How’s Monday treating you?
We’ve got news, good news:
You can now save with people (friends, family, even those you barely know) on ALAT.
This new feature is called Group Savings and it works in two ways:
1. Group Target Savings: You can invite an unlimited number of friends to save with you toward a goal and earn up to 10% interest on whatever you save together. Whoever creates the group is the designated admin (like with WhatsApp groups) and the group’s savings are automatically deposited in the admin’s account.
2. Rotating Savings: This is a smart take on the traditional collaborative savings scheme common in Nigeria (ajo in Yoruba, esusu in Igbo and adashe in Hausa). You can invite up to 11 people to save with you, with a different person receiving the group’s savings every month on a turn-by-turn basis.
When it’s your turn to collect, the savings will move to your account automatically. No interest is paid on what’s saved, but you can always stash the money you receive to earn up to 10% interest.
Ready to try out Group Savings? Of course, you are.
Update the ALAT app on your phone now, tap Goals & Savings on the menu, then round up some friends to save with.
Have a really, really good week.