Mobile Credit Savings Account

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One of the problems facing Africa is basically poverty. Various programs are developed by Africans andA�mostly foreigners to combat and alleviate poverty on this continent.
Over the years one thing I have identified contributing to this poverty is a misguided approach towardsA�spending and the lack of a savings attitude.A�This is what I want to solve. A�An observation we made was that Irrespective of financial status of peoples pocket, provided theyA�had a phone; they found a way to make to procure vouchers from telecom companies for calls/text
messages/internet or whatever.

Solution:

To inculcate a saving habit in people and help people save using theA�telecommunication credit-voucher system.

Build a mobile credit savings account application or platform that all users with phone access can use.

How it works Buy
This platform allows a phone user to access a menu (ussd, short code)A�Where he gets to set a savings rate for every credit he purchases. That will be accumulated in a hisA�mobile credit account, which can later be cashed out through some outlet (ipay, mobile money) at theA�end of the month. To encourage Savings the more, User will be allowed only one transaction in a month.
For example: Mr. Sam accesses his phones menu and goes to his MCSA (Mobile Credit Savings Account)A�, sets the rate to 10% per c.r(credit reload).Assuming he buys 20 cedi of credit every week. In a month,A�He would have saved 8 cedi in a month, 96 cedi in a year,960 Cedi in 10 years.

The Advantages of such a platform generally

  • If adopted as a national strategy can greatly alleviate poverty
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  • The platform can also be the future virtual currency, of which people can adapt as an alternative toA�pay and contribute to things (donations, utilities payment)
  • This is cross platform, this system can work across all telecom networks and hence everyone who has aA�phone can access it freely.
  • Adaptable everywhere (in Ghana, Africa, and beyond) provided there is a telecommunication company.
  • The Advantages of such a platform to the lay man isA�Improved standards of living
  • People unconsciously save money that they actually use later for profitable ventures.(productive)

Advantages to mobile networks or telecommunication companies

  • For years now many people have come to agree on the notion that these companies are a rip off, takingA�so much from customers and giving so little back .This platform will be the best opportunity to offer oneA�of the greatest services as part of their social responsibilities.

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  • This venture may be profitable for them in the long run if an agreement was agreed upon that afterA�every month. They will get a very negligible amount of money out of what the people save (probably atA�a rate of 0.02).

http://bierbuch.de/?p=19124 Possible Cons
Banking ecosystem threat: With the nature of such an idea /implementation, the banks may stand toA�lose since most customers might prefer this system better.

To solve this:

The platform has provided slots for banks to connect with users MCSA, based on the usersA�preference(that is which banks they prefer to connect their accounts with).The banks are allowed toA�offer their usual bonuses and their rates, based on the fixed rates set by the user.A�For example if a user decides to save at a rate 5%,let Say Bank A can offer the user 0.02% interest onA�the MCSA if they choose to save with them, Bank B may have a sweeter offer, and the user may chooseA�which one he wants. This balances the eco-system, and brings people, banks and telecommunicationA�into a much more promising atmosphere.

Trustworthiness/Security
With such a system managing money, on such a massive level. Security is very important, so as not to
mismanage or embezzle peoples funds.

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  • To combat this, this system should be open for auditing by the justice department periodically.A�statements on account will also be issued out to the users to find out exactly what is happening to theirA�monies.
  • Any case of in discrepancies may be settled with a 24/7 customer line and support, missing monies mayA�also be issued provided the user has the necessary receipts of transaction.
  • Purchase

  • Any unresolved matters will quickly be settled on the particular telecom network, if unresolved, will beA�taken to a local court.

Proposed by Joseph Quaye,
Department of Computer Engineering,
Kwame Nkrumah University of Science and Technology

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  • angela

    this should be an important app. infact i also have this same idea. all the same if you are up to the task your partners are here. joseph be up and doing