Inspiration

Tourism always depends on the movement of people from one place to another. But the effects of COVID-19 on the industry have directly been exposed globally since transportation is closed. The COVID-19 effects are likely to exist even after the pandemic and due to absence of savings, majority will suffer from extreme poverty and hunger. Since tourism is in shutdown, more than 350,000 youths and women have lost their jobs and don't have any savings to help them survive the unpredictable. But if these people had savings, they could be able to stock some food and other important needs to last them during hard times and allocate another savings to alternative investments e.g. Horticulture. The same problem is likely to happen in the future if people will not attain financial inclusion to save a little from their daily income for emergency funds and alternative investment. This is not only the case in Tanzania but the global tourism sector has suffered great unemployment and bankruptcy which doesn't only affect people in the tourism sector but also other sectors which are closely integrated. According to UNWTO, COVID-19 has affected more than 7 million jobs in the tourism sector globally. Among them, 4.2 is covered by field tour guides and the rest by indoor staffs in tour operators, travel agencies and hotels. An absence of consistent revenues for this group directly affects other businesses which depend on their customers' spending decisions including purchase of food and other necessary needs. So the emerging series of effects associated with events that we don't often see coming could be minimized if people save money especially in developing countries.

What it does

a) Consultation; Dunidza educates youths and women about user transactions analysis which can be prepared daily by digital savings platforms to help them learn about their income and spending in order to provide financial advice and prevent them from excessive spending and from being overcharged on bills. b) Compulsory Fixed Savings; Whereby, the target group can receive digital education to help them understand that digital savings platforms can do a math on their ‘spending capacity’ and automatically transfers the perfect amount from their bank or mobile accounts. Little by little, it adds up. c) Being better off the loss; while Dundiza automatically helps customers set more money aside, it also work with digital savings companies as primary partners to circulate the savings to help users generate higher profits from Stock Markets and Forex. d) Loan education; being available for financial inclusion helps youths and women, by all circumstances, gain awareness about everything they have to know before and after acquiring loans, and our platform does it better. e) Adding qualifications on Loan application; In collaboration with digital savings platforms, Dundiza utilizes algorithm methodologies to collect user data including the frequency of savings and automatically sends Trusted Recommendation Reports (TRR) to the bankers for youths and women to easily be provided with loans. f) Loan with soft conditions on mortgages; users have fixed accounts with which they use to save the money acquired from their businesses. But they may need to borrow some money to grow their business. Our conditions favor them to apply for loans and receive not more than the equivalent amount allocated in their fixed accounts, which stands as collateral for the loan. For this case, they stay out of pressure of losing their private properties like houses, plots and other assets because they never have to use them for loans. g) Credit scoring for the underserved; Dundiza App will automatically conduct statistical analysis showing user engagement and performance in order to access a person's creditworthiness. The scores create many financial benefits to the users such as great chances to be entrusted with loans.

How I built it

Dundiza is an electronic mobile wallet which is automatically assisted by AI to help the employed access capital and the self-employed scale their businesses for both to attain financial freedom during and after unpredictable events similar to COVID-19. Our customers, regardless of social status or economic level, can interact with the wallet to make a decision on how, when and why they choose to save for a targeted goal. Artificial Intelligence (AI) covers 75% of the entire operation enabling the overall block-chain system to receive automated commands and instantly respond with respect to expected actions. The modern technology has given us the opportunity to serve marginalized communities with a sophisticated and user-friendly platform designed to learn customer behaviors and help them allocate their funds where necessary. To aggressively shift people’s paradigms, we created a purpose for them to be in need of savings, so AI helps them accomplish that with a command system which moves the money available in their mobile or bank accounts to Dundiza for fixed savings. Users can see all transfers and access their information but AI restricts them from withdrawing the money until it matures to reach the agreed period of time. When it matures, AI transfers it back to their mobile or bank accounts with an instant feedback on their investment strategies. AI sends these investment strategies to help the customer figure how to control the money so that they don’t spend it unnecessarily and fail to attain their investment goals. On top of that, AI can also detect overcharges on service bills on employee payroll caused by individual over-consumption of let’s say water or electricity, and notify the user in case they wish to consider reducing consumption of such services.

Challenges I ran into

Partnership and Integration with Digital Savings Platforms and Funding opportunities to support product launching and growth.

Accomplishments that I'm proud of

Successfully created the best team with great spirit.

What I learned

Financial exclusion accelerates Poverty and Hunger.

What's next for DUNDIZA

Business/System construction and product launching.

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Updates

posted an update

We're really impressed by the progress been made by youths and women running MSMEs across food markets in Arusha, to utilize Dundiza Group Savings for financial security and sustainable well-being of residents.

More than 210 businesses may finally be able to access free financial management education, increase investment capital and create alternative incomes through our AI powered digital wallet.

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