identity Verification: SMEs' identities would be established and verified via smart contracts. The required identity data may be saved on the blockchain using a smart contract when an SME registers on the dApp. This data may contain company specifics, owner details, and other pertinent information. By ensuring that the information given is true and unchangeable, smart contracts may improve trust and identity verification.
Financial Transactions: On the blockchain, smart contracts allow for safe and open financial transactions. Smart contracts would be used by the dApp to provide credit, peer-to-peer payments, and trade finance for SMEs. Smart contracts would automate the transfer of payments, enforce previously agreed-upon payment terms and conditions, and increase transparency in business dealings. This makes financial services for SMEs more effective and affordable while reducing reliance on conventional financial intermediaries.
Triple-Entry Accounting: Triple-entry accounting is a cutting-edge accounting system that blends blockchain technology and conventional double-entry accounting. The Cardano blockchain's smart contracts would capture and verify transactions, producing an auditable and immutable ledger. For SMEs, this triple-entry accounting system improves transparency, lowers the possibility of fraud, and gives a trustworthy and impenetrable record of financial activity.
Access to Financing: Decentralized lending and crowdfunding platforms for SMEs can also be made possible via smart contracts. SMEs may obtain finance directly from lenders on the blockchain by developing smart contracts that specify loan terms, interest rates, and payback requirements. These smart contracts can manage loan repayments, automate loan disbursements, and give clear credit histories for SMEs.

The four functions would interplay to provide unique identities for informal businesses which would facilitate access to financial assistance which is absent in the operations of the sector. The quality of identification would be leveraged to provide credibility and reliability for strategic partnerships, reduce risk and increase productivity. For instance, the number of workforces employed by a particular informal business is a good indicator of accessing the strength, growth, and expansion of the business in Africa. It is trite that the private informal sector would not employ anyone unless you add value to their business operation (unlike the public/government sector).

Solution B - Triple-Entry Accounting

Businesses in the informal sector do not have the requisite capital to hire professionals to handle certain aspects of their businesses. The informal sector is common among the youth (95.8% ages 15-24) in Africa. The World Bank (2020) has estimated that the size of the working-age population would increase to 224.0 million by 2030 and 730.4 million by 2050. This present and niche easy usage for dApp tools that respond to the needs of the informal sector. The triple-entry accounting is a basic accounting tool tailored to the needs of informal businesses in Africa.

Triple-entry accounting is a hybrid of cost accounting and financial accounting systems with entry-selected entry components suitable to the needs of businesses uniquely identified and classified in the DApp Registry. Double entry cannot be omitted in accounting with associated debit and credit accounts, the addition here, is the third component which is the Cardano blockchain hence making it a triple-entry accounting dApp solution that is secured, opened, and transparent.

For instance, traditional double-entry accounting system, each business has its own debit and credit accounts. A transaction of $10,000 between Company A (Buyer) and Company B (Seller) can be recorded differently in the respective books of the company. Company A would not know how Company B recorded the transaction. There can be errors, omissions, or fraud associated with traditional double-entry accounting systems.

Positively, blockchain is the third component that would provide more transparency in accounting. The Triple-Entry Accounting would simultaneously add a third entry and post the third entry in a shared ledger that can be seen by all participants. The posting and verifying transactions can be done by informal businesses without a central authority. The Blockchain would be used to create a unique cryptographically sealed receipt with a unique digital signature for each entry.

Final Step - Starting Point

The combination of the Registry and Triple-Entry Accounting would commence in Ghana. The proposal seeks to commence in Ghana as a focus region for the project. Ghana is among the countries in Africa with cryptocurrency usage and exchanges operate with no stringent blockchain/cryptocurrency regulations. Hence providing a good environment that is a suitable place for take-off.

According to the Ghana Living Standard Survey (2019), the informal sector employs 72% of the economically active population whereas the formal sector employs 28%. The informal sector plays a major role in private activities that boost the economy of Ghana. Ghana’s private sector employs 92% of the economically active population.

This provides a great need for the Ubuntu Informal Business Registry & Accounting dApp and would serve informal businesses.

Collaboration

This project has collaboration with Inversion and their team of developers to provide technical expertise specifically for the development of the dApp. (See https://inversion.dev)

[IMPACT] How does your proposed solution address the challenge and what benefits will this bring to the Cardano ecosystem?

How Integrated DApp Registry & Accounting on Blockchain Addresses the Challenge

The Blockchain technology provides a platform that requires less documentation and bypasses traditional banking services, therefore leveling the economic playing field between informal businesses, Micro, Small, Medium size enterprise (MSMEs), and big corporate firms. Hence expanding financial services to unbanked and underserved customer markets. Cardano blockchain is suitable because it possesses a unique governance and evidence-based platform for change makers and the dApp value of scaling the ecosystem and adoption in Africa through developing traditional systems that impact livelihoods in Africa.

The Cardano Ubuntu Informal Business Registry & Accounting DApp also addresses the challenge by providing the informal sector community with identity and financial inclusion that the existing centralized systems do not provide and this dApp provides a core solution to advance the development of informal sector businesses in Africa. It provides an improved and decentralized solution to the existing centralized financial sector that has isolated SMEs to the marginal. Thus, in solving the problem of identity and financial inclusion, the informal sector would have reason to increase and interact with Cardano blockchain.

The informal sector in Africa has real innovators, entrepreneurs, and creators that provide a decentralized solution in the real world. Chinalysis has estimated that Africa received $105.6 billion worth of cryptocurrency payments between July 2020 and June 2021, a 1200 percent increment. It is noted that Peer-to-peer transaction was dominant in Africa. This provides proven evidence or proof of concept that the demonstration of decentralized finance is known to the informal sector in Africa.

With integrated blockchain registry and accounting solutions, businesses in the informal sector would evolve the following in Africa

§ Management: Update on a shared ledge provides real-time information to informal business owners, problem-solving, and time to formulate strategies that address the current and future problems of businesses.

§ Auditing: Some audit procedures would not be necessary with the Cardano blockchain such as bank confirmation, verifying balances between buyer and seller, and inter-business transactions verification. Sampling is not needed because auditors can see and verify all transactions on the shared ledge with less time.

§ Accountant: Change the role of accountants from bookkeeping and reporting to become part of planners, decision-makers, advisors, and strategic partners for a successful business.

The Cardano Ubuntu Informal Business Registry and Accounting dApp would improve and provide more use cases to the Cardano Ecosystem. This includes;

Wallets - SMEs would scale the use of Hardware and software wallets
Tokenised Cardano's ADA - SMEs adopt ADA
IOT - Connecting data management devices to Cardano ecosystem
Borrowing and Lending - ADA facilitates lending and credit rating
Marketplace
Business Solution - Data management

[IMPACT] How do you intend to measure the success of your project?

The team defines success by the impact we create for businesses in the informal sector, giving them an identity and imprint through a dApp with triple-entry accounting on the Cardano Blockchain that can be relied on for their financial inclusion in Ghana and Africa at large. Specifically, the following metrics define our success:

Adoption and Usage: The degree of dApp usage and acceptance by informal companies is critical to our success. How much SMEs would use the platform to conduct financial transactions, confirm their identities, and access other services, therefore, the number of active users, transaction volume, and user engagement are key indicators for success.
Financial Inclusion: The main objective is to increase SME financial inclusion. The number of formerly financially excluded enterprises/ SMEs that have obtained access to financial services through the dApp would be used to gauge success. Financial inclusion development would be monitored by keeping tabs on the rise in the proportion of SMEs having access to loans, credit score, payment services, and other financial instruments.
Stakeholder Engagement: It's critical to collaborate with stakeholders including SMEs, financial institutions, regulators, and community organizations. The degree of cooperation, collaboration, and support gathered from different stakeholders may be utilized to measure success.
Long-Term Sustainability: Long-term insights on the dApp's capacity to continue supporting SMEs may be gained by analyzing the dApp's financial sustainability, scalability, and flexibility. The success of the project may be determined in part by tracking its development, funding, and potential for growth.

Key Performance Indicators

Number of Registered & Active Users
Number of Businesses using accounting tool
Number of Credit Ratings Issued
Number of Downloads

Key Indicators for Success

Completion of dApp
Reach 200 businesses through educational outreach
At least 100 businesses registered
At least 30 businesses using the Accounting tool for a month

Auditability

The project team behind the project welcomes openness to catalyst community members and businesses in the informal sector as well. and has integrated progress reports that would be published monthly on the website. Also, DApp development would be documented in Github. The project team is committed to providing funding updates, impact, and progress reports on Discord.

Our dApp uses triple-entry accounting on the Cardano Blockchain to enable identification and financial inclusion for informal businesses in Africa and has a number of shared outputs and results:

A. Increased Access to Financial Services

Output - Developing dApp to provide previously unbanked informal companies access to financial services including savings accounts, loans, and payment options.

Results - This may lead to greater financial inclusion, allowing SMEs to expand their operations, make investments in assets, and handle their money more skillfully.

B. Enhanced Identity Verification

Output - Set up a safe and unchangeable identity verification system for SMEs on dApp.

Results - This can facilitate easier transactions and lower the risk of identity fraud by increasing confidence between businesses, clients, and financial institutions.

C. Improved Transparency and Accountability

Output - Use of triple-entry accounting on the blockchain to improve financial transaction transparency, secured business records, and accountability.

Results - Small and medium-sized businesses (SMEs) can keep an auditable, tamper-proof record of their financial transactions, which fosters more confidence and makes it simpler to obtain financial services, financing, and investments and provide credit scores.

D. Cost Reduction and Efficiency Gains

Output - The dApp would expedite financial operations, lowering transaction costs and increasing efficiency, by utilizing blockchain technology and smart contracts.

Results - This can save costs for SMEs and make financial transactions faster and more secure.

E. Strengthened Economic Growth

Output - Providing SMEs with financial services and greater financial management skills to help Africa's economy expand.

Results - The expansion of these companies may result in the creation of jobs, a rise in productivity, and general economic growth.

F. Advancing Cardano Blockchain Ecosystem

Output - Utilization of the dApp would help to advance Cardano's blockchain ecosystem in Africa and facilitate expansion.

Results - The utility would encourage cooperation among small and medium-sized enterprises (SMEs), developers, financial institutions, and regulators, fostering an atmosphere that is favorable to innovation, entrepreneurship, and technical improvements.

[CAPABILITY/ FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability?

Our team has been active in the catalyst ecosystem since fund 7. With experience in both business and nonprofit management, project management, and compliance.

I’ve been an active community advisor, a voter, and a proponent with two community-funded and executed projects. The successful execution of those projects has propelled us with experience in mobilizing grassroots for blockchain adoption as well as engaging policymakers and regulators through policy dialogues. (See reference to proposal <https://cardano.ideascale.com/c/idea/62263>, <https://cardano.ideascale.com/c/idea/64441>)

Apart from our active involvement in the catalyst space, our team brings not only extensive experience and a high level of engagement in the Cardano Project Catalyst in terms of project implementation and successful outcomes that lead to onboarding and promoting Cardano among grassroots within our local communities.

Having successfully completed projects in the past, our experience and commitment to transparency and accountability through detailed and understandable community reporting. In addition, our transparency with project challenges amalgamates to building trust and accountability consciousness in the community.

Our team’s skills, experience, and commitment to goal-oriented solutions for scaling the Cardano ecosystem by leveraging blockchain solutions to local problems including developing dApp contribute to building credibility and reputation for achieving project deliverables.

[CAPABILITY/ FEASIBILITY] What are the main goals for the project and how will you validate if your approach is feasible?

The main goal of the project is to:

Enhance financial Inclusion for SMEs and informal businesses through scalable and sustainable dApp solutions.
Implementing triple-entry accounting on the Cardano Blockchain makes it possible for SMEs to maintain transparent and auditable financial records.
Create a registry verification solution for SMEs that is dependable and tamper-proof.

The solution seeks to develop a dApp with triple-entry accounting on Cardano Blockchain to provide

identity & financial inclusiveness for informal businesses in Africa. The project provides identity and financial inclusiveness for informal businesses in Africa but would commence with those in Ghana.

Feasibility

The successful execution of the project would hinge on technical, operational, and project scheduling.

Technical - The technical experts for the project are vested with experienced developers with full knowledge of Cardano Blockchain and integrating dApp development tools. Developers at Inversion have proven and established experience that is appropriate and effective in providing the required functions including compatible smart contract language and the Cardano blockchain is suitable for scaling.

Operational - The project practically aligns to provide a solution that is currently needed by SMEs to provide financial inclusion and expand their business interest. Therefore, SMEs and informal businesses' readiness to adopt and utilize dApp once it is created is high. This is because access to credit is a major challenge to informal businesses therefore, the dApp solution provides a critical business solution for easy adoption and utilization.

Project Scheduling - The project timeline is flexible to ensure achieving project milestones. With an agile implementation approach, the timeline is structured to concord with the catalyst resource and funding batch to ensure the efficient use of resources. This helps to mitigate risks on resource availability.

Sustainability - The project in the long term would charge minimum fees to sustain and maintain dApp operations. Also, there is the possibility of internet infrastructure expansion as well as the growing educated population to enable the utilization of dApp solutions.

[CAPABILITY/ FEASIBILITY] Please provide a detailed breakdown of your project’s milestones and each of the main tasks or activities to reach the milestone plus the expected timeline for the delivery.

The team has estimated to execute the project in the next 5 months. We seek funding to enable the execution of the project which is to develop the dApp with triple-entry accounting on Cardano Blockchain. The breakdown of the project activities are as follows:

Phase A: 1 – 3 Weeks

§ Information Gathering & Planning

§ Kick-off Meeting

Phase B: 4 - 8 Weeks

§ User Research

§ Strategic Partnership Outreach & Research

§ dApp development Commencement

Phase C: 9 - 12 Weeks

§ User Onboard Strategic Plan

§ Marketing (Digital & Traditional mediums)

§ Monitoring & Evaluating Report

Phase D: 13 – 17 Weeks

§ Completion of dApp development

§ Launch & Test-net

§ Informal Business Engagement

§ Host workshop to educate informal sector businesses owners/players

Phase E: 18 – 20 Weeks

§ dApp Deployment

§ Finalizing Project Completion & Report

The overall timeline provides a framework to achieve 7 milestones and detailed activities as follows:

Milestone 1: Project Initiation

Install the dApp on a test network to do more testing.
Prepare the environment and infrastructure for the start of production.
SMEs and other stakeholders should participate in user acceptability testing (UAT).
Launch the dApp to the intended users and make it available to African informal enterprises.

Milestone 2: Requirements Gathering and Design

Consult with stakeholders to collect requirements and comprehend user requirements.
Describe the dApp's features and functionalities.
Create the dApp's user interface (UI) and user experience (UX).

Milestone 3: Smart Contract Development and Integration

Create and test smart contracts for triple-entry bookkeeping, identity verification, and financial transactions.
Connect the Cardano Blockchain network and the smart contracts.
Implement security safeguards and carry out smart contract audits.

Milestone 4: Front-end and Back-end Development

Create the dApp's front-end elements, such as user interfaces, authentication, and registration.
Create the infrastructure on the back end to manage transactions, data storage, and smart contract integration.
Implement privacy and data encryption mechanisms.

Milestone 5: Testing and Quality Assurance

Conduct thorough testing of all the dApp's features, such as identity verification, financial transfers, and accounting processes.
Conduct security audits and vulnerability analyses.
Take care of any bugs and issues found.
Maintaining and supporting the system continuously, taking care of any problems or faults that may appear.

Milestone 6: Deployment and Launch

Install the dApp on a test network to do more testing.
Prepare the environment and infrastructure for the start of production.
SMEs and other stakeholders should participate in user acceptability testing.
Launch the dApp to the intended users and make it available to African informal enterprises.

Milestone 7: User Adoption and Growth

Keep track of the dApp's user adoption and engagement.
Gather user input, then iteratively improve on the basis of those demands.
Create and implement marketing and public relations efforts to raise awareness of the dApp within the intended audience.
Create a system for tracking and examining use and performance data for the dApp.
Continually improve the dApp in response to customer input and changing market demands.

[CAPABILITY/ FEASIBILITY] Please describe the deliverables, outputs and intended outcomes of each milestone.

The project deliverables are results to be achieved at each milestone. The Outputs are specific initiatives within our control to be produced and our intended outcomes are expected impacts that correlate with undertaken outputs. This is detailed below:

Milestone 1: Project Initiation

Deliverables

Organize the project team and specify roles and duties.
Organize a thorough project beginning meeting.
Create a thorough project strategy and schedule.

Outputs

Establish a Project team and clearly define roles, and duties

Intended Outcomes

At least establish a clear direction and define the governance framework for the open-source cooperation.

Milestone 2: Requirements Gathering and Design

Deliverables

Consult with stakeholders to collect requirements and comprehend user requirements.
Describe the dApp's features and functionalities.
Create the dApp's user interface (UI) and user experience (UX).

Output

Created requirements and design specs based on community feedback

Intended Outcomes

Produce UI/UX design and community-driven features that are in line with the requirements of informal companies.

Milestone 3: Smart Contract Development and Integration

Deliverables

Create and test smart contracts for triple-entry bookkeeping, identity verification, and financial transactions.
Connect the Cardano Blockchain network and the smart contracts.
Implement security safeguards and carry out smart contract audits.

Output

Developed and tested smart contracts for triple-entry bookkeeping, identity verification, and financial transactions.

Intended Outcome

Secure effective Smart contracts that are connected with the Cardano Blockchain network.

Milestone 4: Front-end and Back-end Development

Deliverables

Create the dApp's front-end elements, such as user interfaces, authentication, and registration.
Create the infrastructure on the back end to manage transactions, data storage, and smart contract integration.
Implement privacy and data encryption mechanisms.

Output

Developed back-end architecture for processing transactions and data storage, along with front-end components with user interfaces.

Intended Outcome

Complete the development of dApps with user-friendly interfaces and seamless front-end and back-end system connectivity.

Milestone 5: Testing and Quality Assurance

Deliverables

Conduct thorough testing of all the dApp's features, such as identity verification, financial transfers, and accounting processes.
Conduct security audits and vulnerability analyses.
Take care of any bugs and issues found.
Maintaining and supporting the system continuously, taking care of any problems or faults that may appear.

Output

Conduct thorough testing, find and fix errors, and vulnerabilities.

Intended Outcome

Produce dApp that is dependable, safe, has few problems, and improves the user experience.

Milestone 6: Deployment and Launch

Deliverables

Install the dApp on a test network to do more testing.
Prepare the environment and infrastructure for the start of production.
SMEs and other stakeholders should participate in user acceptability testing.
Launch the dApp to the intended users and make it available to African informal enterprises.

Output

Deployed the dApp to a test network for validation and prepared for production launch.

Intended Outcome

Accessible and functional dApp that would be used by informal businesses and give feedback.

Milestone 7: User Adoption and Growth

Deliverables

Keep track of the dApp's user adoption and engagement.
Gather user input, then iteratively improve on the basis of those demands.
Create and implement marketing and public relations efforts to raise awareness of the dApp within the intended audience.
Create a system for tracking and examining use and performance data for the dApp.
Continually improve the dApp in response to customer input and changing market demands.

Outputs

Enhancing the dApp through active user involvement, user feedback, and community contributions.
Established a monitoring system that fixes bugs and updates.

Intended Outcomes

Increased dApp use by SMEs and informal businesses, a larger user base, and a more developed ecosystem.
Regular maintenance and support, constant user feedback-based enhancement, and long-term viability of the dApp.

[RESOURCES & VALUE FOR MONEY] Please provide a detailed budget breakdown of the proposed work and resources.

Budget (ADA)

The budget is detailed and structured along with our activities. The allocation of the amount is based on the estimation that the price of ADA is $0.24. The working duration, a day is estimated as 7 hours, 5 days for a week and 10 days make 2 weeks. Our total ask is 504810 ADA. Below is the detail.

Planning and Gathering of Requirements

6250 ADA

User Interface (UI) Design

Adoption requires creating an interface that is simple and easy to use.

1458/Day * 1 Weeks = 7290 ADA

Front-end Development

Creating user interactions and integrating them with the Cardano blockchain network

3500/Day * 6 Weeks = 105000 ADA

Back-end Development

Creating smart contracts, integrating the business logic, and implementing the Cardano blockchain

4375/Day * 11 Weeks = 240625 ADA

Testing and Quality Assurance

Thoroughly test the dApp to identify and fix any bugs or flaws.

1888/Day * 3 Weeks = 28333 ADA

Deployment and Launch

The dApp deployed to the Cardano blockchain

2500/Day * 1 Week = 12500 ADA

Product Management

358/Day * 12 Weeks = 21480 ADA

Marketing & Advertising

2083/Day * 4 Weeks = 41666 ADA

Informal Sector Education & Workshop

Undertake 3 educational and Outreach Workshop

10416/Event * 3 Events = 31250 ADA

Team Fees

10416 ADA

Total ………………………. 504810

[RESOURCES & VALUE FOR MONEY] Who is in the project team and what are their roles?

Jacques Bosch, Founer, Inversion - dApp Developers

Jacques has 3 decades of experience in building systems for human utilization. Our project has a good collaboration with Inversion (https://inversion.dev/#aboutus) for technical expertise. The team of developers has tremendous years of experience integrating traditional software systems with blockchain platforms; wallets, native tokens, NFT minting, and smart contracts. This level of technical expertise is important to facilitate the development and successful execution of the proposed dApp solution.

Nathaniel Dwamena - Chief Operation Officer

He has a B. A (Hons) in Geography and Rural Development and 2023 candidate for Bachelor of Law. He is a researcher and has more than seven years of experience in think tank development, non-profit management, and business development consulting. He was part of the team contracted by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ Ghana) to conduct a study on red tape for doing business in Ghana. He successfully completed think tank training in Nigeria and project management training in Kenya, which aided in his successful graduation from the Atlas Leadership Academy, Atlas Network (USA). He is a member of Wada and has been involved in Catalyst since Fund 7 as a proposal advisor and proponent who has successfully completed two projects.

LinkedIn : https://www.linkedin.com/in/nathaniel-dwamena-02578a127/

Kingsley Mensah - Chief Technical Officer

He holds an MSc. in Computer Science & Technology. Founder of a web hosting company, Kingscel Technologies. He has proven skills in web designing, software development, computer networking and security, Javascript, Plutus, and CSS, and loves ideas for a free society. He was awarded the Star of Innovation Award in 2019 by the Hubei University of Technology (China). He also received the Young Achievers Award at the Pride of Africa Awards (Asia) 2020 by Appreciate Africa Network (Asia).

LinkedIn - https://www.linkedin.com/in/kingsley-mensah/

Charles Fiifi Hagan - Accountant

He has a BSc (Hons) in Business Administration (Accounting). He is a Pastor and a business development consultant and has more than seven years of experience in Ministry Accounting and, and business development consulting. He is the CEO of Chems Consultants, a business consortium that aims at helping startups. He has consulted for a few startups that are currently finding

their feet in the world of business.

LinkedIn: www.linkedin.com/in/charles-hagan-77570312a

Joshua Larweh Tetteh - Agri-business Lead & Coordinator

He has a BSc. (Hons) in Agriculture. He has more than three years of experience in volunteer management and non-profit management. He is part of the team at the Ashanti Regional Department of Agriculture which coordinates the activities of the Government of Ghana's Planting for Food and Jobs program in the region to ensure that there are checks and balances. He has been involved in catalyst since Fund 8 as a Community Advisor.

LinkedIn: https://www.linkedin.com/in/joshua-larweh-tetteh-a1b391192

[RESOURCES & VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

Building a dApp with triple-entry accounting on the Cardano Blockchain with the goal of supplying identification and financial inclusion for unregistered firms in Africa would benefit the Cardano ecosystem by providing value for money in the following ways.

Increased Adoption: By creating a dApp that focuses on the African market and caters to the requirements of informal businesses, Cardano ecosystem would be able to enhance the usage of its blockchain technology. More small and medium-sized businesses and individuals using the dApp increase demand for Cardano's services, increasing transaction volume and the possibility of income creation.
Market Expansion (Cardano-Africa Goal): The project concept concentrates on an underdeveloped market niche in Africa's informal businesses. Cardano may take advantage of new market opportunities by offering these informal entities identity verification and financial inclusion services, hence growing its user base and ecosystem in the area. Cardano may benefit from long-term growth and strategic placement in the African market as a result of this.
Demonstrating Use Cases: The project acts as a concrete and useful use case for the Cardano Blockchain. The initiative enhances Cardano's standing as a blockchain platform with practical use by demonstrating how its technology can be used to address real-world problems and advance economic growth in Africa. Cardano's position in the market may be strengthened by other initiatives and partnerships brought about by this proof of value.
Network Effect: As more people, organizations, and developers utilize the platform and engage with it, the value of Cardano's ecosystem will increase as a result of the project's success. The dApp draws additional users as it grows in popularity and develops as a center for inclusion and financial transactions, creating network effects that benefit the whole Cardano ecosystem.

Overall, the expansion of Cardano's ecosystem and long-term viability as a top blockchain platform can be aided by the project's successful completion.

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