BACKGROUND
Overview
In many African countries, the challenge of high inflation rates has long plagued local currencies, eroding the value of savings and making it difficult for individuals and businesses to plan for the future. This economic instability has created a need for innovative financial solutions that can help Africans protect their wealth and achieve financial stability.
The scope of this project is to research, design and create a seamless experience to help African’s save, send and receive money globally with a focus on reducing the conversion rate and guarding their local currency against inflation.
ROLE & DURATION
Role
Sole UI/UX Designer
I was responsible for designing and prototyping the web application, user research and testing.
Team
I worked along side a project manager, 2 software engineers and a performance operator.
Duration
3 months
The Current Challenge
Inflation is the sustained increase in the general price level of goods and services over time. High inflation rates are a significant concern in numerous African countries, and they have several adverse effects on the economy and individuals creating:
- Economic Instability: High inflation rates in many African countries make it challenging for individuals to maintain the value of their savings in local currencies.
- Currency Exchange Barriers: Traditional banking systems often involve high fees and complex processes for currency exchange, deterring people from using foreign currencies for savings and transactions.
- Lack of Financial Education: Many people in African countries lack access to financial education, which is crucial for making informed decisions about foreign currency management.
The Solution
Piggyfi's response to these challenges was to create a web application that provides a comprehensive solution for foreign currency management. Key features of the Piggyfi web app include:
- Multi-Currency Accounts: This allows users to open and manage multi-currency accounts, which enable them to hold and save money in foreign currencies of their choice. This feature helps individuals safeguard their savings from the devaluation of local currencies.
- Real-Time Exchange Rates: Users are provided with real-time exchange rate information. This feature ensures that users can make currency exchange decisions at the most advantageous rates, helping them maximize the value of their money.
- Cross-Border Transactions: Piggyfi facilitates cross-border transactions, enabling users to make international payments and transfers more efficiently and at competitive rates.
- Transparent Transactions: The app promotes transparency in currency transactions, providing users with clear information about fees and exchange rates. This transparency builds trust with users and allows them to make well-informed choices.
- Community and Support: Piggyfi offers user support channels to assist individuals with any questions or issues they may encounter while using the app. Additionally, the app can foster a community of users to share experiences and insights.
🏆 This Simple and concise design solution was able to win about $40,000 in grant
User Interviews
Let's dive into how we came up with the solution. With the project’s scope and objective in mind, I needed to know my target audience, defining the target audience is crucial to tailor the web app to the needs and preferences of the intended users. In this case, the target audience might include; African savers and Investors, Financially educated and novice users, Cross-border shoppers and expats, users with financial goals and aspirations etc.
Key findings from the interviews
Interviewee 1: Fatima - A Small Business Owner
- Fatima emphasized the impact of currency devaluation on her business, making it difficult to maintain profitability.
- She highlighted the need for a solution that could help her protect her business's financial stability and savings from the volatility of the local currency.
Interviewee 2: Samuel - Working Professional
- Samuel's insight shed light on the limitations of accessing foreign currency savings options in his country.
- He stressed the importance of finding convenient and cost-effective solutions to save and invest in foreign currencies to achieve his financial goals.
Interviewee 3: Amina - University Student
- Amina's perspective provided insights into the lack of financial education and guidance available to young individuals in African countries.
- She expressed the need for a tool or platform that not only facilitates foreign currency savings but also provides educational resources to help users understand and navigate the financial landscape effectively.
General observations from the interviews
We gathered all interviewees observations together and came up with a group heading
- High Inflation Concerns: All three interviewees expressed significant concerns about the high inflation rates in their respective countries (Nigeria, Ghana, and Kenya). They noted that inflation eroded the value of their savings and created financial uncertainty.
- Currency Devaluation: The interviewees highlighted the impact of currency devaluation on their financial stability. They faced challenges in protecting their money's real value due to the devaluation of their local currencies.
- Importance of Foreign Currency: Each interviewee recognized the importance of foreign currencies as a means of preserving their wealth and engaging in cross-border transactions, such as importing goods or sending money abroad.
- Complex and Costly Currency Exchange: They mentioned the complexity and high costs associated with traditional currency exchange methods, including fees and unfavorable exchange rates. These challenges discouraged them from actively managing foreign currencies.
Creating an Empathy Map
After the interview, we used the informations, insights and observations to create an empathy map for each interviewee.
Fatima - A Small Business Owner
Samuel - A Working Professional
Amina - University Student
Personas
We created personas to better represent our target audience better.
Age : 35
Gender : Female
Occupation : Small Business Owner
Income : Moderate
Location : Lagos, Nigeria
Internet proficiency : Proficient internet user, uses online tools for business operations and research.
Biography
Sarah runs a successful small retail business in Lagos, Nigeria. She's well aware of the challenges of high inflation in her country, which erode her savings and affect her business's profitability. She's a regular internet user and is open to using online tools to safeguard her wealth and navigate the complex world of foreign currency.
Needs
- Protect her business's financial stability from inflation.
- Find a cost-effective solution for currency exchange.
- Access educational resources to enhance her financial knowledge.
Frustrations
- High transaction fees for currency exchange.
- Limited access to foreign currency savings options.
- Lack of financial education resources tailored to her needs.
Insights
- Sarah is willing to adopt online financial solutions but values simplicity and cost-effectiveness.
- She seeks a platform that offers comprehensive financial education resources to make informed decisions about managing foreign currencies.
Age : 29
Gender : Male
Occupation : Freelance web developer
Income : Moderate
Location : Accra, Ghana
Internet proficiency : Highly proficient internet user, relies on digital tools for work and personal life.
Biography
David is a freelance web developer in Accra, Ghana, who frequently works with international clients. He understands the significance of foreign currency and is tech-savvy, often using various online platforms for work and finance. He's interested in optimizing his finances and protecting his income from currency fluctuations.
Needs
- Find a convenient way to save and invest in foreign currencies.
- Minimize currency exchange costs to maximize earnings.
- Gain access to personalized financial insights for better financial planning.
Frustrations
- Limited access to foreign currency investment options.
- Complex and costly currency exchange processes.
- Lack of personalized financial guidance.
Insights
- David is open to adopting new financial technologies that simplify currency management.
- He values personalized financial insights and recommendations that align with his freelancing income.
Age : 20
Gender : Female
Occupation : University Student
Income : Limited, dependent on parents
Location : Nairobi, Kenya
Internet proficiency : Basic internet user, mainly uses social media and messaging apps.
Biography
Amina is a university student in Nairobi, Kenya, with limited financial knowledge. She's concerned about the rising costs of education and everyday expenses. She has limited exposure to managing foreign currencies but is eager to learn how it can help secure her future.
Needs
- Understand the basics of managing foreign currencies.
- Save for future education expenses and financial independence.
- Access a user-friendly platform with educational resources.
Pain points
- Overwhelmed by financial concepts.
- Lack of access to simple and affordable foreign currency solutions.
- Difficulty in planning for future financial goals.
Insights
- Amina is open to learning about finances but needs a user-friendly platform and educational content that suits her basic internet proficiency.
- She values a solution that simplifies foreign currency management and helps her save for future goals.
With these insights gathered, we came up with a refined problem statement
“How might we create a user-friendly and cost-effective financial platform that empowers individuals like Sarah, David, and Amina to confidently manage foreign currencies, protect their savings from inflation, and access personalized financial insights, regardless of their internet proficiency, while also offering extensive educational resources to improve their financial literacy?”
User flow
Creating the Design
After showing stakeholders the userflow, I proceeded to create the designs in hi-fidelity
1. Creating an account
Users create an account by entering necessary details in order to gain access to the platform, thereafter, opens them up to their dashbaord where they see wallet balances and transactions done thus farusers can fund their wallet
2. Fund wallet
After creating account, the platform opens them up to their dashboard where they see wallet balances and transactions done thus far, they can also fund their wallet
3. Saving
Users can save their earnings after funding their wallet. They simply enter amount, how long they want to save for and voila! Their savings starts growing in foreign currency.
Product Testing
A designer's involvement is limited by the client's permission, and at the time this case study was published, I was unable to determine whether the client had begun the development process. Therefore, developmental measures do not exist. Nevertheless, I am certain that this design may be modified to meet the demands of the customers because I have followed the best design guidelines while taking user requirements and current design laws into account.
Learnings
- The project helped me to learn more about the process of how users go through the hassle of doing basic things with foreign currencies. Also learned how to empathize with users in a better way and listen for stories that could lead to gems or key insights I didn’t know before.
- Testing my designs, I learned that seeking out feedback early helped me design more meaningful solutions. I was able to take feedback and use that to iterate on the designs based on feedback the users provided.
- Overall, I learnt that while my ideas might not necessarily solve the entire aspects of the challenge, striving to make at least one part of the experience better in some ways, is always a good strategy
