Informal ROSCA systems in African communities lack transparency, putting participants at financial risk. We aim to explore decentralized, ADA-based solutions to enhance trust and financial inclusion.
This is the total amount allocated to Ada Savings Circles: Inkuba Hub's Research and Preparation For Decentralised ROSCA in African Communities.
We will conduct research & feasibility studies to design a decentralized ADA-based ROSCA system for African communities.
Blockchain Developers: We will rely on Cardano developers to help design and validate the feasibility of using smart contracts for the ROSCA system.
Community Partnerships: Collaborations with local organizations in African communities to gather data, understand local ROSCA practices, and ensure the system meets users' need.
Legal and Regulatory Experts: Guidance on compliance with local financial regulations and cryptocurrency laws in African countries.
Cardano Community: Engagement with the Cardano ecosystem for support, expertise, and potential collaboration on the development efforts.
Yes, the outputs of this research phase, including findings, reports, and any conceptual models developed, will be fully open source. By making our research publicly accessible, we aim to foster collaboration and innovation within the Cardano community and beyond, allowing others to build on our insights for future development. This openness aligns with the principles of decentralization and transparency.
A ROSCA (Rotating Savings and Credit Association) is a traditional financial system where a group of individuals agree to regularly contribute a fixed amount of money into a common fund, which is then distributed to one member of the group on a rotating basis. Each member gets a turn to receive the pooled funds, providing a form of savings and credit without involving formal financial institutions.
In many African and global communities, ROSCAs are widely practiced as informal, community-based financial tools that help participants save money and access funds when needed. but it lacks transparency and security. This creates a significant risk for participants, including the potential for loss of funds or mismanagement. The problem we are solving is the absence of a secure, transparent, and reliable platform to manage these systems. By researching and laying the groundwork for a decentralized ROSCA system using ADA, we aim to provide a solution that empowers users with greater control, trust, and long-term financial inclusion.
We are focussing on a research-driven approach in this first phase to ensure the proposed solution will be culturally relevant and technically feasible. Our goal is to understand the nuances of informal ROSCA practices in African communities and assess how a blockchain-based system can improve transparency, security and efficiency. This approach will allow us to tailor the decentralized ROSCA system to the specific needs of these communities while leveraging ADA and Cardano’s technology.
We will demonstrate impact through the following measures:
Who Will Benefit: The primary beneficiaries will be individuals in African communities who currently participate in informal ROSCA systems. By providing them with a decentralized, secure alternative, we will help them safeguard their savings and promote long-term financial stability. Additionally, the broader Cardano ecosystem will benefit from the increased adoption of ADA and blockchain solutions in real-world financial systems.
The Ada Savings Circles project will create a significant use case for ADA by demonstrating its potential to serve as a tool for financial inclusion in African communities. The benefits to the Cardano community include:
1 Inkuba Hubs Experience and Expertise: Inkuba Hub is a well-established organisation with a proven track record of delivering impactful projects in the areas of education, entrepreneurship, and financial literacy in Africa.
2 Strong Partnerships and Community Engagement: We have built trusted relationships with local organisations, institutions and community leaders, giving us a deep understanding of the informal ROSCA systems in African communities. These partnerships will be instrumental in gathering accurate data and ensuring that our approach is both culturally relevant and technically feasible. Our ability to engage communities and collect valuable insights will enhance the research phase of the project.
Research and Data Collection
Duration: 2 months
Budget: 15000 ADA
Objective: Conduct comprehensive research on informal ROSCA practices in African communities, identifying the challenges and opportunities for integrating blockchain solutions.
Tasks:
Feasibility Study and Technical Assessment
Duration: 3 months
Budget: 20 000 ADA
Objective: Evaluate the technical feasibility of using Cardano smart contracts and ADA for a decentralized ROSCA platform.
Tasks:
Duration: 1 month
Budget: 15 000 ADA
Objective: Finalize and share research results, insights, and proposed next steps with the Cardono community and other stakeholders.
Tasks:
Acceptance Criteria:
Laurentine Djatsa: Project Coordinator
CEO of Inkuba Academy!Hub, Cardano Hub Lead, Constitutional Delegate for Burkina Faso, freelance Translator/Interpreter
LinkedIn: Inkuba Academy
Elie Kiswend Sida: Project Manager: An expert in feasibility studies; five years of experience in Risk and Social Impact Assessment and Management; His passion for data analysis enables him to identify opportunities and risks inherent to each project, ensuring their viability and positive impact on communities. Ability to conduct in-depth studies and propose innovative solutions.
LInkedIn: Kiswend Sida Elie DABILOUGOU
Dr: Malik Kone: Project Technical Advisor
Assistant Vice President for Innovation, Discovery and Research at William VS Tubman University; Cardano Certified, Constitutional Delegate for Liberia
Aime Nico Kam: Project Administrative Assistant
Administrative and financial assistant at Inkuba Academy/Hub, Cardano Workshop presenter in Burkina Faso since 2022, Constitutional Traveling Alternate for Burkina Faso
LinkedIn: Aimé Sié Humpa Nico KAM
Research and Dara Collection: 15000 ADA
Community Surveys and Interviews(fieldwork in various African countries):
Feasibility Study and Technical Assessment: 20 000 ADA
Blockchain Consultant (Collaborating with Cardano developers and technical experts):
Final report and community engagement: 15 000 ADA
Community Engagement and Outreach
The cost of the Ada Savings Circle: Decentralized ROSCA for Financial Inclusion project represents value for money for the Cardano ecosystem for several key reasons: