Why are you participating for Based Africa?

I am participating in Based Africa to develop a product that helps my local community access funds without relying on loan apps that charge excessively high payback fees.

What challenges are you focusing on?

• Limited Access to Formal Financial Services
• Trust and Accountability Issues
• Scaling Traditional Cooperatives
• Lack of Credit History
• Inefficiencies in Fund Distribution
• Limited Financial Education

How does your submission address this challenge?

Dexapay is solving several challenges commonly faced by communities in Nigeria, particularly related to financial access and transparency in cooperative savings. Based on the new feature added, here's a breakdown of the challenges it addresses:

• Limited Access to Formal Financial Services: Taxes enables unbanked or underbanked Nigerians to participate in cooperative savings and loans without needing traditional banking, using blockchain for secure financial access.
• Trust and Accountability Issues: By automating contributions and payouts with smart contracts, Taxes ensures transparency and prevents mismanagement or fraud in cooperative groups.
• Scaling Traditional Cooperatives: Taxes allows cooperatives to grow beyond local communities, enabling Nigerians across the country to join and participate in larger, more efficient savings pools.
• Lack of Credit History: Taxes builds an onchain credit score based on users' cooperative activity, helping those without formal credit history access financial services.
• Inefficiencies in Fund Distribution: Smart contracts automate and streamline fund distribution, ensuring timely and accurate payouts in cooperative savings.
• Limited Financial Education: Taxes offers educational resources to help users improve financial literacy, manage cooperative savings, and use blockchain technology effectively.

Challenges I ran into

The only challenge I had was the hackathon duration which was very short.

Additional Features

We added a new feature called Taxes that helps local communities in Nigeria create, manage, and participate in cooperative savings and loans. This app would allow users to form cooperative groups onchain, enabling transparency, trust, and easy access to financial services.

Features:

1. Users can create and join cooperatives with people they trust within their local community or across Nigeria.
2. Each group is governed by smart contracts, ensuring fair distribution of funds and compliance with agreed-upon rules.
3. Members contribute funds on a weekly/monthly basis through smart contracts.
4. Rotating payouts are distributed automatically, minimizing risks of default or fraud.
5. Leverage Base’s Smart Wallet to make onboarding easier and more secure, especially for users new to blockchain.