b&b192 eSusu: the Lending Circle App: community based saving and lending
Many cultures in Africa, South America and Asia have community lending systems: people group together with others they trust, each member contributes some money, and then each person has a turn to use that money to pay for larger things, like pay for school or even a house. eSusu is an app version of this community lending that Jeph Acheampong and Samir Goel have created, with an eye towards convenience, to replace the old paper-notebook-and-cash systems. Their goal is to create an easy lending system for people who can’t get low-interest loans from banks, especially immigrants and people of color who our financial system disproportionately fails to serve.
Find them at esusu.org or in the app store (search eSusu).
Music featured in this episode:
Photo by Niels Steeman