Osusu Mobile Money

Enoma Odia of Sofdia System Nigeria in Nigeria will develop a mobile banking service that incorporates a form of peer-to-peer banking known as Osusu to facilitate saving and borrowing money. Money transactions for the majority of poor people in Nigeria occur physically via thrift collectors traveling around to farmers and traders by bicycle. These people have no formal means to store cash or borrow money, and traditional banking via mobile phone has had limited uptake. They will develop an Osusu mobile money platform and train thrift collectors to recruit their customers to the program. Users will be in control of their finances, and can more easily save or borrow money. At a later stage they will develop a virtual bank, and incorporate other services such as making purchases and paying bills.