Friendship That Pays - Novaji Introserve · by minimizing all barriers to financial inclusion:...
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Friendship That Pays
Transcript of Friendship That Pays - Novaji Introserve · by minimizing all barriers to financial inclusion:...
Friendship That Pays
Overview
→About ore
→Features
→Contacts
ABOUT ORE.NG
About ore.ng
→web-based platform for easy management of
group collections and activities
→Manage Group Savings, Lending &
Investments
→Cloud-based & Secure
All In the Cloud
Why ore.ng?
→Monitor group savings
→Track borrowing and lending
→Manage expenses
→Manage investments
→Manage dividends
Monitor and Manage
ore.ng – The difference
→Aligns with CBN Financial inclusion strategy
by minimizing all barriers to financial
inclusion: →Income, Eligibility, Affordability, Physical access and financial
literacy
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It’s All About Strategy
ore.ng – The target Customer
→The Financially excluded – unbanked
→ESUSU managers/administrators
→Investment managers
→Micro-Finance Institutions
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First, The Customer!
ore.ng – The benefit
→Shield the members from esusu fraud
→Minimize all barriers for financial inclusion
→Shield members from money lender’s exorbitant interest rates
→Members savings can yield dividends
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Savings that Pays
ore.ng – The circle system
Circle: the FUNCTIONAL UNIT of the system
ANY INFORMAL GROUP CAN FORM A CIRCLE e.g. Ajo, Esusu, Cooperative society, Artisan
association, community development association, ROSCA, Friends Alumni, Religious Association
etc.
has FULL AUTONOMY and control of its bank account
has a unique name and some defined attributes (e.g. email account, phone contact number
etc)
Are required to provide references for bank account opening in line with bank policies
Payments(savings) into bank account can be via cash (bank branch), card (payment gateway),
mobile money etc
The Circle of Life
ore.ng – Circle membership
→Commit to SAVE an amount periodically ( daily, weekly, monthly etc)
→ System PENALIZES DEFAULTING MEMBERS ( Can be disabled )
→Members can only borrow up to 75% of their net worth (CREDIT LIMIT,
CONFIGURABLE)
→ If members need more than borrowable, she needs to provide
GUARANTORS to help raise the desired amount
→Once guarantors provide cover, FUNDS ARE IMMEDIATELY
TRANSFERRED TO BORROWER
You Belong…Here!
investing on ore.ng
→ GLOBAL NET CASH (GNC): The net available cash from all members are aggregated into
single pool
→ OPTIONAL: circles can choose to invest or not invest their saving
→ System will however have INCENTIVES to encourage circles to invest (such as paying dividends
on savings if circles opt to invest savings)
→ GNC is MANAGED BY CIRCLE ADMINISTRATORS
→ System should enforce the following STANDARD LIQUIDITY RATIOS for the GNC
→ Liquidity ratio 5% and money market investment ratio of 20% GNC ( Configurable )
→ The remaining 75% of GNC can be put in any other fixed investment subject to approval by the board (
Configurable )
Don’t be late, Investing is great
Earn dividends
→Enabling Investment has its benefits
→SAVINGS DIVIDENDS earned Daily..For Life
→REPAYMENT DIVIDENDS, when you repay your loans
→GUARANTY DIVIDENDS, lowers your risk
→EQUITY DIVIDENDS
Divide ..and Conquer!
ORE.NG - FEATURES
Dashboard
Loan Management
Borrower adds a Guarantor
Loan covered by a Guarantor
Loan covered by a Guarantor
Accounting Journal
Manage Account Journals
Manage Account Ledgers
Manage all transactions
Financial Reports – Trial Balance etc
Add guarantors to loan when created
Guarantor secures your loan
Admin: Manage Expenses
Admin: Manage Investments
Admin: Manage repayments of loans
Members : Save Money Easily
ORE.NG – LET’S TALK
Website: www.ore.ng
Email: [email protected]
Tel: (+234) 809 419 6929
Tel: (+234) 816 913 1404
