The Nigerian tertiary educational structure is a mess and nothing to write home about when compared with other international universities. The universities we have in Nigeria also doesn’t have the capacity to carry the over 1.5 million Jambites every year. This has forced people to stay at home for another year(s) or for people that can afford it, look for admissions abroad.
Apart from that, the rate of unemployment is also high because the employers are finding it hard to recruit people with great talent.
One of the ways the Government tackles this problems is by giving away scholarships. Again this also has it’s own sad tales. I and my team have been a part of a Government scholarship so I know this first hand.
These are just a few of the problems we found and decided to start The Moris Fund.
What is the Moris Fund?
The easiest way to understand what it’s all about is just thinking of it as a lottery for scholarship. When people buy the lottery tickets, they expect to make big wins in cash but with The Moris Fund, instead of giving cash payouts, we send you abroad to study.
To read more about it, click here or visit the website and sign up. We will give you a N2000 coupon that can be used to play when we officially launch.
Use the hashtag #themorisfund to discuss on twitter
Ask me anything, criticize, comment, spread the word!
Thanks.
Hey interesting idea guys. Just signed up, for my wife actually.
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Sounds nice. However the first image I saw on the site made me want to doubt what the site is all about. Shouldn’t the images you use point directly to the fact that it’s all about academics?
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We are 100% what we say we are. As for the image, we will take a look at it. Thanks for the feedback!
This is actually a brilliant idea. The high stakes begs for some form of transparency when you launch - payments you receive (anonymized), and winners as you draw.
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…and I am Superman.
Point is you need to be more transparent. Who are you/your organisation? Are you a charitable trust? What is the governance structure?
Peps are already as vulnerable as it can get as you rightly pointed out.
Great idea!
So if I understand the model correctly, the MorisFund is like a ‘lottery’? Like an educational lottery? If that’s the case I do hope you have complied with all the legal and regulatory stuff involved in running a lottery in Nigeria…licensing, financing requirements, governance structure requirements etc.
Operating a model like yours is pretty serious stuff, because essentially you are taking money off people and promising them the potential of a bigger ‘prize’…your website doesn’t state how the winners are chosen etc.
Like I started with, ‘great idea’, but you either need to get all the regulatory stuff sewn up pretty nicely (if you have already, you need to show people on your website), or get a good legal team on standby to be ready to defend you when the inevitable disgruntled punter reports you to the authorities for running an unlicensed lottery business.
All the best though!
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Precisely! @Tunde_IO, spot on! We would not want another ponzi scheme on our hands here… Since the business model is essentially to collect #2000 from say 100, 000 (desperate) Nigerians which adds up to #200m and then use a portion of the money to fund some applicants abroad.
If you execute The Moris Fund well, we will all love you it. It is a cool idea.
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You know, when I saw the title of the thread… I assumed it was yet-another-app or worse, a tablet preloaded with videos. But this is a brand new angle and it is awesome.
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Hey kindred, I thought the same thing. I was pleasantly surprised.
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It is not really about hating on apps and videos, but the issue is always about the execution. It is about getting the content right.
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Of course. Nobody likes a me too product and there seem to be a lot of those in the education category.
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Thanks for the feedback! There will be transparency in everything we do. We haven’t officially launched yet, but when we do, we will make sure everyone sees it is as transparent as possible. For now, it’s just a signup page and as we progress and do other things towards the launch, we will be blogging about it each step of the way.
lol @ superman. We are not a charitable trust. This is actually a for-profit business. As for transparency, we will be as transparent as possible as we progress towards the launch. We have setup a blog and social network pages to keep the public up to date with whatever we do. I should also add that this would be regulated by the lottery board.
We’re glad you love it! You can keep up with our progress on our twitter handle @themorisfund
Thanks for the feedback. This is not a ponzi scheme and it will be regulated by the lottery board. The business model is not to collect #2000 from each person. We will have a weekly draw, you will be able to enter the draw with #100. The #2000 mentioned in the OP is a free money we’re giving out to those that sign up before we officially launch. That means they can have a chance to enter the weekly draw 20 times.
Click here to read the full write up of what The Moris Fund is all about and how it’s going to work.
Yes, it is like an educational lottery, We will be licensed and regulated by the Lottery board. That is the next phase we’re currently working on now.
There is a read more link on the website of how the winners will be chosen. Check it out to get the full picture of what it is about.
If someone clicks the sign-up/register button more than once; the person gets more promo codes multiplying the initial #2000.
You may want to check on that.
