Pulse

CUSTOM CHALLENGE; INDIA

PROVEN INTERVENTION TO BE DISTRIBUTED

A mobile phone deposit system similar to popular talktime top-up methods to help low income families put aside money for household needs. 

Learn more about the Custom Challenge and why we only fund ideas that focus on distributing proven poverty interventions.

DISTRIBUTION MODEL INNOVATION

Through a network of certified Pulse vendors, users can 'save on impulse' and create a buffer of funds that serve as an insurance against emergencies and unexpected expenses. Furthermore, it provides a solution to the common issue of insufficient physical change, in which customers receive their change back in the form of candy rather than cash, a common occurrence in many developing countries. 

Pulse offers an electronic system that is more convenient for beneficiaries. Importantly, since the service is not tied to any particular carrier, it works on any mobile phone, and enables instant access to the service for all users. 

The customer experience: customer deposits leftover change or surplus income by buying a Pulse prepaid scratch card or leaving change with the shop owner and requesting an electronic deposit into the Pulse account; shop owner and customer receive an sms confirmation of the transaction with current balance; customer spends or withdraws their savings at any vendor in the Pulse network when needed. 

PILOT AND SCALING GOALS

• Sign up 1,000 Pulse savers during the pilot phase

FOUNDING TEAM

Karl Oskar Teien - Product Development 

Mandy Vidalis - Business Operations and Finance 

Niketa R. Malhotra - Implementation and Technology 

Saul Alexander Minkoff - Management and Business Development 

Pay2Africa

CUSTOM CHALLENGE; ETHIOPIA

PROVEN INTERVENTION TO BE DISTRIBUTED

An online and mobile platform that provides a fast, reliable, low-cost, and convenient way to send money to loved ones from the United States to Ethiopia. 

Learn more about the Custom Challenge and why we only fund ideas that focus on distributing proven poverty interventions.

DISTRIBUTION MODEL INNOVATION

Due to a lack of competition and a weak knowledge of the market, MoneyGram and Western Union - two major money transfer companies which charge high fees - have continued to dominate the remittance landscape in much of Africa. The only other option for customers looking to send money to Ethiopia is to use illegal hawala operators. 

Pay2Africa's vision is to become the leading online and mobile platform application used by the Ethiopian diaspora to send money from the US to Ethiopia. The website will allow senders to wire funds directly to a recipient's bank account or for cash pickup at one of over 750 partner bank branch locations spread throughout Ethiopia. Pay2Africa is both a website and a mobile platform application that integrates the latest encryption technology with a secure remittance software platform that addresses all Anti-Money Laundering Act and Bank Secrecy Act laws and regulations. The end result is a user-friendly platform designed for the target demographic, the Ethiopian diaspora. 

PILOT AND SCALING GOALS

• Send $300,000 in transfers by 2015

• Save customers $10,000 in fees by the end of year 2

 

FOUNDING TEAM

Zacharias Teshome - Founder and President