Opacus Tech

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Opacus Tech: ProNoV

Ikeja, NigeriaLagos Island, Nigeria
Year Founded:
2015
Organization type: 
hybrid
Project Stage:
Start-Up
Budget: 
$250,000 - $500,000
Project Summary
Elevator Pitch

Concise Summary: Help us pitch this solution! Provide an explanation within 3-4 short sentences.

ProNoV is the flagship offering of Opacus Tech. It is an inventory management, business intelligence and e-payment tool targeted at bottom of the pyramid retailers to enable them work smarter while providing benefits of lowered stock cost, increased profit margins & credible business data

WHAT IF - Inspiration: Write one sentence that describes a way that your project dares to ask, "WHAT IF?"

What if all table top merchants in Nigeria today- Iye Doris/Alhaja Aisha/Iya Bose/Mama Emeka- could own stores or even their own franchises in 5 years? And they could print, SMS or email receipts & accept card payments on their mobile phones NOW?
About Project

Problem: What problem is this project trying to address?

90% of daily transactions in Nigeria take place at the bottom of the retail sector; 99.9% consummated WITH cash. Business growth/Upward transition in the value chain however remains limited to > 0.003%! Sadly, lack of appropriate (affordable) business intelligence tools & acceptable e-payment channels prevent these merchants from working smarter & making sound business decisions resulting in higher profit margins and business growth & expansion.

Solution: What is the proposed solution? Please be specific!

ProNoV! A mobile based inventory management ,business intelligence+e-payment tool targeted at retailers in the bottom half of the value chain. In an android based phone specifically designed for rugged handling with extra long battery life, the ProNoV app has a 1) Sales end through which sales are made & receipts issued (print/SMS/E-mail); 2) an Analytics end providing pertinent information regarding the business/sales 3) a cohort platform where retailers can aggregate to bulk purchase goods for their stores. This 3-pronged approach delivers true value viz lowered stock costs, increased profit margins, credible business information with which credit lines can be secured while considering prevailing working conditions e.g Poor power supply,

Awards

Awardee Bill & Melinda Gates Foundation Grand Challenges Exploration
Impact: How does it Work

Example: Walk us through a specific example(s) of how this solution makes a difference; include its primary activities.

Mama Ebuka is a small scale retailer in Oke Arin market, Lagos Island trading in fast moving consumer goods (colloquially called "provisions" in Nigeria). She is one of the testers of the ProNoV pilot. After using the platform for 3 months, it has provided insightful quantitative information on her top 6 best selling products which included 2 items unknown to her previously! She has adjusted her ordering pattern+quantity for both products and has registered an increase in her profit compared to the previous quarter. She's also a sort of local celebrity for being able to e-payments. After a year, she would be eligible to apply for a micro credit line at SME financing rates with our banking partners to further finance her business

Impact: What is the impact of the work to date? Also describe the projected future impact for the coming years.

Projected impact include Poverty reduction by transiting >90% of subscribers out of the world bank defined values. A minimum of 30% of subscribers would upwardly transit in the value chain via business expansion in 2-3 years; The greater profit margins would translate to a better socio economic status for over 50% of subscribers. Over the course of 5 years, we expect ProNoV to be at the forefront of facilitating the growth of the informal retail market from the current $100 billion approx to the projected $180 billion.

Spread Strategies: Moving forward, what are the main strategies for scaling impact?

The vision for ProNoV's impact is to have it adopted & in the hands of a minimum of 250,000 merchants in Lagos & an additional 5 cities by Year 5. Roll out would be preceded and accompanied by market sensitization & campaigns using target sector specific means. Spread in this phase and subsequently would be facilitated through partner banks who already have nationwide presence & some degree of penetrance into the various local markets. Opportunities for adoption of the model in other West African countries with similar market structures and challenges will be explored in the expansion phase
Sustainability

Financial Sustainability Plan: What is this solution’s plan to ensure financial sustainability?

Sustainability is premised on a 3-pronged approach. First, The ProNoV on boarding platform will operate in a revolving fund model whereby each subscriber pays the cost of replacement of her kit. Secondly, use of the tool will be on a subscription basis to provide an income stream. Third, the mined market data, information on consumer behavior would provide a credible source of information for desiring companies wishing to purchase same.

Marketplace: Who else is addressing the problem outlined here? How does the proposed project differ from these approaches?

While there are a considerable number of companies- start up or otherwise- that address each of the individual problems ProNoV tackles, none presents their solution in the 3 portal approach ProNoV does, to ensure maximum value is added neither do most take into consideration the nuances and culture specific to this population subset. Indeed,most are simply peddled as generic technology focused solutions offering no perceived value to the merchant & with therefore little or no acceptance
Team

Founding Story

A chat with my agri-produce vendor (a woman popularly called "Mama Sam") during which she expressed her frustrations by claiming an agri-produce franchise had hijacked her customers after 6 years set off numerous questions in my mind: "Why had she been in the same stall, selling the same quantity, of the same items everyday for the last 6 years?; Why had there been no change in Mama Sam's business situation after working so long & hard?; What does the franchise know/do differently to gave them the competitive "edge"? How could the playing field be leveled? 2 months after, I read an article titled "DATA IS THE NEW CURRENCY!" & the sojourn into business intelligence begun

Team

The Opacus Tech team is 7-man strong inclusive of 3 Co-founders. 5 persons oversee everyday running and project execution on a full time basis; the project team headed by a Project Director with proven Start up record and a Project Manager with experience in retail management/consulting. We leverage on a vast network of advisory resources through our mentors and their network.
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