BRIDGING THE GAP BETWEEN THE UNBANKED AND THE BANKED
A higher percentage of African Adults Population are unbanked and underbanked out of which 59% of the Current Nigerian Population are Financially Excluded. These are mainly petty traders, small scale enterprise owners, farmers and artisans who live in rural and urban areas. Most often, they indulge in daily 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. One major way of improving the esusu scheme is by creating a platform that would enable the members to save money and as well have ability to access microcredit in a fast and secured system.
Electronic Esusu is a digital payment solution designed to simplify and automate the process of thrift savings, collection, microcredit and financial inclusion services to the banked and financially excluded population so as to reduce the problems associated with the traditional and manual savings scheme. With Electronic Esusu, we explore the use of Digital Payment Technology and Global System Mobile Device 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.
digitization of thrift savings
promoting financial inclusion
increasing cashless methods
reducing poverty and promoting wealth