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    Date submitted
  • 02-Oct-2018

Henreaders Cash Cards

Abstract

Imagine a world where time, money and human energy is saved, a world where the banking system and general cash deposit system becomes safer, faster and fun too. A world where sustainable living is achieved.

Additional Questions

Who is your customer?

Our target market are established banks and other financial institutions and their customers.

What problem does this idea/product solve or what market need does it serve?

In 2016, I lost a loved one to one of the never ending queues of cash depositors in a Nigerian Bank. My aunt who had been critically ill had to wait all day in the theater because the doctors wouldn't touch her until they saw a receipt confirming the hospital bill payment, she died before the payment could be made. Now, this is not an unusual sight in Nigeria, most bank customers are now so used to this that everyday, they make resolves to get to the bank 30 minutes before the official opening time in order to be among the first 10 customers to be attended to. Imagine the waste of time and energy that could be invested in a more productive endeavour.

What attributes will make this idea/product successful? Why do you believe that those features will create success?

Based on our researches, my team and I have found that there is no similar example of this innovation anywhere in the world. It is however exciting that change is about to be driven around the globe through us.

Explain how you (your team) will execute to make this idea/product successful? What gives you (your team) an advantage over others already in the market or new to this market?

Inspired by the problem, my team and I will develope Money Cards (MC) or Cash Cards (CC), a new solution to the problem of delayed cash deposit. Instead of going to queue up at a physical bank branch, you could visit one of the many Bank Hubs across the country and purchase a Cash Card of the amount you would want to deposit, login to your e-banking profile on your bank's Mobile App or website, then scratch and input the unique digits on the card, provide and confirm the account number and name of the recipient and send. This new method of depositing cash could be used to deposit in every bank in Nigeria and even some selected neighbouring countries as well as partnering countries of this innovation. Presently, we do not have any competitive organizations and by the time we do, we would have been able to connect emotionally to our market, hence, they will stick to us and will not forget out benefits in such a short time. To get returns, the bank charges a small fee as a bank charge for each transaction. Time isn't just money, time is also life. When we save our time, we save our lives and our money too.