Smartphone application which connects the drivers offering the trips and passengers with the possibility of cryptocurrencies payment

Projects, Project dock
17.11.2020

JILT project is another one that has come to us in recent days. This week we introduced JILT to the waiting room (where you will be able to vote for it any time). Today we will try to give you an overview of what this project is.

About JILT

JILT is an on-demand e-hailing platform that will offer unique, convenient, and safe transportation for everyone in Nigeria. At the startup phase, the company will focus on Lagos, Ibadan, Abuja, Port Harcourt, Imo, and Kano. However, there are plans to scale up the service to other states of the country.

Goals and objectives

Our goal is to simultaneously position JILT as a focal point for cryptocurrency transactions in Nigeria while also providing a reliable solution to the myriad of problems facing the nation’s transportation industry.

Problems and solutions

The importance of a functional transport system of any country cannot be overemphasized as it connects people and places and also promotes social interaction. However, the transport system in Nigeria is below par.
The effectiveness of road transportation - the most used mode of transportation in the country is limited by lack of regulations which in turn spurns unprofessionalism, inadequate access to means of transportation, traffic congestion, parking problems, accidents, and environmental pollution.
JILT will provide everyone (on request) with unhindered access to a safe, reliable, efficient, environmentally-friendly transit services that suit their needs. The rides will be handled by qualified, competent, and trusted drivers to ensure the safety of passenger(s) and the effectiveness of services.
Transacting with JIL Token will not only allow seamless payment, but it will also serve as a template for future cryptocurrency transactions in Nigeria.

Value propositions

JILT has been structured into a multi-sided platform it will offer a value proposition to both the users (passengers) as well as the drivers. The passengers will enjoy a reliable and efficient means of transit while the drivers will be afforded the opportunity to earn, freedom to choose when they want to work, and also the ease of getting started.

Target market

JIL Taxi service is targeted towards the crypto enthusiast (passengers)by giving them the most affordable means of transportation when compared to its competitors. Additionally, these passengers will be able to take full advantage of their digital currency by utilizing it as a method of payment. Moreover, JIL Taxi did not forget the traditionalist, who prefers to pay with credit cards, as this remains a payment option as well.

Market strategy

Ride-hailing service is not new to Nigeria, there are a number of such services in operation. However, JILT is coming with a service that has the potential to change how ride-hailing service providers operate in Nigeria.
Our marketing strategy will integrate print and media advertising, sales promotions, events and experiences, public relations and other means to communicate the cost efficiency, increasing service range and high level of customer convenience prospects of JILT to all range of customer segments irrespective of their geographical location, age and/or social status.
Also, first time customers will be offered discounts while ‘regular’ customers will enjoy discounts when they refer new users to JILT.

Business model

Uber’s business model which Bolt’s and other on-demand e-hailing platforms in Nigeria is copying is, to be polite, deeply flawed. This is because it does not address the unprofessionalism, nefarious acts, reckless driving, and other problems that are peculiar to Nigeria and its people.
JILT’s uniqueness is not just about adopting cryptocurrency - JIL Token as its payment gateway. Our services addressed the felt needs of the people, especially the challenge they face in their day to day activities.
We are out to offer our target market a unique ride-hailing experience, much like they never had it. Our company has been able to identify a shorter way of having rides around for the populace by providing an app that allows our esteemed customers to book for rides and promptly make the rides available in the shortest possible time. All they have to do is download our app for free, buy the JIL Token with their local currency, order the ride nearest to them and pay using the coin.
We will utilize the latest technology and equipment to facilitate convenient and enjoyable travel. Our app has been designed for both the drivers and the users. The users are allowed to download the user version of our app for personal uses while the drivers can also download the driver version of the app, register their car with us .All they have to do is download our app for free, buy the JIL Token with their local currency, order the ride nearest to them and pay using the coin. JIL Taxi will accept other popular cryptocurrencies, such as Bitcoin and Ether as well.

Competitive landscape & Adventage

All the ride-hailing service providers in Nigeria have a common pattern they copy the concept of Uber and add adjustments, but JILT is different.
JILT is designed to directly affect the challenges of the transportation system in Nigeria, i.e, the design details are specific to Nigeria.
Also, unlike other services, JILT does not just have its own payment gateway. Its payment gateway is modelled to accept cryptocurrency (JIL Token) and the local currency.

Financial projections

We estimate that every registered user on JILT will spend an average of $1 (~N400) per ride. JILT will charge a commission of 20% on each ride. This thus indicates that for every ride, JILT will earn an income of $0.2 (~N80).
By our projections, one (1) driver will have an average of five (5) orders per day in the first year, 7 in the second year, 10 per day in the third year, 12 per day in the fourth year and 15 per day in the fifth year as our marketing strategy will be geared towards bringing more customers to use our app each month. We will also start with 400 drivers, which will increase to 650 in the second year, 1,300 in the third, 2,150 in the fourth and 3,150 in the fifth year.
Please note that our projections are wild guesses. It is a result of an in-depth analysis of the ride-hailing business in Nigeria.

Accomplishments

JILT has been recording landmark achievements since its inception. At only three (3) months old, the JILT found its way to its first exchange. At 6 months, we landed our 2nd exchange listing.
The JILT was listed on Coingecko and EXNCE became its 3rd exchange listing. Our logo has been established on the Trust wallet and we have officially registered in Nigeria got incorporated as JILTOKENS INDUSTRIES LIMITED.

Risk to revenue

There is no doubt that there are some circumstances that might hinder the revenue flow of JILT when it begins operations in Nigeria. However, the team, who are cryptocurrency enthusiasts with more than 35 years of combined experiences, are prepared to navigate through the challenges.
Also, because the business model of JILT is peculiar to the challenges of the transportation system in Nigeria, our strategy is well thought and is a result of months of understudying other ride-hailing services providers already in operation in Nigeria.

JILT on Tecra Space

Any member of our community will soon be able to vote for a project that has the opportunity to appear on Tecra Space. Currently, the JILT project is waiting for the community verification in the waiting room.

The JILT project team needs $250,000 to implement all their ideas. In the near future our investors will be able to buy project tokens (TCR payment), which will give them the opportunity to profit from the project. More information coming soon!

Sources: JILT's Pitch Deck

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