Project Everest

Experiment Results

[Experiment Result]: Currency Test Microfinance Amisen April 2019

 

Lean Canvas Phase: Solution

 

Assumption: That rural community members whom don’t have access to a bank are willing to pay for education about savings and banking.

 

Results:

 

Vengara:

Have not been able to establish engagements in Vengara due to external circumstances
 

 

Jumtha:

8 residents of Jumtha engaged were receptive to the offer, with 3 purchasing our MVP. Residents were of varying occupational backgrounds, attitudes and experiences to formal banking institutions but all were essentially unable to access banking services due to their low socio-economic status, their rurality and the precariousness of their occupations.

8 total Jumtha residents had purchased our solution package which amounts to 40% of the total 20 Jumtha respondents engaged. Of those who bought our solution and displayed the most interest were those employed as Tuk Tuk drivers. In particular, the prospect of starting their own business - within the transport industry - had broad appeal amongst this demographic.

The next notable sub-demographic were petty entrepreneurs such as farmers. Of those engaged in Jumtha, 90% were farmers, and of those farmers engaged a further 60% bought our solution. The appeal to farmers were similar to those of the Tuk-Tuk drivers - a desire to expand their own business interests and financial security

Finally, the sub-demographic of small young families - which intersects considerably with the farmers and Tuk-Tuk drivers, were drawn most to the prospect of financial security and future planning. 50% of total engaged were small families with precarious incomes sources similar to the Tuk-Tuk drivers or Farmers

 

 

Validated learning

Rural communities have both the desire and interest to improve their financial security through a solid savings plan. However they lack the financial literacy to execute such a plan nor do they have access to credible banking solutions. The above results demonstrate that our solution which equips our customers with actionable financial savings plans resonates with our proposed customer segment

 

Next Move

Establish a cost and time effective channel in order to distribute our solution to rural community members without access to proper financial services

Renew efforts to engage with villagers in Vengara to distribute the MVP

 

edited on 2nd May 2019, 22:05 by Charlotte Crofts

Andrew Vild 5 months ago

Status label added: Experiment Results

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