allAfrica.com allafrica.com 26 Jan, 2021 07:30 am

Rwandan Fin-Tech Firm Facilitating Group Savings and Contributions

For long, Rwandans across the country have had different ways of coming together to make regular financial savings and contributing to common causes.

A Rwanda financial technology firm, Uplus Mutual Partners (U+) has a solution allowing people from all walks of life to connect on the platform to contribute and save for whatever causes they may be involved in.By July this year, the Financial Technology firm aims at surpassing the 3000 users mark.Kirenga said that their solution has been tailored to address common challenges in traditional savings avenues such as limited convenience.Banking and finance is moving towards the mobile platform," Kirenga said.

However he noted that despite the increase in group savings and contributions, there is still heavy use and reliance on methods such as somewhat traditional methods ranging from depositing cash in wooden savings boxes, depositing cash in an account at a Sacco to sending mobile money to one trusted individual.The platform is available as an application (iOS and Android) that allows any group to save and collectively finance (from any mobile money solution) for social and economic growth.

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