Universal PayCard Solution

A digitalized contritbution financial system based on the well known "Esusu" or "Ajo" in Nigeria. It is a scaled version of the "Esusu" model using calculus and geometrical progression as modelling tools. The financial system will be block-chain enabled and the customer end-point will be a mobile-wallet that automatically syncs funds above a certain amount to  a bank account.

The model will enable participation at minimal cost (which will not affect the avilable spend of the customer) and will accelerate provision of funds to individuals at zero risk. Also the system can be expanded to include revolving credits, insurance and investment.In the future, it will include a smart contract that ensures funds could only be sent to pre-registered businesses / services in order to prevent fraud. A primary investment target will be work tools and industrial machineries. It is hoped to prevent capital flight in the long run.

Disenfranchment of common people from financial services in the developing world.

Services such as long-term loans, revolving credit, insurance and investment are not available to the medium and lower income class.

The platform is based on the natural data and money flow construct in the society of which the entry point is spend. It is very difficult and unnatural for individuals to deliberately save in economies of high inflation and economicalconflicting government policies such as found in most African countries. The solution enables individuals to save money as they spend and contribute this savings in a model that will provide personal capital funds for business and other economic endeavours such as education e.t.c.

The benefits are many.

1. It is easy.

2. Low cost.

3. Drive the country economic growth through spend from savings rather than spend through debt.

4. Diversified income across the socio-economic class.

5. More competition within the economy.

6. Diversified investments which will reduce terrorism and other criminal acts.

The solution is a wallet that have the option of contribution per spend (think of taxing yourself and that tax goes into investment. But in this case, the investment have a high rate of return and shorter maturity period). The personal tax will be minimal per transaction and will be set by the owner of the wallet. The amount is then put in a contribution that will have millions of people participating in it. This will accelerate the fund available for individual asset financing and capital purchase which is much required in a poor economy. Other financial services such as investment, insurance and revolving credit will be derived from this contributed fund over time.

Mostly working class, traders and people who have daily income.

Provides ubiquitous and easy access to financial service without impacting the cost of living in urban and rural areas of the country (Nigeria).

Though the solution has been partly implemented, It is not yet tested or open to the public. However, feedback from people the concept was shared with indicates a lot of enthusiasm of the product.