Educating and supporting people with financial literacy, ennota.com is a financial management application that empowers micro and small businesses owners in developing countries to grow. This is done by offering a simple solution with a tool providing a financial overview of a business as well as coaching modules. The product includes various levels of financial literacy and adapts to the user’s level. This integrated education in finance enables users to advance their knowledge and use the application fully. It is designed to promote collaboration (with co-workers / partners or even an accountant), all the while using banking level standards to secure all transactions.
The cloud-based, cash flow management tool enables small businesses to record their transactions and view their data in a visually intuitive way, it is specifically designed for business owners with no strong technical or accounting background. Intuitive learning using pictograms and similar graphics, the app offers up to 9 different levels and ascends according to increasing businesses expertise.
90% of the 100 million small and micro businesses in the developing world use pen and paper to manage their business financials. This is because existing tools are generally created for qualified accountants. Business owners who do not use accountants limit their access to formal financing.
The app aims at helping to empower SME in the MENA region by supporting their financial control and overview of their accounting. Their lack of adequate financial skills limits formal financing, meaning business often can, and should expand, but are not able to due to poor cash flow. Limited or poor financial accounting can mean that businesses are denied bank loans which are needed to grow but this educative system is adaptive, in that it grows in features as it increases the level of financial literacy of the user.
The app can be downloaded free of charge. The company aims to target an estimated 5 million small businesses in Egypt, 15 million in the MENA region, and 100+ million in the developing world.
The primary business model is a monthly subscription model from end-users. The suggested subscription cost (acceptance tested in user interviews with over 1,000 customers) is five to ten USD per month
The secondary revenue stream is created from licensing fees from micro-finance institutions (offering it to their clients) and licensing fees from white-labeling the solution for Mobile Operators.
The app is cloud-based, cross-platform, and accessible from any device connected to the internet. Using With native iOS, Android, Windows and Web applications, user records is always accessible. The iOS and Android versions support an offline mode in case there is no internet connectivity.
Contact: Mohamed Hamada
Used in: Egypt