Group Savings, A solution to poverty
- Author Vikram Oscar Joseph
- Published August 5, 2017
- Word count 472
Groupcash.club is a project masterminded by the architect of financial freedom, Mr. Vikram Oscar Joseph. Vikram found a solution to help struggling families and youths to beat sudden financial setbacks by developing a self managed group saving platform where anyone can join and simply pool funds together to meet short term objectives.
"The market for instant money is growing. People need to know where to find money to meet short term objectives. Banks and credit cards are always an option, but considering the high interest rate and the difficulty of meeting repayment plans only adds problems to the borrowers. Groupcash is a solution that helps people put away money that they don't need in the short term against the rainy days. It is a simple solution that works for over 300 pioneers we tried the product on and will work on a global scale." Says Vikram
"In societies with high rate of unbanked citizens, Groupcash will offer a little more than a savings platform. People could borrow from friends and strangers on a fixed interest rate. This way, everyone can actually start a savings plan and still have access to fund when the rainy days comes suddenly."says Ms Beth the Vice President of Sales in Dubai.
The technology behind the system is currently filed for a UK patent and will soon be deployed to the world. The system works strictly on mobile devices like an App. (Available on Android & iOs) when deployed, each active mobile device will communicate with other apps around to find someone looking to save so that while on the move, you can connect with others looking for a savings plan.
A train ride of 30km could connect you to over 100 people willing to save $50 on a weekly basis. By accepting the group savings offer, each user can simply put aside $50 for a pay day of $5000 in about 100 weeks.
Groupcash Club is currently headquartered in Dubai but strictly targets a market in Africa and Asia. The product will thrive for societies with limited access to bank credit and cash and will focus mainly on helping its users to create small clusters of people savings towards short term goals.
Savings will be limited to only $5000 for unverified users while lending rate will pitch around a maximum of 10% and available only within groups among friends and trusted associates. Established agents with a verifiable business registration and address can run multiple groups while individuals are limited to only 3 groups within the platform.
Anyone can easily start a thrift and credit society with the software and resources needed to manage the society, make payments and track group activities with the ability to instantly generate group financial statements on demand.
While this is not a new system, people in developing countries rely on this type of micro savings to meet short term objectives.
Groupcash Club will be deployed by January 2018 opening gradually to markets in North, South and West Africa while gradually spreading to Asia and South America. To learn more about Groupcash or to join the test pilot of the project, please email: hello@groupcash.club or visit http://www.groupcash.club/contactus.php.
http://www.groupcash.club/vikram
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- Exploring Denver on a Dime: A Frugal Travel Guide
- Top 10 Ways Production Scheduling in Business Central Transforms Manufacturing
- Strength Training and it's Incredible Benefits for Fat Burning
- Enhancing Home Security with Aluminum Shutters: A Focus on Weatherwell Elite
- 5 Easy Ways to Make Oral Hygiene Fun for the Whole Family
- Transforming Plastic Extrusion Machines into Recycling Powerhouses
- Unraveling the Potential of Plastic Extrusion Machines
- The Rise of Plastic Recycling Machines: A Step Towards Sustainability
- Strawberry Cheesecake Ice Cream: OMG! Unreal!
- The Advantages of Using Professional Home Cleaners in Ilford
- 8 Compelling Reasons to Hire Professional Home Cleaners
- The 12 Steps Narcotics Anonymous Program To Recovery
- Send Money to Tanzania: Effortless Transfers with SafariRemit
- Stylish Savings: 10 Frugal Ways to Stay Fashionable in 2024
- Fly Cheap With FlightPapa To Any City
- How Collaborating with a Software Development Company Can Propel Your Business Forward
- A Comprehensive Guide to Choosing the Best Hair Transplant Method
- 15 Frugal Tips for a Memorable Wedding Day
- Credit Union vs. Bank
- Explore the Advantages of Renewable Energy: Wind, Solar, Biomass, Hydropower and Geothermal Energy
- Frugal Nutrition: How to Eat Healthy on a Budget
- Fintechzoom Richard Mille
- Who owns the most Bitcoin?
- Fintechzoom IBM Stock: Powerful!
- Building a Professional Website on a Budget: Using Free Tools like WordPress and AI
- Navigating Vietnam's Tourist Immigration: Challenges and Solutions
- Bitcoin FintechZoom
- Cost-Effective Gardening: Tips for Enhancing Your Garden on a Budget
- Steve Wozniak: WOZ
- Keeping Your Garage Door Running Smoothly: A Guide to Drum Replacement with GarageDoorMagnolia