Ajo/Esusu describes traditional forms of cooperation in African societies whereby groups of individuals contribute to informal savings and credit associations for their mutual benefit. This is commendable, however, this comes with its own sets of challenges, some of which are; the security of the contributed funds and ensuring that contributions are not misappropriated by those left in trust. This can be made more efficient with a mobile application that uses fintech solutions to provide security and transparency into the process. Instead of contributing cash to an individual, the funds are transferred and saved electronically within a central Esusu wallet and participants in the group are able to view the status of the contributions using their personal mobile money wallets.
Automated timely reminders will be sent to each participant within the group to ensure prompt payments as at when due, and at the agreed and set time, automatic disbursements will be made directly into the beneficiary’s mobile wallet whose turn has come. Terms and Conditions Apply.