Proof of Usefulness Report

MyBank Limited

Analysis completed on 2/3/2026

+334
Proof of Usefulness Score
Certified Problem Solver

MyBank Limited is a verifiable, licensed commercial bank in Somalia (established ~2018) that provides critical financial infrastructure, including the country's first Mastercard Payment Gateway. However, the submission quality is extremely low, featuring hyperbolic claims ('most people have used my product') and missing financial data ('marketcap: null'). While the project has high real-world utility and verified local traction, the score is penalized heavily by the lack of direct evidence in the submission and the regional limitations of its reach compared to global benchmarks.

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Score Breakdown

Real World Utility+200.0
Audience Reach Impact+40.0
Technical Innovation+60.0
Evidence Of Traction+37.5
Market Timing Relevance+70.0
Functional Completeness+0.0
Subtotal+407.5
Usefulness Multiplierx0.82
Final Score+334

Project Details

Project URL
https://www.mybank.so/
Description
Established in 2018 by a team of seasoned entrepreneurs and experienced bankers, our resolve is to revolutionize how people bank by giving them financial tools that free them to transact whenever, wherever they go. Starting in Somalia, our endeavor is to connect our nation to the world. We aspire to bring services closer to the digital savvy, entrepreneurial, industrious people of our region through the latest digital and alternative technologies and accessible physical network. The establishment of MyBank Limited was a response to the massive gap between demand and supply of the financial services in Somalia. It would be recalled that the World Bank reported in 2017 that there was a gap of USD 2.2 billion between demand and supply of the financial services in the country.

Algorithm Insights

Market Position
Strong market validation with clear user adoption patterns
User Engagement
Documented reach suggests active user community
Technical Stack
Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline