esusuPAY

ESUSU AFRICA

esusuPAY

Digitizing Inclusive Savings to empowering lives and fostering economic resilience in Nigeria

Lagos, Nigeria

NGA

For-profit, including B-Corp or similar models

According to the EFInA 2023 Survey, 36 million Nigerian Adults are financially excluded. 42.7% of them engage in Informal thrift savings and credit schemes also known as ESUSU where a thrift collector collects certain amount of money from customers and at the end of a month, the thrift collector takes a fraction of the money for the services rendered. Below are some of the challenges of the Traditional Esusu System. 1. Manual Record Keeping leading to data Losses 2. Reconciliation Errors resulting in Distrust 3. Low access to Digital Financial Services 4. Low access to affordable credit for SMEs 5. Fraud and Manipulation by Thrift Collector / Staff One major way of improving the Esusu schemes is by creating a technology platform that would enable the members to save money and as well have ability to access microcredit in a fast and secured system.

esusuPAY is a digital platform designed for thrift & credit unions, savings groups, microfinance institutions, cooperative societies and financial services agents to simplify thrift savings, collections and microcredit towards enhancing delivery of digital financial services to the last mile. The system also provides management information system, back office system and digital tools to the management and members of microfinance institutions with instant information on every transaction made via SMS/EMAIL/USSD and it guarantees security of data and information.

The platform enables the community to save for essentials like healthcare, their children’s education, and business growth. Traders in Market share how the esusuPAY has become a lifeline, helping them plan, grow, and secure their futures. It is focused on empowering lives and fostering economic resilience. esusuPAY is focused in improving the wellbeing and life of the unbanked. They can now save for their children’s school fees and still have money to grow their business. It’s like having a bank in my pocket.