The World Bank Mission Billion Challenge, a West Africa Unique Identification for Regional Integration and Inclusion (WURI) – West Africa Prize seeks sustainable, tech-based solutions that facilitate cross-border contributions to social insurance programs, such as pensions and savings accounts, by informal sector workers in West Africa.
This program was funded by the Identification for Development (ID4D) initiative, Rapid Social Response program, and the Disruptive Technologies for Development (DT4D) which is to to surface tech-based and human-centered solutions that strengthen social insurance systems at the regional level.
The Mission Billion Challenge was looking for solutions to how countries can increase their efforts to further support these groups—who often lack smartphones, computers and broadband internet access—so they can access services and cash transfers with minimal health risks and Naa Sika, a Savings Platform in Ghana which inculcate the habit of savings and help people save any amount for future use with an intuitive fun tech behind it.
Naa Sika provides a micro savings platform to increase accessibility of financial services such as savings and withdrawals. Naa Sika comes with no maintenance fee, no minimum balance & no deposit required to aid savings, lending, investments etc
About the solution:
• Digital finance services are designed for mostly high-income people with salaries, and are not competitive with many of the informal money management techniques that have been used by the mass market for years.
• Low-income earners have more volatile incomes and expenditure that need a complex financial management technique.
• Micro savings account has no limits on deposit size or balance, and does not apply maintenance or service fees
• Two types of accounts offered – Wallet and Savings Account
Tonti+ from Benin took the second place position
Examples of similar innovations by other competitors includes:
- Digital Informal Savings Circles ‘Tontines’ pilot in Benin
- Jipange KuSave pilot in Kenya
- Savings and insurance products developed by a startup in South Africa
- Related: Government schemes for the informal sector such as Haba Haba and Mbao in Kenya, Ejo Heza LTSSin Rwanda, Micro Pension Planin Nigeria, ECIS Project in Zambia.
The Challenge offered cash prizes totaling US$150,000 for the most promising and innovative solutions.
Congratulations to team Naa Sika, for making Sekondi- Takoradi and the whole of Ghana Proud!