Esusuafrica

The 2018 State of the Market Report for Nigeria’s Digital Financial Services states that 51.5% of the 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. Both the esusu collectors and their customers are regularly posed with the problems of traditional and manual savings scheme. 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 unified finance management solution designed to simplify and automate the process of thrift savings, collection and microcredit. The solution explores 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.