PiggyFi
Participated Grant
  • BSC
  • Harmony
  • Defi
$ 3,239
Community Contribution
0
Rewarders
7,292
Community Votes
Vision
Sub-Saharan Africa has one of the highest inflation rates in the world. Individuals and Families saving money in their local currency do not have an easy way to guard their life savings against devaluation. PiggyFi is out to solve Inflation problem in Sub-Saharan Africa
Description

| Website: https://piggyfi.africa

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| App Prototype: https://bit.ly/piggyfi-app

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| Video Demo: https://bit.ly/piggyfi-video-demo

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| Case Study :

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| Country: Nigeria

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| Inflation rate: 17.75%

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| Population: > 206 Million

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| Minimum wage: 77 USD

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| GDP per capita: 2,097 USD

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According to 2021 sources, in the past 12 months, the Nigerian naira has devalued from ₦361 per dollar to ₦413 per dollar on the international market, and as high as ₦565 as of Oct 23, 2021, on the black market.

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Let’s take a fixed income earner on a minimum wage of ₦30,000 (< 77$), saving 10% of his/her salary ₦3,000(< 7.7$) monthly between Oct 23, 2020 - Aug 23, 2021.

By the end of the savings period, she would have successfully saved ₦30,000, which by now is worth less than it used to be due to the continuous rising inflation rate.

By Aug 23, 2021. The savings value in USD is no more worth about 77$ but instead is only worth approximately $63.91.

The difference is a whopping $14. Which when converted back to naira, is equal to the person losing Two months savings, when converted back to naira.

If there were to be an easy, cheap, and very accessible means for the savings to be in USD which is a more stable currency than the Nigerian naira, Such loss would have been prevented.

In the above case study, it may not seem like much was lost, but if you apply the figure to a larger number the difference would surprise you.

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Our Solution:

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A Defi savings platform without the need of an ethereum client such as Metamask, that allows anyone in Sub Saharan Africa suffering from inflation to save in a stable currency such as the US Dollars, by leveraging on stable cryptocurrencies such as BUSD and generating interest on savings by staking in lending protocols.

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Team Information
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    slim12kg

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    slim12kg

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    dammyammy

Oluwafemi Alofe has been building scalable web applications for over 8 years in the following domains; Edutech, Legaltech, and Fintech. I am a proficient PHP Laravel Developer and for up to 2 years now, I've been excited and involved in blockchain technology while blogging about it.

He is the Founder of a growing Fintech startup in West Africa for close to 2 years now and one of the things that excite me the most is the endless possibilities to what blockchain technology offers most especially the power of autonomy.

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Damilola Ogunmoye is a tech enthusiast, Who is Co-founder and CTO at Tedbree, a Technology company that focuses on the development of marketing software and digital solutions; to empower forward-thinking businesses.

Damilola believes to continue to innovate one must always strive to improve by learning every day.

Damilola Is a full-stack developer by profession with over 10 years of experience building digital products in different industries.

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