NIGERIA: 3Line to drive financial inclusion with digital thrift savings

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3Line Card Management, a fintech company, says it is set to launch ‘SUSUBYU’, a digital saving product modelled on the traditional informal thrift savings in the first quarter of 2019.

In a statement, it said SUSUBYU would allow seamless daily contributory savings into the customer’s thrift saving account.

It stated that, “It is one of the products of its Freedom Network in partnership with commercial and microfinance banks. The Freedom Network is a CBN- licensed super-agent offering financial services through its agents across the country.”

While noting that the platform was developed as part of its commitment to provide seamless access to financial services for the financially excluded, it added that 3Line leveraged technology to foster a safe, easy, robust, and efficient contributory savings scheme popularly known as Esusu, Adashe, &Ajo across Nigeria with ‘SUSUBYU’.

The product also enabled customers’ access to microloans instantly upon meeting the set criteria, it stated.

The Operations Manager, 3Line, Sibigem Chibuzor, reiterated that 3Line was keen on impacting the people at the grassroots positively and making financial service conveniently available to them.

He said, “It has always been our goal to reach the people at the grassroots to add sustainable value to their lives using technology. With our Freedom Network, we develop platforms that allow the unbanked easy access to basic financial services such as cash-in/cash-out, funds transfer, bill payments, savings and more. Thus making them financially included.”

He further asserted that SUSUBYU was a response to customers’ needs.

According to the statement, the Central Bank of Nigeria, in 2018 licensed 3Line to operate as a super-agent in the nation’s financial services system in order to boost financial inclusion in Nigeria.

Since then, 3Line had created innovative cutting edge solutions that had revolutionised retail financial services in Nigeria, it stated.

The statement said the sole purpose of the Freedom Network was to tackle the challenges hindering financial services and inclusion in Nigeria. 3line intends to create more jobs by recruiting agents across the country.

Chibuzor said, “Currently, we have over 2,500 registered agents with kiosks in operation across the country. We plan to create a network of 50,000 active agents by the year 2024. This will not only drive financial inclusion but also provide jobs for the people.”