EdgePay

No Bank? That is why we are here!

Comment 8

Inspiration

According to world bank statistics, more than 60 Million Nigerians are unbanked (http://venturesafrica.com/more-than-60-million-nigerians-are-not-yet-financially-inclusive/) and this was verified by techpoint Africa that only 40% of Nigerian Adults are banked (https://techpoint.africa/2018/04/23/nigerian-adults-banked/). Which implies that a huge percentage of the Nigerian Populace are unbanked and not financially included. We feel these people need to have access to funds, money, bailouts, sponsorship, etc. Then we thought of reaching them via their National Identity Number (NIN) or their Voter's Identity Number (VIN). NIN and VIN are similar to the Social Security Number and they are unique to every citizen.

What it does

Edge Pay is Financial Inclusion solution for the unbanked using their NIN or VIN as means of Identification.The Financial Institutions and the general public always find it challenging to reach the less privileged people or rather people leaving in remote villages where there are no banks. Thereby sending money to them or giving them grants becomes very difficult because most of these people are "unbanked". Most of our aged citizens fall victim of this circumstances too. System allows the following operations:

  1. Login
  2. National Identity Number (NIN) Verification
  3. Agent Registration
  4. Enduser Registration
  5. Send Money to a National Identity Number (NIN)
  6. Fund Wallet (Agents)
  7. Online Card Payment Option
  8. Masterpass QR Code Payment option
  9. Pay from wallet (edgePay Wallet)
  10. Receive Money from any Agent Location
  11. Biometrics Authentication
  12. Receive Money into Wallet (Registered Endusers)
  13. Move Money From Wallet to Bank Account
  14. Pay Bills from wallet

How we built it

  1. This solution uses Java for backend and Hyperledger Blockchain to enable transaction security and guard against data loss.
  2. This system also Integrates into the NIMC's (National Identity Management Commission) Data Verification API for Customer Verification.
  3. To be sure of authenticity of Receiver, this System uses Biometrics Verification (Checked Against the NIMC's Database).
  4. This system has a web portal and a mobile app for easy accessibility
  5. This System also gives room for employment and self empowerment as agents can subscribe to this service to deliver these services at their locations and make some charges thereby earning a living.

Challenges we ran into

The major challenge we faced was accessing the NIN (NIMC: National Identity Management Commission) API.

Accomplishments that we're proud of

We are able to build a prototype system that solves the Financial Inclusion problems in Nigeria considerably.

What we learned

We learnt working with team members in proxy. There are times we disagree and then come to terms quickly because of the short time (#LOL) etc. Also, Standing on your toes and continuous thinking of better ways of solving the problem.

What's next for EdgePay

We are looking beyond just the demo. This solution will be completed, Investors sorted for, go live, create employment opportunities for some Nigerians and earn some cool cash.

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