Having access to financial services is the most important factor in running any business or trade, with most financial inclusion strategies and products focusing on using modern technologies to improve financial processes with the assumption that the unbanked will learn to use them has brought less than expected results, we at Toju Digital beg to differ, we are enabling local informal financial service providers to digitize their processes and in turn.
The local thrift collection is a tradition that has spanned over 200 years in west African countries and is still booming despite recent modern financial products, it mostly involves a thrift agent going from door to door collecting cash savings daily and fulfiling withdrawals and the end of the month, these thrift agents also provide loans to their customers in the process. they record their data using pen and paper and as we can imagine there are frequent errors and these analogue means limit the number of customers they can service. These informal financial service providers have been the Banks for the Unbanked for a long while.
These local thrift agents have their footprints the most remote of places and also in urban areas hence we have identified them as the best network of persons to provide modern financial services such as low-interest loans, bill payments and insurance. We believe with access to more capital through the liquidity and ease of completing financial transactions we are providing to traders in local and urban areas they can focus more on the trade and grow exponentially.
It is our goal at Toju Digital to make access to financial transactions as easy as possible for anyone regardless of the location or social status.