A digital platform for the unbanked

 

Jamiipay provides a smartphone application which allows savings groups to register their activities to create a digital track record.

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The first version of our app will focus on savings groups who have been banking without banks for decades. These groups save up together and take turns having access to a larger amount of money. This can be in the form of a loan or by getting the “savings pot” of the month. We are not inventing a new concept but building on the existing social structures of these savings groups.

Jamiipay offers a digitalised solution for registering activities in saving group meetings. This allows us to build a digital track record on savings groups and its members. This data will create the basis for us to bridge the gap between financial institutions and the otherwise unbanked individuals and groups. A vital first step in allowing unbanked communities access to financial services.

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Digital log of savings & loans 

For the type of savings groups known as Village Savings and Loans Association, members save up money by buying shares. When members meet once a week, they register these activities on a paper ledger and now also in the Jamiipay app. Members can also take out loans and this too is registered along with repayments. All of these activities are logged in the Jamiipay app in an intuitive, easy-to-use interface that follows the flow of a physical meeting.

 

Digital profile of members

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When a savings groups start using Jamiipay, they create a group account and member profile for the group members.

The member profile allows each person to also start tracking their financial activities. Over time, the profile will accumulate a long track record of all their savings, loans, and repayments along with other data. The track record makes it possible for members to prove their credit worthiness to the outside world. It will also enable Jamiipay to provide both groups and members access to financial services starting with loans.

 
My savings group’s data is with me wherever I go. I can always access it when I login on my phone or on computers at the nearby internet café.
— Beza, Village Agent of Melkam Fre Saving Group
 
 

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