The goal in a Nutshell

0Backer$0.00raised of a $20,000.00 goalTime’s Up Hi, My name is Tundwa Siyubo and I am raising funds to build an application. This app is about enabling poor undeserved minorities in Zambia and eventually Africa to gain access to financial services. […]

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HELP US CREATE AN APP FOR SAVINGS GROUPS

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Backer

$0.00

raised of a $20,000.00 goal

Time's Up

Hi,

My name is Tundwa Siyubo and I am raising funds to build an application. This app is about enabling poor undeserved minorities in Zambia and eventually Africa to gain access to financial services. Microfinance institutions (MFIs) and banks have proven highly effective in reaching the near poor, mainly in urban areas, and they perform best when supplying credit to small businesses, whose owners work more or less full-time in their enterprises and are keen to see them grow. However the least well-served people live in remote areas (and tend to invest in seasonal income-generating activities) or in urban slums and have no credit history for MFIs to reference. The greatest need of these poor people is access to useful lump sums to manage household cash-flow—usually have no formal providers able or willing to supply entry-level financial services. We are building an application that will give access 500,000 existing members of savings groups in Zambia to create a credit history of their savings groups transactions, our app will also allow the creation of savings groups to be created from scratch. I am 24 year old entrepreneur very energetic and hard working looking to create a meaninful impact i my country by increasing house hold incomes through inclusive finance tools, i am a business administration diploma holder and i am the youngest business development consultant certified by PEPZ a DFID funded project ia m also the second holder of a TEDX license in my country and want to create this for poor Zambians that can not get financing for their small businesses to grow due to lack of entry level financial models by MFIs and also lack of financial history or credit score. Evidence from several FinScope studies in Africa suggests that less than half the population has access to any form of financial services, whether formal or informal. Savings groups are not only a viable alternative for the vast number of people unlikely to be served by brick-and-mortar financial institutions, they are the catalyst for enhanced social capital, improved gender relations, women’s leadership, and community social and economic development. In the last 20 years, these pioneering projects have demonstrated the power of saving over and over again. The only challenge they face are lack of proper record keeping due to low literacy levels, lack of security in handling cash transactions during weekly savings group meetings. Despite all this they are achieving very rapid growth, increasing in number and scale with our app they can grow further by creating digital footprints of their savings groups transactions (The basic model for savings groups is simple: groups made up of impoverished women meet weekly, everyone saves the same amount, one-month loans were are by the members, and all of the group’s money is shared out equally at the end of an agreed-upon cycle (6–12 months after start-up). The share-out is usually timed to coincide with a period in the year when there is a predictable need for cash. Records are mainly based on memorization, all transactions are carried out in front of the members, and all of the group’s surplus cash and written records (if any) are held in a three-lock box. The members of the management committee are elected annually and all groups had a constitution, which is usually written down and kept in the box. please help me fulfill my dream by contributing towards my project or sharing this fundraiser with your friends and family!

We are grateful for your help!

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