Overview

The project was to tackle the difficulties encountered by TANESCO employees within the organization when requesting loans and managing their finances. The existing process for loan requests was time-consuming, leading to frustration and delays.

TANESCO employees lacked efficient budgeting tools to effectively manage their income and expenses, which hindered their financial planning.

Role

Product Designer

User Research, Interaction, Visual design, Prototyping & Testing

Timeline

June, 2023 - Aug, 2023

Archived Project

Organization Background

TANESCO Savings and Credit Cooperative Society Limited (TANESCO SACCOS) is a savings and credit cooperative society that was established in 1968 by the Tanzania Electric Supply Company (TANESCO). The society is registered under the Co-operative Societies Act No. 17 of 1968 and has its headquarters in Dar es Salaam, Tanzania.

TANESCO SACCOS is a member-owned and controlled organization that provides a variety of financial services to its members, including savings, loans, and other value-added services. The society has over 100,000 members, who are drawn from TANESCO employees and their families, as well as other members of the public.

Opportunity

The task was to design a Loan Request App tailored for employees within the organization. The app aimed to streamline and simplify the loan request process, enabling employees to access funds promptly and conveniently. Moreover, it sought to offer comprehensive budgeting features, empowering employees to track their financial activities, set realistic financial goals, and make informed spending decisions.

Solution

Simplified Funding Process

• The streamlined application process reduces paperwork and eliminates unnecessary steps, saving employees valuable time and minimizing frustration.
• Real-time updates on application status and clear communication instil trust and confidence, enhancing the overall borrowing experience.
• Users experience a streamlined and efficient process when applying for loans through the app. The reduction in administrative tasks results in a more seamless and time-effective experience.

Informed Financial Management

• The budgeting feature empowers users with valuable insights into their spending habits, enabling them to make well-informed decisions regarding their financial resources.
• Through comprehensive expense tracking and analysis, users can gain a deeper understanding of their financial behaviour, ultimately leading to more responsible financial planning.
• By promoting transparency and clarity in financial matters, the app's budgeting tool assists users in cultivating disciplined spending habits and enhancing their overall financial literacy.

A simple way to manage and request a loan

I started by doing some research on the lending landscape in Tanzania. I found that mobile lending can help to increase financial inclusion, improve financial literacy, and reduce poverty. Then i stumbled upon some eye-opening data which was very interesting from the 2020 Tanzania National Household Budget Survey and The 2021 Global Mobile Data Index.

Interviews & Surveys

To gain deeper insights into the needs and preferences of TANESCO employees regarding the loan application process, a comprehensive series of interviews and surveys were conducted. These qualitative and quantitative research methods provided valuable firsthand perspectives, contributing to the informed development and enhancement of the Loan Request App.

Interviews