Afrimoney,
the mobile money service of Africell, a pan-African mobile operator and
MaTontine, a mobile financial services platform have launched a new ‘Digital
Osusu’ product.
An
‘Osusu’ (or ‘Tontine’, in Francophone countries) is a form of savings group
common in West Africa. Osusu participants (who are often women) pool their
savings to extend their collective resources, each taking turns to draw down on
the common funds while continuing to pay in regular instalments.
Ordinarily
based on cash, Osusus empower its participants who often include entrepreneurs
and small business owners despite its associated risk such as security
challenges and unpredictable liquidity.
Through
the newly launched Digital Osusu
product, Afrimoney users in The Gambia will be able to save in a collective
scheme based on mobile money rather than cash: a more secure and convenient
form of payment.
The
CEO of MaTontine, Bernie Akporiaye said during the launch that MaTontine is delighted
to launch in The Gambia and offer a secure, convenient, and affordable way for
professionals to save together.
"MaTontine can play a significant
role in promoting financial inclusion in The Gambia by providing access to
affordable loans and other financial services to Afrimoney subscribers," she stressed.
The
MaTontine platform, which already operates in Senegal, offers features and
benefits including secured contributions, monthly cash prizes, and discounts at
preferred suppliers. Users can hold their funds securely at a financial
institution and receive mobile money bonuses for contributing using their
Afrimoney account. Additionally, every month, two Osusu groups will be chosen
by Afrimoney and have 5,000 Gambian Dalasis contributed to their wallet.
Head
of Afrimoney in The Gambia, Kate Roze in her remark also noted that “Mobile
money is a cutting-edge technology, but that doesn’t mean it can’t be
integrated to positive effect in existing economic practices.”
“The Digital Osusu product we are
launching with MaTontine is smart because it supports, rather than clashes
with, a familiar and traditional form of savings mechanism in the Gambia. It
will benefit the customers involved and demonstrate the wider usefulness and
applicability of mobile money,” she added.
