Solution Overview & Team Lead Details

Our Organization

TechFusion Africa Technologies Limited

What is the name of your solution?


Provide a one-line summary of your solution.

A digital banking app for informal saving in Africa

What specific problem are you solving?

Our innovation aims to address the challenges faced by informal banks in sub-Saharan Africa, particularly those related to the manual management of transactions and customer records. The volume of transactions and customers, which is as high as 100 million adults in sub-Saharan Africa, has resulted in poor record-keeping, complex manual processes, fraud and corruption, slow transaction approval processes, limited coverage, and inefficient communication and collaboration among team members.

According to a World Bank report, 34% of those who save in informal banks report having only used a community-based informal bank in the past 12 months. This percentage is as high as 46% in Western Africa and 32% in Central Africa, indicating the widespread nature of the problem.

Our solution aims to address these challenges by digitizing the record-keeping and transaction management processes of informal banks, allowing for more accurate record-keeping, faster transaction approval processes, and more efficient communication and collaboration among team members. By addressing these challenges, we aim to help informal banks better serve financially underserved and unbanked people in Africa, contributing to their financial inclusion and overall economic growth.

What is your solution?

We have built a digital banking application called FUSE for informal savings groups, that provides a comprehensive suite of tools specifically designed for the unique needs of informal banks or informal banking in Africa. These tools include features such as member/customer management, financial tracking, document management, voting systems, accounting, and payments.

Additionally, our software is intuitive and user-friendly, making it easy for informal banks of all sizes and levels of technological proficiency to utilize and benefit from the tools. It also helps our target customers grow fast, by making it easier for them to offer financial services to more people beyond their geographical spread.

Our software also helps the members/customers and management to communicate with each other effectively, improving informed decisions which helps them achieve their goals and grow. 

Our software also has a robust security system that ensures that the data of the members/customers and the organization is protected. We also through our product help them grow their fund, by providing more access to different ways of increasing income.

Who does your solution serve, and in what ways will the solution impact their lives?

Our solution will impact the lives of these individuals by providing them with access to formal financial services that were previously unavailable to them.

The target population for our solution includes individuals who are typically excluded from formal banking due to lack of documentation, low income levels, and geographic isolation. These individuals are often forced to rely on informal banking systems, which can be unreliable and inefficient. Our solution will help informal banks overcome the challenges they face, such as poor record-keeping, fraud, and slow transaction processes.

By improving the efficiency and reliability of informal banking systems, our solution will have a significant impact on the lives of the target population. It will enable them to access credit, save money, and conduct transactions more easily and securely. This, in turn, will help to improve their economic and social well-being, by enabling them to invest in education, healthcare, and other essential services.

Overall, our solution will serve the needs of unbanked and financially underserved populations in Africa by providing them with access to financial services that are essential for their daily lives. It will help to reduce poverty, increase economic activity, and promote greater financial inclusion, ultimately improving the quality of life for millions of people across the continent. 

How are you and your team well-positioned to deliver this solution?

Our team's personal experiences as informal bankers have given us a unique understanding of the challenges faced by the target population. We have seen firsthand the inefficiencies and issues that arise when operating manually, and this has given us the drive to develop a solution that can effectively address these challenges. As we develop our software, we are constantly seeking input from the communities we are serving. We engage with our customers to understand their needs and the specific challenges they face, and we use this feedback to guide our design and implementation process. By working closely with our target population, we ensure that our solution is tailored to their specific needs and will have a meaningful impact on their lives. Overall, our team's deep understanding of the target population, combined with our flexibility, adaptability, and commitment to developing the best possible solution, make us well-positioned to deliver the software solution that informal banks need to serve the unbanked and financially underserved populations in Africa.

Which dimension of the Challenge does your solution most closely address?

Make it easier and more affordable for individuals and MSMEs to make investments and transfer payments, across geographies and across different types of platforms

In what city, town, or region is your solution team headquartered?

Abuja, Federal Capital Terrirotry, Nigeria

In what country is your solution team headquartered?

  • Nigeria

What is your solution’s stage of development?

Growth: An organization with an established product, service, or business model that is rolled out in one or more communities

How many people does your solution currently serve?

Our solution currently serves a user base of 22,000 individuals, out of which 16,000 are paying users who have subscribed to our product in the market.

Why are you applying to Solve?

To accelerate our impact in providing financial services to unbanked and underserved communities in Africa, we believe that the resources and opportunities provided by Solve will be instrumental in overcoming some of the financial, technical, and market barriers that we currently face. We are eager to join a community of like-minded problem solvers and access the expertise and support of Solve's network of impact leaders and partners. We are particularly interested in the nine-month program, which includes coaching, strategic advice, monitoring and evaluation support, and access to in-kind resources such as software licenses and legal services. Ultimately, we see Solve as an opportunity to not only grow our business but also to contribute to a global community of innovators working towards a better future for all.

In which of the following areas do you most need partners or support?

  • Business Model (e.g. product-market fit, strategy & development)
  • Financial (e.g. accounting practices, pitching to investors)
  • Human Capital (e.g. sourcing talent, board development)
  • Legal or Regulatory Matters
  • Monitoring & Evaluation (e.g. collecting/using data, measuring impact)
  • Product / Service Distribution (e.g. delivery, logistics, expanding client base)
  • Public Relations (e.g. branding/marketing strategy, social and global media)
  • Technology (e.g. software or hardware, web development/design)

Who is the Team Lead for your solution?

Matthew Okwe

More About Your Solution

What makes your solution innovative?

Our solution is innovative because it combines multiple features that address the challenges faced by informal banks in a new and improved way. By automating many of the manual tasks involved in informal bank management, our software saves time and reduces errors. It also increases accessibility for customers of these banks to update their personal information and financial transactions, which promotes transparency and participation in the community. The data analysis feature allows for informed decision-making and identifies areas for improvement. Lastly, the communication feature facilitates engagement and feedback from customers/members, which ultimately increases their satisfaction and loyalty. Overall, our innovative software can catalyze broader positive impacts by improving the efficiency and effectiveness of informal banks, which can lead to increased financial inclusion and economic growth in underserved communities. It has the potential to change the market by setting a new standard for informal bank management and increasing the demand for digital solutions in the informal banking sector.

What are your impact goals for the next year and the next five years, and how will you achieve them?

Based on our current trajectory and with the support of MIT Solve, our impact goals for the next year are to onboard 50 new informal banks and to serve an additional 20,000 unbanked and underserved Nigerians. Over the next five years, we aim to expand our solution to other African countries, serving a total of 1 million people by 2028.

To achieve these impact goals, we plan to focus on three key areas:

  1. Product development: We will continue to enhance our software to meet the evolving needs of informal banks and their members. We will prioritize features that improve accessibility, user experience, and data analysis.

  2. Partnerships: We will seek out partnerships with NGOs, government agencies, and other organizations that share our mission of financial inclusion. By leveraging the expertise and resources of our partners, we can expand our reach and impact.

  3. Community engagement: We will continue to engage with our target communities to better understand their needs and to ensure that our solution is responsive to their feedback. We will prioritize community outreach and education to build trust and to encourage adoption of our solution.

Which of the UN Sustainable Development Goals does your solution address?

  • 1. No Poverty
  • 8. Decent Work and Economic Growth
  • 9. Industry, Innovation, and Infrastructure
  • 10. Reduced Inequalities

How are you measuring your progress toward your impact goals?

Our progress towards our impact goals is being measured using several indicators, including the number of informal banks using our software, the reduction in time and resources required for cooperative management, the increase in transparency and member participation in the cooperatives, and the improvement in financial performance and member satisfaction. Additionally, we are monitoring our impact on reducing poverty and promoting economic growth in the communities served by the cooperatives, which aligns with UN Sustainable Development Goals 1 and 8. We are also monitoring our impact on promoting innovation and increasing access to technology, which aligns with Goal 9. Finally, we are monitoring our impact on reducing inequalities and promoting inclusive economic growth, which aligns with Goal 10.

What is your theory of change?

here's a breakdown of the theory of change for our startup.

Goal: Improve financial inclusion and reduce poverty in Africa (SDG 1)


  • Develop and implement technology solutions for informal banks in Africa
  • Provide training and support to informal banks on how to use the technology effectively
  • Establish partnerships with local governments, NGOs, and other stakeholders to increase access to financial services in underserved communities

Immediate Outputs:

  • Increased adoption and usage of our technology solutions among informal banks
  • Increased knowledge and capacity among informal bank operators on how to use the technology effectively
  • Expanded network of partnerships with local governments, NGOs, and other stakeholders

Intermediate Outcomes:

  • Increased access to financial services for underserved communities
  • Increased financial literacy and knowledge among community members
  • Increased economic activity and opportunities for small businesses and entrepreneurs
  • Reduced poverty and increased economic stability for individuals and families

Long-Term Outcomes:

  • Sustainable economic growth and development in Africa
  • Reduced income inequality and increased economic mobility
  • Improved social and economic well-being for individuals and communities
  • Reduced dependence on aid and external support

This theory of change is based on research, data, and feedback from our target population and stakeholders. We believe that by providing technology solutions and support to informal banks in Africa, we can increase access to financial services, promote economic growth, and reduce poverty in the region.

Describe the core technology that powers your solution.

Our core technology is built on a modular architecture, utilizing a variety of tools and frameworks to create a seamless and efficient user experience. At the front end, we use Vuejs, a popular JavaScript framework that allows us to build dynamic and interactive user interfaces. On the backend, we use Nestjs, a powerful Node.js framework that provides a scalable and robust foundation for our application. We also use APIs to facilitate communication between the front and back end, ensuring that data is transmitted securely and efficiently.

To make our solution accessible to a wide range of users, we have also developed a mobile application using Flutter, a cross-platform development framework that allows us to create high-quality mobile apps for both Android and iOS devices.

In terms of hosting, we use Digital Ocean, a cloud hosting platform that provides reliable and scalable infrastructure to support our application.

Overall, our technology stack is designed to provide a reliable, efficient, and user-friendly solution that can help address the challenges facing informal banks in Africa, and contribute to achieving the UN SDG goals of reducing poverty, promoting economic growth, and building sustainable communities.

Which of the following categories best describes your solution?

A new application of an existing technology

Please select the technologies currently used in your solution:

  • Software and Mobile Applications

In which countries do you currently operate?

  • Nigeria

In which countries will you be operating within the next year?

  • Nigeria
Your Team

What type of organization is your solution team?

For-profit, including B-Corp or similar models

How many people work on your solution team?

7 Full-time staff and 3 part-time staff

How long have you been working on your solution?

We initially launched our solution in August of 2018, and have been working on it since then. However, after gaining users and gathering feedback, we decided to rebuild our software from scratch to improve its functionality. The new version of our solution was relaunched in January 2022

What is your approach to incorporating diversity, equity, and inclusivity into your work?

Our approach to incorporating diversity, equity, and inclusivity into our work is multi-faceted. First and foremost, we strive to have a diverse team that represents different backgrounds, cultures, and perspectives. We believe that having a diverse team is essential to building products that serve a diverse population.

In addition, we have implemented policies and practices that promote equity and inclusivity within our organization. For example, we have established a code of conduct that outlines our expectations for respectful and inclusive behavior within our team and with our clients. We also prioritize training and development opportunities for all team members to ensure that everyone has access to the resources they need to succeed in their roles.

Moreover, we are intentional about seeking out and partnering with organizations that share our commitment to diversity, equity, and inclusivity. We believe that working together with like-minded organizations is a powerful way to amplify our impact and create meaningful change in the communities we serve.

Overall, we recognize that diversity, equity, and inclusivity are essential values that should be woven into the fabric of everything we do. We remain committed to ensuring that our work reflects these values and that we continue to learn and grow as an organization.

Your Business Model & Funding

What is your business model?

Based on our target market and the nature of our solution, we use a subscription-based model for informal banks. This approach not only allows us to generate recurring revenue but also provides our customers with predictable costs and access to regular updates and improvements. To ensure scalability and efficiency, we have developed a multi-tenant solution that enables us to easily manage multiple customers on a single platform, thus reducing the cost of operation for both us and our customers. Additionally, we plan to explore partnerships and collaborations with other businesses in the industry to further optimize our business model and deliver more value to our target population.

Do you primarily provide products or services directly to individuals, to other organizations, or to the government?

Organizations (B2B)

What is your plan for becoming financially sustainable?

To ensure financial sustainability, we have a multi-faceted approach. Currently, we rely on subscription fees from our customers, and we are working to expand our customer base to increase our revenue streams and being profitable.We solely depend on subscription fees to run our business. Additionally, we are actively seeking investment capital from investors who share our mission and values. We are also exploring sustained donations and grants from foundations, corporations, and individual donors who are interested in supporting our work. By leveraging a combination of revenue streams, we aim to ensure the long-term sustainability of our organization and our ability to achieve our social impact goals.

Share some examples of how your plan to achieve financial sustainability has been successful so far.

Our approach to financial sustainability has been centered around increasing our customer base and generating revenue through subscription fees. Currently, we have over 20,000 customers on our platform, who pay an average of $0.5 per month, resulting in over $100,000 in annual revenue. While this covers our recurrent expenses, we are continuously focused on growing our customer base to generate more revenue and become profitable. Our goal is to reach 100,000 customers, which we believe will help us achieve profitability.

Although we have not yet raised capital from investors, we are actively exploring investment opportunities to expand our operations beyond Nigeria.

Solution Team

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