Since receiving funding and support from Prezenti, Wasset has been relentless in its pursuit to redefine waste management through innovative solutions powered by blockchain technology. Our primary focus has been on bridging the gap between environmental sustainability and economic incentives, especially within a market like Nigeria, where waste management is often overlooked.
This report details our journey, highlighting significant achievements, the challenges we faced, and how we’ve adapted to ensure the success of our ongoing pilot program. More importantly, we will outline the exciting future we envision for Wasset and the ways we intend to continue driving utility and impact through our ecosystem.
The Pilot Program
Wasset’s pilot program commenced with the goal of connecting with local businesses in Ibadan, targeting those that generate large volumes of recyclable waste. The original vision was to create a seamless process where individuals and households could swap their waste for cash at established POS points. However, the execution presented unforeseen challenges.
Challenges and Adaptation
During the initial phase, we established collection points at various POS terminals, believing this would simplify waste collection for small businesses and households alike. Unfortunately, we quickly encountered hurdles. Space constraints and concerns from POS operators over the influx of customers focused primarily on waste collection, rather than typical POS services, disrupted our progress. Most POS points were unwilling to repurpose their locations as collection hubs.
However, Wasset thrives on adaptability. Recognizing the barriers, we pivoted our strategy. Instead of focusing on POS points, we redirected our efforts to partnering with larger businesses that produce higher quantities of recyclables. Establishing relationships with prominent businesses like Abula Palace (3 branches) and Beeshop Bar & Lounge, we introduced a system of branded bins and jumbo bags to these locations, effectively scaling our waste collection capabilities. This allowed us to tap into businesses with the capacity to store and recycle waste on a larger scale.
Achievements
Despite the challenges, Wasset has made remarkable strides. Since the inception of our pilot program:
- Over 14,000 kg of recyclable plastic collected:
Since the inception of the pilot program, Wasset has successfully collected over 14,000 kg of recyclable plastic waste, saving millions of bottles from ending up in the ocean. This has been achieved through our partnerships with businesses like BeeShop, local landfill operators, recycling companies like Kaltani Recycling, and small waste aggregators. We expanded our network to work with scavengers and waste aggregators who contribute significantly to our growing waste volume. The total value of plastic processed is around $3800.
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User onboarding:
We have successfully onboarded over 10 businesses in Ibadan and over 1000+ users on our waitlist before beta launch. These businesses have become key partners in our recycling efforts, providing us with a consistent stream of recyclables while benefiting from our collection services. Our business partnerships have laid the foundation for a sustainable waste management ecosystem. -
Established a Local Processing Center:
We set up a local processing center in Ibadan, which is fully operated by our team led by Timilehin, our operation lead. At our site, collected recyclables are sorted, compressed, and baled, making them ready for transportation to larger recycling factories. This center marks a significant milestone in establishing a sustainable infrastructure for waste management.
Innovations and the Role of Blockchain
Wasset’s innovation goes beyond traditional waste management practices. With the support of Prezenti and the integration of blockchain, we have introduced several initiatives to drive greater utility and adoption.
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Wasset Token on Celo Mainnet
Our Wasset token, now live here on the Celo mainnet, is poised to revolutionize how we incentivize waste management. Businesses that partner with us will be rewarded with Wasset tokens, creating a blockchain-driven reward system for responsible environmental practices. This aligns with our vision to create a circular economy that benefits both the environment and the businesses involved. -
The Wasset Marketplace App
We are currently testing our marketplace app, available on both the Apple Store and Google Play. The app aims to drive more utility by allowing businesses to exchange waste for Wasset tokens, creating a seamless platform for waste collection, tracking, and rewards. The app is available on Apple and Google app store
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Free Internet Powered by recyclable waste
In an effort to diversify the benefits of recycling, we launched an initiative that provides free internet to businesses in exchange for their plastic waste called R4I (recyclables for internet). This not only incentivizes businesses to recycle but also adds value to their operations, making it a mutually beneficial partnership. We have currently deployed the hardware (mobile internet modem with Airtel unlimited data subscription) at BeeShop, a popular lounge in the city.
Future Plans
Our journey has only just begun, and we are eager to expand our impact with several new initiatives:
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Microcredit Powered by Recyclables
We will be developing a microcredit system where businesses can access credit lines backed by their recyclables. Recyclables will act as collateral, creating a new financial ecosystem that rewards sustainable practices while supporting the growth of small businesses. This initiative is set to redefine how recyclable waste can become a valuable economic asset. The aim is to make access to micro-credit easy for businesses while reducing the burden of loan repayment. -
Scaling Operations
With the foundation we’re building in Ibadan, our next step is to further strengthen our grip in Ibadan city before scaling our model to more cities across Nigeria and, of course, to the rest of the world. We aim to onboard more businesses, bring the R2I initiative to more businesses across the country, and drive greater adoption of our blockchain-powered ecosystem. -
Utility Payment
As we continue to onboard more users, our plan is to make recycling more rewarding and exciting. We are working on a partnership that will allow businesses to use the Wasset token they earn from the marketplace to pay for things like electricity and internet subscriptions.
Conclusion
Wasset’s journey thus far has been marked by innovation, adaptation, and an unyielding commitment to solving one of the world’s most pressing challenges: waste management. We are proud of the progress we’ve made, and the support from Prezenti has been instrumental in our success.
As we continue to grow, our focus remains on leveraging technology to create a sustainable, scalable, and profitable waste management ecosystem. The achievements we’ve outlined are only the beginning. With your continued support, we are confident that Wasset will not only transform waste management in Nigeria but will also serve as a global model for sustainable innovation.
We look forward to the next phase of our journey, and we are excited to continue making impactful strides toward a cleaner and more sustainable future.
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