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Sector – Fintech
Location – Tanzania
There are different names given to the traditional method of collecting daily contributions or weekly contributions and its loan system. It has proven to be extremely beneficial to small and medium-sized business owners. It is known by various names but it’s commonly known as ESUSU.
Esusu is also known as Nago in the Ivory Coast, Jojuma in Togo, Esu in the Bahamas. And among some Afro-Caribbean descendants in North America as Susu. Other variations of this concept can be found throughout Africa, Europe, and Asia. Within their ethnic groups, the Chinese-American Hui and the Japanese-American Tanomoshi. They perform, for example, all of the functions of a Wall Street investment bank. Because they can access, analyze, and assess information about potential borrowers in ways that traditional banks cannot. They issue loans that would be far too hazardous for any bank.
Furthermore on Kikoba app,
It’s because they believe that the greatest way to fulfil individual interests is to fully immerse an individual’s interest in the total. Their shared values and ideas create a sense of common purpose that eliminates the possibility of opportunistic action. This is why this concept has been succeeding over the years. Some of these small-time merchants have become big-time business owners as a result of it. It assists them in accumulating funds for their firms. It is often used for capital formation. It’s a smart alternative to taking out a loan from a bank. The modalities aren’t overly strict.
What an interested person needs to do is make up his mind to follow the scheme’s rules. And before long, he will have saved enough money to start any business he wishes.
The Technological Method to this;
-The Kikoba app which is the brainchild of Francis Mwakatumbula came to life in June 2019 in Tanzania. Its mission is to have a mobile app for savings groups to collect funds, issue loans, and manage finances easily and securely.
The Kikoba website is currently inaccessible at the time of this writing. So there really isn’t much information on this product. Their last activity on their social media platforms-Twitter, 6th July 2021, Facebook, June 24th 2021, LinkedIn, June 2021. Techtrend Africa sent messages to Kikoba app Facebook page and we’re still yet to receive any feedback from the page. Their activities on social media are date back to 7 months ago.
What could have led to this?
-Could it be that there was a lack of financial capital?
-Or the appropriate personnel to see to the executing of the wonderful idea behind the product?
We expect to have a response from the founder as regards what could have led to their sudden inactivity.
-At the moment, the app is currently out of the list of applications on the Playstore. We hope this issue is fixed as soon as possible. As it’d be of great help to SME’s in the Nation of Tanzania and across Africa as a whole.
Thank you for reading.
