- 1) Tell us which U.S. Financial Diaries case you hacked for. *
Hossain Family and Adrian Family
- 2) Tell us what specific financial capability and/or access challenge you are trying to solve with this app. *
We are helping low-income families cope with income volatility. As revealed in the US Financial Diaries, 97% of under-resourced families experience months during which their expenses surpass their incomes. Lacking access to credit, these families are in need of stop-gap solutions to make ends meet in these emergency situations.
- 3) Describe the approach you have taken to address that challenge. *
At present, many families rely on informal lending from family and friends in times of financial duress. Across the developing world, many communities have structured these informal lending practices by creating collaborative finance models (ex. susus, tontines, loteri samities). The fact that such savings and credit associations have organically arisen and persisted testifies to their value.
We have created an app that will facilitate group saving and lending. It formalizes this long-standing solution and extends the concept to communities that may not yet be familiar with it.
- 4) Explain the features of your app. *
-Group Creation and Settings A trusted community member chosen to administer the group invites participants to join. This group leader must have access to a savings product in order to establish a group, as communal funds will need to be stored safely. The administrator can set and edit various group settings, including monthly deposit amount, monthly deposit due date, and linked financial product.
-Member Deposits and Withdrawals Each group member contributes a specified amount each month, either via a linked bank account or by giving cash directly to the group administrator. If an account is linked, members will be able to transfer funds via the app. Twice per year, the app will allow members to make withdrawals if funds are sufficient and the withdrawal request meets pre-set criteria. Once per year, the app will allow members to opt out of their monthly contributions.
-Group Fund Status Group members will be able to view the current balance within their fund and review recent transactions.
-Push Notifications Group members receive push notifications when members join and leave the group and when the administrator changes the group settings.
-Member Settings Group members can edit personal settings, including push notification frequency and type. Group members may also opt to leave a group.
- 5) Tell us what platform your app is built on and what technology you used. *