Social Pay is an AI-powered lender for African village savings groups
In Uganda and across Africa, millions of people rely on informal village savings groups as their primary way to save and access funds. These groups, often comprised of 20 or more community members, gather weekly or monthly to pool savings and provide loans. Yet, access to affordable credit remains a major challenge.
Without official banking records, these groups are often overlooked by traditional financial institutions. Most keep handwritten records, making it difficult to secure loans or prove creditworthiness. As a result, they're unable to meet members' growing demands for funds to cover vital needs like education, small businesses, or emergencies.
How It Works
Social Pay simplifies lending for village savings groups through a three-step process that leverages AI to assess creditworthiness and facilitate loans.
1. Capture & Digitize
Using AI, we scan handwritten ledgers and convert them into digital financial records, capturing all savings and loan transactions accurately.
2. Assess & Lend
Based on the digitized records, Social Pay assesses each group’s credit profile, making informed lending decisions without the need for traditional banking history.
3. Empower Growth
With quick access to funds, group members can invest in education, small businesses, and other essential needs, strengthening their community.
Why Choose Social Pay?
Social Pay offers unique benefits tailored to the needs of village savings groups, empowering them with affordable credit and streamlined financial management.
- Affordable Loans: Low-interest rates designed to support community growth.
- Quick Loan Approvals: Fast assessments and approvals to meet immediate needs.
- Community Empowerment: Enabling members to invest in businesses, education, and more.