MiFinance

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Inspiration

The WorldBank published in 2017 that there are 1.7 Billion people "Unbanked". Which meants, there are countless communities, where the banking system isn't that developed and credit cards were not part of the daily life, where it was almost next to impossible to get a proper private credit or apply for a mortgage, and where it was definitely not BAU for most of the country's population to have a bank account. As someone from similar community. I was extremely motivated to help individuals in remote areas to have better access to financial markets.

Objective: Banking the UnBanked

Mission Statement: to create an app that enables everyone, with or without bank account, to access the Financial Markets worldwide and help individuals with financial literacy and insights.

What it does

MiFinance serves as an aggregator from different bank accounts or selected crypto accounts, in addition to other digital means of transferring money e.g. PayPal and co. The goal is to enable users within developed markets to connect different bank accounts and use MiFinance To initiate payments and transfers, get insights on spending in form of analytics and make savings plans to improve their financials. For users within emerging market, we enable the same functionalities but leveraging crypto to deliver an adequate level of financial services for people in remote areas.

How we built it

MiFinance will be open by default in terms of technology, but at the same time restricted by default when it comes to customer data. We are using Django framework and python. To enhance the app functionalities and avoid rebuilding the wheel, We are using integrations through fusion fabric. cloud platform to add additional capabilities through existing apps, e.g. FFDC platform, Bankify and Saltedge.

Accomplishments that we're proud of

Completing the solution architecture and the basic UX Elements and still on track for participation in the hackathon in Feb and March despite some delay

What we learned

We identified early in the process that open means innovation and creates opportunities, so we are building our functionalities and added value services through open APIs and integrations with fusionfabric.cloud partners more functionalities and added value services to future users.