Who and how is a saving group created ?
A saving group is created by a network of agents via SAVE collector. As soon as members have been added, they can start saving via *777#.
Who is eligible to be part of a saving group ?
All you need to be part of a saving group: a national ID and an active telco wallet.
Any minimum or maximum members for a group to be admitted?
For SAVE beta version we have established a minimum of 10 people and a maximum of 30 people to start a saving group
What are the applicable fees?
Transactions between individual wallets and the group’s wallet are all free of charge on all Telcos. Only usual cash-out charges apply.
Is it possible to be in more than one saving group?
It sure is. You can be in as many group as you want as long you honor pledges made in all groups you belong to. Loan appraisal and credit score will draw insights from all the groups you belong to.
Any cost involved to leave a group?
There is not cost associated to leaving a group. Your leave request is subject to the group’s approval according to their internal regulations.
Who approves loan requests?
Each group chooses a committee made of three people. Once a loan request has been triggered, it’s therefore subject to an anonymous approval from all committee members.
What makes up my shares in a saving group?
A member’s shares is a summation of savings, incurred interest on loans & fines.