FinMango is proud to partner with Fly for Life. Fly For Life is an NGO organization located in Lome, Togo. The organization offers opportunities to bring hope in communities through volunteering, internships and traveling.
Recently, Fly For Life planned, organized, and implemented an innovative solution to help reduce poverty while promoting sustainability via Fair Trade. The solution has social, environmental, and economical impacts.
It was stated after a study that no one in the village had a financial plan. They just live daily without any plan and this doesn’t help them with making savings. - Jeremies Pimizi (Fly For Life)
The farmers of Havu, Togo are incredible; they work hard everyday. Unfortunately, just like the majority (2/3) of Americans, they lack basic money management skills. As a result, we see that an increase in income does not equate to an increase in savings. This is a problem, a problem that FinMango was created to solve.
The FinMango Solution
FinMango exists to financially empower lives and to solve problems related to money. Thus, to implement the strategy; we consulted, planned, organized, and created a simple budget plan for the Fly For Life team to implement:
(Step 1) BETA TEST
In computer science, the Lean Startup Process is the idea of building, measuring, and learning in repeat as a way to constantly improve a product. At FinMango, we follow the same protocol while implementing our strategies. We have instructed the Fly For Life team to test our Budget Plan with a small test group of 22 farmers. If successful, we'll implement the same or improved strategy at a larger scale.
BETA TEST ANALYSIS
BETA TEST CONCLUSION
The budgeting strategy was a success! The variance went from 0 (no weekly savings) to 20 (approximately $20 in weekly savings). We will now implement the same strategy at a larger scale.
(Step 2) BETA TEST 2.0
In February, 2017; the budget plan was successfully introduced to all the farmers of the Havu community. We have instructed the Fly For Life team to collect budgeting data from the farmers for a total of 3 months. Following the 3 months, our FinMango team will comprehensively analyze the data and target the most struggling farmers. The most struggling farmers will then receive microfinance opportunities.
FINANCIAL EMPOWERMENT can change everything! It can improve health, increase access to food, grow local economies, and help kids spend more time in school. Thus, our goal is to alleviate this community by empowering them to successfully WATCH and MANAGE their money.