Beima.app: Our First Product
We love Africa. She's resilient and strong but like every other region of the world, we have a financial challenge with our retirement systems. Retirees are not prepared for life after active service, especially financially.
In South Africa, a 2020 Report said that about half of South Africans don't have a retirement plan. For those who do, there is great uncertainty about the strength of the plan. Business Tech, a tech-based website ran a poll for its readers and realized that between 30% and 45% of them do not deposit their retirement.
Another glaring insight is that most self-employed business people don't have retirement savings plans while 40% of business owners doubt their ability to retire before 65.
This gives a glimpse of what a household faces when the breadwinner retires and has nothing or when the breadwinner refuses to retire. Families are shattered. Hopes lost. Fate thrown down.
Unemployment affects our population. For those who get jobs, there's no efficient, modern system to help them plan for life after active service years. Therefore, retirement is full of pains and regrets.
For those with jobs, they work their entire life, put little to nothing down for retirement, and when they retire, the struggles continue.
For those who put money down, inflation dumps it so that even a 5% salary increase during active service is wiped off by 10% inflation.
What hope do we have in this?
Development of Our Solution:
Realizing the challenge mentioned above, we brainstormed on several ideas to solve this dilemma. We wanted something easy to use, transparent, secured, fast and accessible for older and younger generations.
The product was meant to suit public and private employees as well as entrepreneurs. Beima.app is what came out of this search. Our platform is created to take care of your financial retirement worries.
Features of Beima.app:
Beima.app is a financial retirement planning system built on XendFinance SDK to help users plan for life after retirement.
Some of the features that make the Beima.app unique:
Automated Flexible Savings
Users are permitted to select how long they want to save and the intervals of savings. Once connected to the platform, your savings are taken automatically without stress.
On Beima.app, users have the advantage and opportunity to receive high interest on savings over time.
Security with NEAR Finance Layer 2 Protocol
This is where the advantage of blockchain technology comes in. NEAR Finance protocol is a system used globally to secure assets on blockchain platforms.
No third-party interferences
So simple. You don't need another person to manage your finances for you on Beima.app. It's a connection that's between you and the system.
What happens when a user cannot access savings due to death or severe health challenges? There is an option to allow your Next Of Kin to retrieve liquidity.
Limitless Currency Integration
On Beima.app, there will be options to use other global finances to increase the yield of savings.
- Chidiebere, Fullstack and Smart Contract Developer
- Chukky, Smart Contract Developer
- Joshua Mba, Project Manager
- Joshua Nwokoye, Product Designer
- Uche Edeoga, Product Lead.
You can check our performance at the XendFinance Hackathon, 2021.