Electronic Electronic is a Fintech platform to digitize thrift savings, collections and microcredit so as to eradicate the problems of the traditional and manual savings scheme. The system provides members and management of the esusus scheme with instant information on any transactions made and it guarantees security of data and information.
ELECTRONIC ESUSU ASSOCIATES
DIGITIZATION OF THRIFT SAVINGS SCHEME IN AFRICA
Electronic Esusu is a unified finance management solution designed to automate the process of thrift savings, collection, microcredit and financial inclusion services to the banked and financially excluded population.
PROBLEM WE ADDRESS?
2 billion adults are unbanked globally comprising 66% of Sub-Sahara Africans out of which 41.6m of Nigerian adult population are financially excluded. Most often, they indulge in daily thrift contributions also known as esusu where a collector collects certain amount of money from customers and at the end of a month, the collector takes a fraction of the money for the services rendered. Both esusu collectors and contributors are posed with the following problems:
- High Risk of Handling Cash resulting in robberies, fraud & other cash related Crimes.
- High level of Traditional and Manual Saving Scheme.
- Too Much Paper work leading to Loss of Data due & Errors.
- Financial loss in the case of fire & flooding incidents.
- Inaccessibility to Digital Financial Services & Low Access to Credit
- Low Financial Literacy and Distrust of Financial Services
- Operational inefficiency leading to wastage of time & efforts.
HOW WE SOLVE IT?
The solution explores the use of Digital Payment Technology, Global System Mobile Device and Smart Agent Network Managers to manage and enhance transactions of the esusu scheme. The system also provides members and management of esusu schemes with instant information on any transaction made and it guarantees security of data and information.