Project Everest

Project Summary

[Project Summary]: Social Consulting Malawi - July 2018

As the first month of Social Consulting, our major focus was to collect information about the attitudes, knowledge and infrastructure established within microfinance in Malawi. This was established by identifying protentional customer segments within urban, fringe-urban and rural regions of the greater Blantyre region, and developing an understanding of attitudes and barriers when engaging with finance. This was conducted through individual interviews with small business owners, village banks, microfinancing and private banks and NAYO, an organisation that Project Everest has closely worked within our other Malawi.

Potential future experiments were also developed to be implemented over the summer project months to gain a developer understanding of these customer segments, through the provision of group loans, educational programs and investment and a consulting service and accounting platform. Each experiment has a different customer segment, however, information gained from each will provide valuable information for the development of a series of products.

Our second goal was to understand the infrastructure and competitors that were in the region. A competitive analysis was also conducted of 5-7organisations and banks through meetings, surveys and general research to gain a better understanding of the different modes of finance that is currently available in the region; however, being the initial phase there, is still more to learn.

The final goal of by the social consulting team was to work in conjunction with the Energy team to sell their solar proxy products through a product-based-loan. A 6-month payment plan was developed with a weekly payment through a USSD code system, that is being monitored throughout the payment back in Australia and through the first months in summer. An amazing 47 products were sold on this plan by the Energy and SoCon teams. The data and feedback gathered throughout and upon completion of this plan with allow for a clearer understanding of default rates of our customer segment, the refining of our security requirements and future payment plans.

Overall, the SoCon team achieved everything we set out to and so much more this month, make sure to check out other posts by the team on Crowdicity to get a deeper understanding of each experiment presented for the December team to implement over the coming project months

 

edited on 28th January 2019, 10:01 by Ella Grier

Andrew Vild Dec 4, 2018

Status label added: Project Summary

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