Groupcash.club is a project masterminded by the architect of financial freedom, Mr. Vikram Oscar Joseph. Vikram found a solution to help struggling families and youths to beat sudden financial setbacks by developing a self managed group saving platform where anyone can join and simply pool funds together to meet short term objectives.
"The market for instant money is growing. People need to know where to find money to meet short term objectives. Banks and credit cards are always an option, but considering the high interest rate and the difficulty of meeting repayment plans only adds problems to the borrowers. Groupcash is a solution that helps people put away money that they don't need in the short term against the rainy days. It is a simple solution that works for over 300 pioneers we tried the product on and will work on a global scale." Says Vikram
"In societies with high rate of unbanked citizens, Groupcash will offer a little more than a savings platform. People could borrow from friends and strangers on a fixed interest rate. This way, everyone can actually start a savings plan and still have access to fund when the rainy days comes suddenly."says Ms Beth the Vice President of Sales in Dubai.
The technology behind the system is currently filed for a UK patent and will soon be deployed to the world. The system works strictly on mobile devices like an App. (Available on Android & iOs) when deployed, each active mobile device will communicate with other apps around to find someone looking to save so that while on the move, you can connect with others looking for a savings plan.
A train ride of 30km could connect you to over 100 people willing to save $50 on a weekly basis. By accepting the group savings offer, each user can simply put aside $50 for a pay day of $5000 in about 100 weeks.
Groupcash Club is currently headquartered in Dubai but strictly targets a market in Africa and Asia. The product will thrive for societies with limited access to bank credit and cash and will focus mainly on helping its users to create small clusters of people savings towards short term goals.
Savings will be limited to only $5000 for unverified users while lending rate will pitch around a maximum of 10% and available only within groups among friends and trusted associates. Established agents with a verifiable business registration and address can run multiple groups while individuals are limited to only 3 groups within the platform.
Anyone can easily start a thrift and credit society with the software and resources needed to manage the society, make payments and track group activities with the ability to instantly generate group financial statements on demand.
While this is not a new system, people in developing countries rely on this type of micro savings to meet short term objectives.