Rwanda: SAVE empowers collective savings

By : Adoni Conrad Quenum

Date : lundi, 22 août 2022 16:14

In Africa, rural areas are usually shunned by banks. Therefore, residents of those areas have to rely on alternative solutions. With Save, Rwandan startup Exuus wants to make those alternative solutions more efficient. 

Save is a fintech solution developed by Rwandan startup Exuus. It allows individuals to “save collectively” for financial empowerment.  

The solution was developed to facilitate an already existing process. “The lack of financial access for poor and vulnerable populations limits their access to a range of services and opportunities and, therefore, exacerbates their vulnerability to, in turn, end up in cycles of poverty. [...] To break this cycle, for decades now, low-income people both in urban and rural areas create savings groups. The savings circulates among members through different ways and return to members in credit or savings with interest giving them access to affordable capital to grow their small businesses and become financially resilient,”  explained Exuus founder, Steve Shema. 

Save makes the collective savings and loaning process smoother and more efficient.  Thanks to its mobile app (available for Android and iOS devices), web platform, and USSD code, the solution empowers members of each saving group. After paying dues, members can apply for loans to start or expand their businesses.  

The solution also helps members who belong to many saving groups to monitor their savings and pay their contributions without paying any transaction fee. In 2019, Exuus revealed that based on the feedback received for its fintech solution, it was planning to establish a presence in other East African countries. However, it said it was “tapping into a market of US$64 million in Rwanda and more than US$2 billion in annualized savings in East Africa.” At the time, the startup had already raised some US$575,000 for its operations. 

Adoni Conrad Quenum


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