Startup Spotlight: ASUSU
ASUSU is a digital platform aimed at digitizing the village saving model and distrupting the cooperative system that has been in existence for over a hundred years.
ASUSU makes digitization of cooperatives and village saving model by enabling it’s to use technology to manage account activities, build credit scores, and get access to consumer credits, amongst others. Founded in March 2017 in Nigeria by Yusuf Walter Zakari, the startup aims to address the issues of financial exclusiveness, inefficiency and lack of digitization of the ancient cooperative system.
The Nigerian digital financial startup is revolutionizing and rebranding the traditional saving and loan system by computerizing and leveraging ICT for the growth of the lending and cooperative system in Nigeria. Apart from making the system tech based, ASUSU also seeks to ensure that low income and skilled labour enjoy the services it has to render and make financial inclusion accessible for everyone.
By providing cooperators with an accessible medium to their savings and loans, the ASUSU platform has helped tremendously with the provision of a system where there is easy access to loan requests, financial inclusion through the credit scores and loan scheme especially for low income earners and accessibility for merchants who want to make instalment payments of goods and services.
Since its inception, it has helped cooperators and administrators process loans faster and provided detailed information about the activities of the startup through the data management and information processing; thereby, totally eliminating the traditional and stressful way of providing this solution to issues that abound. With the platform and the digital application, users can track how their money is saved, deducted and managed. ASUSU card and wallet, innovations of the platform makes it possible for members of the cooperative to gain access to multiple merchants online and offline and buy goods and services with instalment payment plans.
Currently, the ASUSU platform has moved beyond the shores of Nigeria and has markets in Ghana and Rwanda.
This week, we beam our spotlight on ASUSU and how they are solving a key problem for cooperatives and making Financial Inclusion within reach for the average Nigerian. Wennovation Hub’s #StartupSpotlight focuses on beaming the light on emerging businesses providing solutions to the most resilient socio-economic problems in Africa.