A saving group is a group of people who agree to save together. They can be friends, family, workmates, neighbors, etc
Sambax offers 2 types of saving groups: rotating savings groups(ROSCAs) and Accumulating Saving Groups(ASCAs).
A rotating saving group saves a specified amount of money and it's all given to one member per week. Every member is assigned to receive money in a specific week. For example; a group can be created to save UgX 200,000 per week. This group can have say..5 members, who are supposed to jointly save this 200,000.ie 50,000 per member per week. When this money is collected on the account, it's all given to one group member per week. ie there's only one beneficiary per week in a group. This is the person who can withdraw this money from the account.
An Accumulating Saving Group saves money for a set period of time say from 1 month to 12 months. The amount of money saved creates a pool from which members can borrow instant quick loans of upto 80% of their savings. The interest rate for the loans is set by the group itself. All the profits from the group loans issued belong to the group and are shared by all the members at the time of withdraw. No withdrawals are allowed from the group until the group payout date is reached. When the period elapses, every member can withdraw their share of the savings plus profits from the app. After every group member has withdrawn their share, the group admin can then reset a new payout date for fixing the deposits again so that the group can continue running for another cycle.
Watch this video on youtube to guide you
Simply watch this video on youtube
You can create as many saving groups as you want, depending on your preferences
On the Group's page, click "Add Group Members". You can then input the phone number of the person you want to join your saving group. After that click "Add to Group" and your group invitation will be successfully sent. Remember: you can only add a person whose number is already registered with Sambax. If the person is not yet registered, first call them and tell them to download the Sambax app from Google Play Store and signup. After they have signed up, then you can send them an invitation to join your saving group
You can add as many members as you want to join your saving group. But you must remember that they should all have the Sambax app installed on their phone. If you want to add a member that is not yet registered with Sambax, first tell them to download the Sambax app from Google Play store and they signup. After they have signed up, you can then send them the invitation to join your saving group.
Absolutely YES, but that person has to first invite you to join their saving group
In your app landing page, click "Group". Select the type of group ie Rotating Saving Groups(ROSCAs) or Accumulating Saving Groups(ASCAs). On the group savings page, click "See Group Requests". You will then view all the group join requests you have received. For every group join invitation , you will see the name of the person who has invited you, plus their phone number. If you cannot recognize the person who has invited you to join their saving group, it's not advisable to join it.
For every group invitation, there are two buttons: Approve and Disapprove. If you accept to join the saving group, Click "Approve". If you don't want to join that group, simply click "Disapprove".
It's simple, simply use the app to make your group deposit to the group account. On the group page, simply click "Deposit" and then input the amount you want to send to group account. After that , click "Deposit". You will then receive a mobile money prompt on your phone. Insert your mobile money pin and the money will be immediately transfered to your group account.
Simply click the withdraw button. The money will be immediately pushed to your mobile money account. Remember: You are only able to withdraw money from the group account if you are the beneficiary for that week. if it's not your week, you will never be able to withdraw that money, however many times you click the withdraw button. The other thing is: the group savings balance must be equal to the group payout ie all the money for the week must be collected before the beneficiary is able to withdraw it.
.Withdrawals from the group are not allowed until the payout date has been reached. When the payout date has matured, Simply click the withdraw button. The money will be immediately pushed to your mobile money account. Remember: You are only able to withdraw your total deposits from the group account plus the shared profits.
.Go to the group page and on the dashboard, check for the value displayed at "Personal Stake". You will see all the money you have saved in the group in that cycle.
The person who is receiving money this week is boldly displayed on the group page as the week's beneficiary.This person is the only person who can withdraw the money from the group account in the current week. All other members of the group are not able to withdraw however many times they click the withdraw button
-There are always available at a click of a button
-Your Group issues loans and the profits are shared by all the group members
-There are not limited to your current location or workplace
-There're 100% transparent. The group account activity is effectively communicated to all members, which allows all members to know what's happening in the group at all times, absolutely for free.
-Any one can create a saving group
-You can add anyone anywhere in Uganda to your saving group as long as they have the Sambax Finance app
-You can join as many saving groups as you wish
-Your savings can be accessed at the tap of a button
-Depositing money to the group account is done through the app, which creates absolute convenience
-You can deposit any amount from UgX 1000.
-Joint savings allow you to access a loan absolutely without interest!
-The group account is digitally and automatically managed by Sambax, giving you peace of mind
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