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Despite the critical roles traditional savings groups have played in the economic empowerment of low-income earners globally, its relevance is fast fading due to issues of transparency and lack of savings and credit histories.
Founded in 2019, Ghana-based BezoMoney is a digital savings platform that builds and provides social financial solutions to unbanked communities and young people. The platform digitizes savings groups for low-income earners, addressing issues peculiar to traditional savings groups and making the group saving culture more attractive to African youths.
By providing a wallet for individual and group savings, BezoMoney promotes effective individual savings, access to bulk capital through group savings, and boosts users' creditworthiness, allowing them access to loans and other financial services.
The platform ensures transparency of transactions, security of savings, and accountability of members. BezoMoney also runs a financial literacy platform that provides practical information enabling users to grow and effectively manage their finances