Savings groups have been a pillar of African culture for decades connecting communities with financial services like loans and savings accounts. They provide African communities with an opportunity to create their own wealth and financial literacy by creating an environment that is trustworthy for all who are members of the savings group. What is different about ecobba and how do they empower savings group culture in sub Saharan Africa?
Before we get into how ecobba changes savings groups in Africa, we need to explain what ecobba is. Ecobba is an online platform for savings groups to keep track of all of their daily activities. It’s accessibility via USSD, Android devices and web portal makes it convenient for anyone to access at all times. The platform provides financial transparency and visibility to all members of a savings group while also creating a safe ecosystem for them to conduct transactions.
Ecobba also has an integrated payment system which allows users to conduct transactions using multiple different payment systems which include banks and mobile money. This helps ecobba achieve its quota of “empowering as many people as possible” by giving users access to financial institutions that aren’t easily available for all to use.
Once you’ve joined the platform you will have access to a plethora of unique features. There is an online marketplace that allows users to advertise and purchase goods and services on the platform for all ecobba users to access. Ecobba also allows users to apply for loans from financial institutions that go as high as three times the amount that they’ve saved on the platform. All you need to do is spend a minute filling out a short form while adding two loan guarantors and you’re good to go. Any additional KYC info that might be needed is pulled from your ecobba account.
Ecobba empowers savings groups in sub Saharan Africa by partnering with banks, providing access to a digital platform that is easily accessible and providing loans on the platform for all users to apply for. These features plus multiple other features allow ecobba to have an impact on the savings group community while also being a user friendly platform.