Financial technology company, IT Consortium, has launched a new application that allows individuals and organisations to create groups to raise money through crowd funding.
Known as “Chango”, the App offers a collective point/avenue to put funds together and allows users to contribute though mobile money or their Visa Cards.
The App also guarantees a seamless cashout, where funds could be moved out of the group with just a few steps.
Members in the group can also borrow funds from the group just like it’s done in the traditional susu setting. However, this request has to be approved by the Loan approvers of the group before the funds are released
In an interview with the media after the launch in Accra, the Chief Technology Officer (CTO) of IT Consortium, Mr Ebow Anamuah-Mensah, said the App has been reviewed and approved by the Bank of Ghana.
He said the App was designed to help groups mobilise funds and provides a framework through which the funds could be monitored and managed by members.
He noted that this would help in creating transparency and trust for people to stay in the group and continue to contribute.
He said unlike situations where funds contributed by a group for a purpose ends up in an individual’s pocket, Chango ensures that the funds contributed are delivered to the beneficiary.
“This creates an accountability that any group member will need to ensure that the funds are being used for their purposes,” he stated.
He added that the limit to an amount that could be contributed was governed by the limits on MoMo wallets and bank accounts.
Mr Anamuah-Mensah also assured users about how secured the App is.
He said the service employed the 128-bit Secure Socket Layer (SSL), which was one of the strongest encryption technologies most commonly used by large-scale online merchants, banks and brokerages worldwide.
“All online sessions are protected by up to 128-bit encryption, which best protects your information against disclosure to third parties. Card and other payment details are encrypted.
“A user can be assured that their information is securely stored,” he said.