AUTOMATING AFRICAN REVOLVING SAVING SCHEME (ESUSU) AS SUBSTITUTE TO THE NIGERIAN COMMERCIAL BANKING IN RURAL AREAS
Keywords:
Esusu, money saving, loan facility, financial management, collectors, contributorsAbstract
The challenges encountered during the traditional method of esusu collection and a few previous esusu management systems available involves collection and documentation of the member profiles on cards, papers, notebooks etc.; errors are sometimes made due to manual computations, improper records keeping due to human nature, the inability generate reports of each member for easy accountability for an employee, the inability for members to apply for loan or other facilities from the comfort of their homes, shops or business premises and track the status of their contribution at any time and from anywhere in the world without physically waiting for the collectors or going to any office to do the transactions. On the other hand, banks in Nigeria are concentrated within urban areas, so there are little or no banks in rural communities as a result of some basic amenities and some other obvious factors. This research is geared towards automating African revolving saving scheme (esusu) to address the numerous issues of the traditional esusu collection method and also address the gaps from the previous systems. The results obtained from this system includes electronic monitoring of contributions, database of contributors, security of accounts and loan facilities for esusu contributors.