Uplus is the digital crowdfunding platform which enables people to pull funds together in a group and make something happen, and UPlus provides this groups with investment opportunities.
In Africa we have different ways of contributing, the popular ones are contributing for Social causes where people pull funds together to make something happen eg: help, save, fun etc. and this social contributions are common in urban sectors(Using Smartphones).
Then comes the VSLA, (Village savings and Loans Associations) and tontines.
this are groups of savings in the villages where a group of people ranging between 25 and 30 comes together each week to save and after 3 months they start lending each other without exceeding 30% of the total savings each loan has an interest of 10% per month, and this cycle keeps rotating till 12 months where they seat and share the interest (this interest goes to the ones who took small or din’t take any loan) and this encourages them to save. (this groups are monitored and supported by funding NGOs ie: USID, CARE international etc).
Uplus helpst digitise this groups to skip this problems: Security, Time, Interest, Track record
from Rwanda Central Bank(BNR) in Rwanda we’ve had 28,023 groups and 669,751 Members in this groups which makes it 6% of the total Rwandan population and in 2016 they saved $16.5million.