Title: Employment of ICT To Combat National Recession via the Introduction of An Online Social Contributing Loan Scheme System (E-OSUSU)
Date Posted: 06:57am - Oct 27
A contribution loaning scheme where members of a group take turns to contribute money to themselves.
In a group members will contribute a specific amount of money to another member based on an rotation order list. This is usually done over a period of time which coincides with their income earning pay day which mostly takes one month.
The scheme is only practiced by members living or working within a specific locality. Member in other states cannot perform this contribution scheme due to the problem of distance.
The development of an online platform for members of the public to create and join groups and select the order of payments. The platform will provide means for payments to done online. The platform will create an avenue where more users can be reached out to get loans to solve their financial problems.
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