Contributory savings, also known as ajo, esusu, adashe in Yoruba, Igbo and Hausa languages respectively, can be used to meet immediate and contingent needs, from offsetting school bills to land purchase, building projects, wedding ceremonies etc.
Several years ago, a friend joined a thrift group where she agreed to receive the last contributory payout. All went well until it was her turn to be paid. Unfortunately for her, there was a mixup in documentation and couldn’t be settled. She had to seek legal intervention to at least, get her principal.
Proper documentation and integrity are vital in the management and success of any contributory scheme. And microfinance banks have been one of the major backbones of contributory savings in our economy.
With Sysbanker EE, our complete, robust, and scalable microfinance banking software solution, managing all your savings processes; from on boarding of new members to payouts and exit of members is nothing to worry about. And of course, anyone can choose to be the first or the last, without any legal intervention necessary.
Reach out to us today, we’ll be glad to share with you how Sysbanker EE can help streamline your thrift operations.
Sysbanker EE: your reliable partner in microfinance banking.