In August 2019, we engineered a survey to understand user behaviours with currently available financial tools in Nigeria and how they can be improved. There are different fintech applications in the market but few tackled financial management and the ones that did, failed as a result of low user turnout. On the user end, we found out the following:

• 80% percent of the user that was interviewed needed an efficient financial management tool.
• 30% use spreadsheets to track personal expenses and income. Another 40% use mobile applications found on app stores. 
• 100% of mobile applications had a manual process of imputing expense and income, which users greatly complained about.
• 87% of interviewed users forget to input income and expense data either on spreadsheets or mobile applications making data records inaccurate. 
• All interviewed users needed an easy and seamless way to track their income and expenses. 

Competitor Analysis 

To understand the fintech space, we needed to understand what management tools were currently available, to what extent does a user benefit from them and what could make Mounae different and more efficient? We concluded on the following: 

• 100% of claimed financial management tools only offer savings and investment to the Nigeria fintech market.
• There were no applications in Nigeria that cater for income and expense tracking. 
• Foreign applications that had income and expense tracking did not cater for Nigerian users.
• No application catered for financial analysis.

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We came to an understanding that to provide an effective financial management tool, we needed to provide every aspect that can be beneficial to an individual’s finances.