Buffr

Buffr is Namibia's go-to payment app, (similar to PhonePe and PayTM in India)

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Inspiration

Buffr was first founded by two lifelong friends in Namibia who share a passion for entrepreneurship and inclusivity. We both embarked on journeys towards MBAs and sought out to equip ourselves with knowledge, skills and resources to address pain points in Namibia through entrepreneurship. The team has then expanded and solidified its objectives to address inefficiencies and concerns in the financial sector.

What it does

Buffr is a payment app streamlines payments, and provides localization and customization of payment services in Namibia. The App is built on India's Unified Payment Interface (Open banking legislation will be implemented in the next 6 months or so), which promotes interoperability between financial institutions. Its solutions aim to solve problems related to the fragmented financial environment, such as high banking fees and increase financial inclusion from increased financial services such as raising credit score for underserved merchants/SMEs and access to business loans as well as by offering various opportunities for individuals to generate interest income to Boost or Buff up their finances.

How we built it

We have no product developed yet.

Challenges we ran into

Not having a technical partner/co-founder for product development. Financial barriers, it is a highly capital intensive venture. (As a Namibian, student in the US) It was and still is a challenge, painting a picture about the socio-economic environment of a nation that nobody has a clue about.

Accomplishments that we're proud of

Validating our hypotheses for product market fit, through a survey of 128 participants across Namibia. Building up a database of future customers from the survey. Successfully completing the Spark Startup program with full attendance and pitched to a panel of industry experts during Spark Tank. Engaging with various Brandeis faculty and mentors, we receive guidance and connections to their powerful networks.

What we learned

We have a unique opportunity to be a first mover, we cannot afford to soft launch and need a fully functional product and have to focus aggressively on marketing as well customer care. Namibia's banking ecosystem is fragmented and heavily reliant on foreign entities for almost everything from imports to payment gateway and banking services. Unlike, Kenya's M-Pesa (which comes up as a comparison, because the audiences are not familiar with Namibia) Namibia's population is highly banked, the vast majority have bank accounts, however they do not have access to affordable financial services, SMEs can't get lines of credit to grow their businesses. With Buffr we can help them build their credit score, offer them business loans, make it easy and safe for them to run their businesses by moving away from cash payments.

What's next for Buffr

Gearing up to Pitch in the Early Stage Round 2 of Mass Challenge. Update product features and refining marketing strategy, having marketing content for a calendar year. Engage with potential investors and collaborators. Investigate AUTH and KYC/KYB criteria Revamp Buffr website Apply for startup grants and programs alike Engage and update our growing social media following We have a Namibian entity registered in 2021, which will serve as a subsidiary for the US Holding Company - we will update the company name and business description.

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