Figo | Devpost

Login with phone number and pin
Verifying with BVN
Sign up page
Requesting a payment
Dispute resolution and fraudulent transaction flagging
Transaction records
Landing page showing current IMSI / IMEI number
Funding wallet with card or bank account
Transfer to unique ID

In Nigeria today, although there has been an impressive turnout of fintech solutions, the challenges in financial inclusion and fraud have not been exhaustively tackled.

According to the International Monetary Fund (IMF), the informal sector contributed an estimated 65% of Nigeria’s GDP in 2017. Also stating that the share of informal economic activity in sub-Saharan Africa is the largest in the world.
Financial inclusion, clearly being a bottleneck against economic growth in Nigeria cannot be left to chance. With an estimated smartphone adoption rate of 36% in 2018, the solution will have to be tailored around mobile networks as opposed to dependence on the internet. A projected mobile phone penetration of 55% for 2025 suggests that USSD is the most practical medium leaning towards the goal of financial inclusion.

Measures will be needed against fraudulent activities; SIM swapping, pin compromise to mention a few methods. The solution will have to constrain these to the barest minimum. We have designed what we think to be a carefully innovated solution considering the data available from the FSI sandbox. We designed a mobile wallet with USSD and mobile app interfaces each with the regulated transactional limits. Its functionality will include; sending and receiving the money to and from other users, depositing money into the wallet from a bank account, withdrawing money from the wallet into a bank account, access to transaction records, fraud checks and two-factor authentication and indemnity where necessary. Users are signed up using their phone number which is an identifier with a wider reach as opposed to BVN Money can be sent or requested by dialing a code containing the sender or receiver’s unique ID or tag. For the mobile app, the request can be made either using the unique tag or a barcode containing all the relevant transaction data.

Transactions are flagged if suspicious data is found. Successful authentication is followed by instant confirmation of a transaction. Pattern recognition AI infrastructure along with SIM, IMSI, and IMEI data will be used as measures against fraud. Our transaction reference IDs that catalyze escalation along with the CBN directive on USSD dispute resolution to not exceed 3 days will leave more customers satisfied and improve trust. Two-factor authentication using voice data is employed for transactions that are above the regulated 20,000 limit or transactions that are flagged for fraud.

We believe our solution improves the odds of achieving the overall objectives of financial inclusion and secure payment services.

Built With

Created by

The solution developed by I and my team members, Team E includes a mobile application. I and my teammate built a MVP with react-native which makes API calls to a back-end application built with Node.js by another team member.

Examples of requests made to the back-end includes BVN verification via NIBS API and transfer of money using Sterling bank's inter-bank transfer API

Joseph Olabisi
I worked on creating the consumer pattern using machine learning that helped detect irregularities in transaction of a user and also fraud detection. When the irregularities are noticed , the system asks for further security questions in order to complete the transaction

Jadesola Adedokun
I worked on the mobile application that helps fund the figo account and make transactions within peers and vendors. I was also involved in making API calls to this application using Sterling bank's inter-bank transfer API. This application was built with React Native Javascript.

yahayaohinoyi SULEIMAN
Immanuel Ifere