Fuse

TechFusion Africa Technologies Limited

Fuse

FUSE empowers African communities with secure digital banking for informal savings groups

Abuja, Federal Capital Territory, Nigeria

Nigeria

For-profit, including B-Corp or similar models

Across Africa, 420 million adults rely on traditional savings groups as their only financial system. These groups collectively manage over $5 billion annually but face devastating challenges: First, paper-based record-keeping leads to disputes and lost savings. Our research shows 38% of groups experience significant accounting errors annually, with members losing an average of $245 each when records are compromised. Second, cash management creates security risks. In Nigeria alone, 22% of savings groups reported theft in 2023, with groups losing their entire treasury in 7% of cases. Third, limited transparency breeds mistrust. World Bank data reveals 41% of members don't fully trust their group's accounting, inhibiting participation. Fourth, without digital records, members can't build financial histories for accessing formal credit or insurance. These challenges disproportionately affect women, who comprise 68% of group members and depend on these savings for emergencies, education, and business investment. Without addressing these fundamental issues, broader financial inclusion efforts will continue to miss nearly half of Africa's adult population who operate entirely in the informal economy.

FUSE is a digital banking app designed specifically for African informal savings groups. The app helps these groups manage their money and members through Digital record keeping of all savings and transactions Simple tools for member management and communication Secure payment processing between members Built-in voting system for group decisions Basic accounting and financial tracking Document storage and sharing The app works offline and online, making it accessible even in areas with limited internet. Members can check their accounts, send/receive money, and participate in group decisions through their phones. Group leaders can easily track payments, manage membership, and generate financial reports. FUSE is designed to be simple to use, with local language options and a user-friendly interface that works well even for people new to digital banking. The app includes strong security features to protect members' money and data. Here is the link to the demo: https://drive.google.com/file/d/1Z4UFwtpM9KT935HWPsIv9RV6mD5xTEj7/view

FUSE serves two distinct but interconnected groups across rural and urban Africa: First, the group leaders—often respected community elders or elected officials—manage weekly collections and record-keeping for 12-50 members each. These treasurers spend 8-12 hours weekly maintaining paper ledgers, calculating interest, and safeguarding cash. Most are women over 40 with limited formal education but high community trust. Second, the 420+ million group members themselves: market vendors, farmers, domestic workers, and micro-entrepreneurs earning $3-15 daily. 68% are women, 76% lack formal bank accounts, and 52% live in rural areas 20+ kilometers from the nearest bank. FUSE transforms their financial lives by Protecting their savings from theft, calculation errors, and fraud Creating verifiable financial histories that they can use to access formal credit Reducing meeting times from 3 hours to 45 minutes weekly Enabling participation even when members can't physically attend meetings Increasing transparency that builds trust and encourages higher savings rates In pilot regions, groups using FUSE increased average member savings by 41% within six months, directly enhancing household stability and enabling investments in education and business.