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The Savings and Investment Platform for Africa built on Base
Demo
About
The problem it solves Problem - Erosion of Savings Value: High inflation rates in Africa can quickly erode the value of saved and invested money. The World Bank points out that only 40% of adults in SSA have an account. - Stagnant Wealth: The lack of long-term investment options. The Zimbabwean All-Share Index grew by 79.38% in 2022 however, Zimbabwe, closed out December of 2022 with an inflation rate of 243.8% - Zimbabwe has a USD $42 Billion informal sector: 62% of Zimbabwe’s GDP is in the informal sector without access to banking, investment and credit opportunities. We are building a tool that helps Africa save money, avoid the wealth destroying effects of inflation and changes our approach to personal finance. We accomplish this by offering Prize-linked and Rotating Savings on USDC through a secure crypto wallet. We also want to offer fractionalized investing in stocks and ETFs using 1-1 token backed assets. (Prize-linked savings are innovative accounts that combine the benefits of traditional saving with the incentive of winning prizes for deposits. Rotating Savings is a model that allows people to save and borrow together, in a form of combined peer-to-peer banking and peer-to-peer lending.)
How it's made
Challenges we ran into We have been building a full Dex (decentralized exchange) for our submission but due to time constraints the Dex will be completed after submissions are closed.