Detailed Plan
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
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Project Management
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Business Analysis
- Research
- Interviews
- Requirements
- Gathering system requirements
- Architecture
- Natural language requirements
- Modeled requirements
Launch Date
<u>Q1 2023</u>
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/>