KoloPurse is a platform that seeks to automate the traditional thrift process in Nigeria. Thrift contribution is widely-practiced and accepted in Nigeria. It is a practice where 2 or more people form a group, choose an amount to be contributed, choose the interval (daily, weekly or monthly) and also come up with a roster for the group. The thrift collector handles all the processes involved and at the end of every cycle (i.e, when every member of the group has contributed), the contributed amount of money gets credited to the next person based on the group’s roster after which another cycle starts. This traditional way has a lot of challenges ranging from security, trust, transparency, accountability to ease of access.
KoloPurse will solve these challenges by providing users with a platform where they can register, then create groups, set the amount, interval and invite friends or join already-existing groups and conduct their thrift from the comfort of their smartphones.