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Green Lion (GL) lending in Ghana

$15,000.00 Received
$15,000.00 Requested
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Problem:

The informal sector in Ghana stagnates / expands slowly because there are no low cost, efficient, reliable borrowing options

Challenge: F6: DeFi and Microlending for Africa
funded Awarded 16.667% of the fund.
Community Advisor Reviews:
3.4 (18)
Yes Votes:
₳ 80,151,629
No Votes:
₳ 13,199,828
Unique Wallets:
298

Experience

Green Lion currently supplies more than 3,500 provision shops in Ghana.

Wada has over 50 years combined technology experience

Solution

Wada + Green Lion seek to develop self-sustaining liquidity pools for providing low cost business loans to the Ghanaian informal sector

Key Statistics:

61% of the world's workers earn their living in the informal economy 80% of the Ghanaian workforce is employed in the informal sector Informal sector contributes 12 Billion to Ghanaian GDP Services not covered in Ghanaian the informal sector include

Medical insurance Paid sick leave Contribution to retirement

In 2020 lending rates from banks were 20% - 30% For Microloans, the lending rates can go as high as 100% Increase in unserviced loans in the financial sector

Key Objectives:

Create a self-sustaining micro lending DAO for the Ghanaian informal sector. Enable access to low cost credit options for businesses in the informal sector Enable access to various business education resources through the network

Managerial Record keeping and reporting Inventory management

Solutions

The micro lending DAO will be created on the Cardano network. It will manage liquidity inputs, borrower criteria, fund distribution, loan repayment, incentive coupons. Initial self-sustaining liquidity pool inputs

Remittances from the African Diaspora Investors / lenders Instance of Liqwid protocol functionality for generating liquidity for the general lending fund Local retailer / consumer short story NFT scheme for gathering stories, uses cases, and experiences from local Ghanaian communities.

Consequences

Faster, more robust business growth in the Ghanaian informal markets Collection of data from the informal marketplace that will be used to inform oracles

Data can be used to inform city and state officials so they can bring more resources and protections for the informal sector.

Better inventory and resource management that will help the informal marketplace run more efficiently.

Requested Funds in USD Total USD: $15,000

Project Management

 

Business Analysis

 

Research Interviews

Requirements

Gathering system requirements

Architecture

Natural language requirements Modeled requirements

Launch Date Q1 2023 1-3 months 

Project team formation Research  Interviews

4-6 months

Requirements gathering and solution architecture

6-12 months (subsequent project phase)

Build and rollout

Project Team Lead Sidney Nicholas WADA Sidney has over twenty years experience in technology. In the most recent stage of his career before transitioning to FinTech, he worked as an analyst in the digital marketing space. https://www.linkedin.com/in/sidneynicholas/

Community Advisor Reviews

Addresses Challenge

4.3 / 5
6 Reviews

Does the proposal effectively addresses the challenge?

Community Reviews (6)

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October 23, 2021

This proposal effectively addresses the challenge as it would encourage adoption at a grassroots level leading to a ripple effect in generations taking up the technology.

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October 23, 2021

Its great to see a proposal including access to entities with connections on the ground. However the proposal itself lacks the detail on how this lending DAO will actually function. The key question in all lending endeavors is "how are you solving the issues of trust and convincing lenders they will be repaid"?

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October 23, 2021

This proposal makes it difficult to understand the Solution it is providing to the challenge without extra-effort reading through the lines. The proposals Objectives clearly shows a good real world solution but lacks in clarity on various of its aspects as outlined below: The proposal did not describe what Green Lion and WADA does and did not bother to provide definitions for Abbreviations.Though a link to the Green Lion Website was provided, contents of the website only vaguely describe the operations of Green Lion, A more detailed explanation would have gone a long way in helping to understand this solution. The Solution section of the proposal stated "The micro lending DAO will be created on the Cardano network. It will manage liquidity inputs, borrower criteria, fund distribution, loan repayment, incentive coupons." , but failed to address how these input data will be captured on the blockchain (Will it need an Oracle?) or other methods applied. Due to the lack of clarity of this proposal, i can neither Agree or Disagree that this Proposal addresses the challenge .

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October 23, 2021

Wada + Green Lion seek to develop self-sustaining liquidity pools for providing low cost business loans to the Ghanaian informal sector. The proposal effectively addresses the challenge where informal sector in Ghana stagnates / expands slowly because there are no low cost, efficient, reliable borrowing options

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October 23, 2021

I strongly agree because i see very high possibilities of liquidations when using a margin model for micro lending. And also the proposal scale to Adress future challenges because looking at the level at which Ghanaians stagnate or expand it business in the formal sector Wada and Green Lion can seek to develop self-sustaining liquidity pools for providing low cost business loans.

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October 23, 2021

In general terms, the proposal knows closely the financial and social situation of the informal sector in the developing countries. I know the problematic closely because I was born and grew up in the informal sector of my country, Colombia. Definitely, a low cost loans solution for informal business in the context of a more competitive sector, is key in the development of our countries.

An alliance between a player of the real economy (Green Lion) and an innovative organism like the West African Descentralized Alliance (WADA) can give some interesting results.

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Feasibility

3.5 / 5
6 Reviews

Given experience and plan presented is likely that this proposal will be implemented successfully

Community Reviews (6)

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October 23, 2021
  • About the team, the proposal informs about Green Lion and WADA with Sydney Nicholas, but a more comprehensive and detailed description of the members of the teamwould be nice, at the both sides of the alliance (WADA and GreenLion).

  • The proposer does not provide a sensible and conductible plan for implementation that shows not only what is being done but also how. More details about the creation of the sustainable pool of liquidity of the proposal could provided a better idea of implementation of the proposal.

  • The proposer does not provide a budget clearly outline and broken down into identifiable items.

  • The proposer has not considered challenges and risks relevant to a successful implementation.

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October 23, 2021

The team behind the project are fairly active within the community and have relevant experience. The proposer has provided a fairly detailed plan to document goals and chart progress.

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October 23, 2021

The proposal lacks a clear business case for lenders, and for the governance and technical buildout of the DAO itself. What is the breakdown of the requested $15,000 budget? Its obviously intending on somehow leveraging Green Lion connections, but this is not explained.

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October 23, 2021

The proposal provides a verifiable experience with links but fails to display the expected level of details associated with the experience level presented in the outline of the Solution implementations. An example of such failure are giving statistics without any verifiable reference or links in the "Key Statistics section".It is always important to give links to statistics used and an experienced data analyst should know. There is absolutely no breakdown of the cost and how the funds will be used for the proposals implemention. A more detailed implementation details with clearly defined goals will be helpful in future fund Applications. An Example of the above statement is clearly seen at the "Launch date" section where Project team formation, Research and Interviews are all bundled together, these individual sections can stand on their own and will provide more clarity of the implementation. Considering the above, i can neither agree nor disagree that this proposal can be implemented.

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October 23, 2021

Proposers: Green Lion currently supplies more than 3,500 provision shops in Ghana and Wada that has over 50 years combined technology experience can implement this solution effectively. Plan presented is descent to the point that it is direct but it lacks some information that justifies the budget.

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October 23, 2021

Yes it will be implemented because.

  1. there are surficient links to visit their website and it's written the ''Transforming The Africa Retaile Market''..
  2. Budget's are outlined clearly and brocken down into identifiable items.
  3. Also the Team structure breakdown is rationally and logically laid and the project team lead Sidney Nicholas WADA.. such an experience person..
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Auditability

2.5 / 5
6 Reviews

Does the proposal provides sufficient information to assess and audit progress and completion?

Community Reviews (6)

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October 23, 2021
  • The proposal does not provided a roadmap with clear milestones for the follow-up of the proposal.

  • The proposer does not present metrics/KPIs that define the success of the proposal.

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October 23, 2021

The proposal as it currently stands is only funding the first 6 months which is essentially paying for the team to come up with a plan. That's not really an auditable proposal. What is success in this instance? The proposers should develop a clear idea with deliverables and milestones on how the DAO will be established and governed, what are the incentives for lenders and borrowers, and how the loans will be managed and how the whole scheme will be marketed.

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October 23, 2021

The proposal lacks clearly defined milestones and seemed rushed.A clear breakdown of timelines alongside their cost implications will greatly help in pushing this proposal in the right path. At its current state, it looks more like a quick draft and cannot be audited.

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October 23, 2021

The key performance indicators (KPIs), timeline, milestone wasn't included. The ability to audit this proposal needs clearer metrics that can be easily viewed to determine if the proposal is successful.

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October 23, 2021

Given the attached timelines, the proposal will be easily auditable. It would be good to include risk mitigating factors such as creditworthiness of borrowers or as with my experience as a Kenyan whose mom is in a circle or Chama, one could have a guarantor to co-sign just as an example. All the best!

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October 23, 2021

Yes ! we can Audit the progress of these proposal if funded for because..

  1. Has clear solutions in the body to solving the problem. 2 Has lounch date's and amount needed to start the project..
  2. links and Emails are provided for you to have enough ways to track the project if funded for..
  3. clearly metrics and KPIs that define the succes of the project as well.
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