Our motivation for creating the Trust Fund stems from the financial instability we have witnessed firsthand in Ghana, Nigeria, and other West African countries. High inflation, the collapses of microfinance and banks, and recent government-backed bonds failing to deliver have led to the loss of people’s savings, leaving many distrustful of traditional financial institutions. Being from Ghana, we have seen the deep economic insecurity, this has caused, with citizens reluctant to save for fear of losing their funds. As blockchain enthusiasts, we believe in the power of decentralized finance to provide a secure, transparent, and reliable alternative. Our goal is to empower individuals to take control of their financial futures by offering a solution that removes the risks associated with institutional failure.

For the past decade, Ghana, Nigeria and other West African countries have experienced severe financial turmoil. In Ghana, inflation rates surged as high as 54% in 2022, wiping out the value of savings. The collapse of microfinance institutions and major banks, such as Capital Bank and UniBank, left citizens with little recourse, and government-backed bonds, once considered secure, have failed to fulfil their promises, causing significant financial loss. The situation is no different in Nigeria, where inflation coupled with inefficient government financial interventions has left citizens in economic uncertainty​. With trust in traditional banking systems at an all-time low, people are reluctant to save, fearing losing their hard-earned money.

Sources:

1. https://en.wikipedia.org/wiki/Ghana_banking_crisis
2. https://www.myjoyonline.com/one-year-on-lessons-from-the-domestic-debt-exchange-and-its-impact-on-the-economy/
3. https://businessday.ng/editorial/article/nigerias-inflation-illusion-the-price-of-governance-failures/
4. https://www.mckinsey.com/featured-insights/middle-east-and-africa/nigerias-banking-sector-thriving-in-the-face-of-crisis

Trust Fund is built to directly address the pressing financial challenges faced by communities in Ghana, Nigeria, and other West African countries, where rampant inflation and the collapse of traditional banking systems have eroded public confidence. In Ghana, inflation surged past 54% in recent years, while in Nigeria, it exceeded 33%. This financial instability, compounded by the collapse of microfinance institutions, banks, and even government-backed bonds, has left many citizens hesitant to trust their savings to traditional institutions.

Trust Fund offers a decentralized and permissionless platform that empowers individuals to convert their local fiat currency into stablecoins and securely save through smart contracts. Unlike conventional banks, where individuals have little control or transparency over how their funds are used. Trust Fund gives users complete ownership of their savings. They can save securely and reclaim their funds at the end of the set saving period without fear of devaluation or institutional collapse.

Beyond security, Trust Fund introduces gamification and rewards to encourage user engagement and financial discipline. Users are rewarded for maintaining their savings goals and can track their progress, making saving both enjoyable and rewarding. This feature fosters a stronger culture of saving within communities, helping individuals not only meet personal financial goals but also contribute to broader economic stability.

During the Buildathon, we successfully developed a working MVP and had a few testers. Early feedback has been invaluable, and we have already started implementing users' suggestions, with more improvements in the pipeline.

What’s Next?

1. Support for USDC on Base 
2. Expanding our feature set based on feedback and market needs.
3. Test Expansion 
4. Smart Contract Audit 
5. Beta Launch
6. Partnerships 

One of the primary hurdles we encountered during the development of our mobile app (for both Android and iOS) was related to the technical constraints of the OnchainKit & Smart Wallet SDK, which was recommended. The challenge arose when we discovered that this SDK was only available for JavaScript, while our mobile app was being developed using Flutter (Dart), which the SDK does not support for mobile app development. This presented a significant roadblock as we needed a solution that could seamlessly integrate the required functionality within our Flutter app.

To overcome this, we consulted with the mentor who led the Smart Wallet Integration workshop, but it confirmed the SDK’s limitation. Determined to find a workaround, our team conducted extensive research and found an alternative that best fits our tech stack—the Particle Network SDK. This SDK offered multiple advantages, including broad support for various user types, from Web3 natives to traditional Web2 users, and it provided Smart Wallet functionality with Account Abstraction.

With the Particle SDK, we could successfully implement passwordless email login, phone number login, social logins, and Web3 wallet connect. These features significantly reduced the friction for onboarding new users, allowing us to cater to both crypto enthusiasts and regular users who may not be familiar with Web3.

Additionally, we integrated Smart Wallet features such as gasless transactions via Paymaster technology, enabling us to sponsor users’ transactions and make the user experience more seamless. This solution has been vital for onboarding our target audience, as it allows for a more user-friendly and cost-efficient experience, removing the complexity and barriers typically associated with interacting with blockchain applications.