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/