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Social Consulting and Finance - Fiji

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Bridging the gap between small to medium businesses in developing countries and loan providers.
Vision: Thriving business ecosystem accessible to all.

PROBLEM
Business owners struggle to understand the information required by loan providers to be approved for a loan. As a result, they often have significant delays in getting their loans approved, or receiving rejection, due to the documentation needed.
On the flipside, lenders and financial institutions find it difficult to risk profile their customers, as many of them don’t have the financial reporting and accounting information necessary to justify taking the risk of working with them.
PEV aims to improve access to capital for small to medium businesses and consumers seeking to get loans.

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  1. Rose Martin
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  2. Kurt Michl
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  3. William Lee
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  4. Seif Zakri Stacey
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Lean Phase: UVP Assumption: FI’s operating in Fiji see value in increasing their customer base and are willing to work with PEV to do so, who will act as the bridge/middle-man between micro-businesses wanting loans and the FI’s who can provide them. Time Box: 1-2 Weeks Success Metric: The % of FI’s willing to cooperate and agree to a further meeting on the subject, with an aim of speaking to 5 different FI’s. Green Light: Begin ideating on and developing an MVP and start currency...

Jamie Butler
by Jamie Butler
0 Votes
Comments 2
Jamie Butler
Proposed Experiment

Lean Phase: UVP Assumption: Micro-enterprises in Fiji are willing to meet with PEV to understand and discuss methods and solutions to financial management. This will allow them to budget and save more effectively, by storing data that can be used to later gain them access to financial solutions such as loans. Time Box: 2 weeks Success Metric: The number of micro-enterprises that agree to a follow up meeting. This will be tested with 30 businesses. Criteria Green Light:...

by Rose Martin (Admin)
2 Votes
Comments 2
Rose Martin
by
Rose Martin (Admin)
Work Update

After a long summer looking into the viability of becoming a Microfinance institution in Fiji, the Social Consulting project looks to pivot and explore a new direction. This is because the viability of becoming a Microfinance institution in Fiji is extremely difficult because it is high risk, has large regulatory challenges, and is difficult to become profitable and sustainable. In this sense, the Social Consulting teams in Fiji are looking into a solution that ‘bridges the gap’ between...

Rose Martin
by Rose Martin (Admin)
1 Votes
Comments 1
Rose Martin
by
Rose Martin (Admin)
Proposed Experiment

Lean Phase: Problem Assumption: Financial Institutions have trouble accessing certain customers, or adequately profiling existing customers, due to factors such as Poor information on the existing customer Poor risk modelling methods Inability or lack of resources to search for new customers   Customers not understanding what is needed to access a solution from them Time Box: 2 weeks Success Metric: Whether the proposed customer segment identifies with the assumed...

Rose Martin
by Rose Martin (Admin)
1 Votes
Comments 1
Rose Martin
by
Rose Martin (Admin)
Proposed Experiment

Lean Phase: Problem/Customer Segment Question: Does our customer segment have difficulty managing their finances? Assumption: Micro-enterprises in Fiji identify a lack of access to financial education and resources to enable their businesses to grow, diversify, or run as they please. These resources could include savings and budgeting services or information, business advice or consultancy, or others. The customer segment for Fiji can be described as micro enterprises in...

by Rose Martin (Admin)
1 Votes
Comments 1
Rose Martin
by
Rose Martin (Admin)
Project Summary

SoCon Fiji has reached a pinnacle stage in its development on the back of three months of teams working on the ground. For February, the two teams operating on the ground focused effectively on the consumer and institutional space of the problem. Our higher goal across both teams was to evaluate, is it viable for PEV to operate as a Microfinance Institution in Fiji, and ultimately would that solve the underlying social issue of barriers to accessing this business capital.  The outcome of...

by Liv Hendy
1 Votes
Comments 1
Liv Hendy
Experiment Results

Reference To The Experiment Design Post:  https://projecteverest.crowdicity.com/post/967690 Assumption: It is viable for PEV to run a Microfinance Business in Fiji. Results Data BMC:  https://docs.google.com/spreadsheets/d/1b28ctX5_X4KAGl103gxIEdIZ9YBBGueh9pMYy02K5cQ/edit#gid=0 Results Spreadsheet (PNL):  https://docs.google.com/spreadsheets/d/1EVv73ncnJx23k9ll6-D6sEANmLqa0QFZVuBRswIHlfA/edit#gid=1071818701 SoCon II Results Spreadsheet:...

by Liv Hendy
5 Votes
Comments 1
Liv Hendy
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