hiveonline is revolutionising VSLA microfinance and community finance with digitisation & reputation
hiveonline community finance builds the bridge between informal financial communities and the financial system. We dramatically reduce the cost and risk of lending or other financial services to informal businesses and savings groups like CARE’s VSLA.
Our reputation system treats everyone fairly: borrowers get a score based on their financial behaviour; lenders on their performance and treatment of customers. Groups can borrow as a community.
Poor communications infrastructure, typical in rural Africa, isn’t a problem, because it’s designed for low data use and low connectivity. It runs on any phone with a browser, so users don’t need smartphones. There’s an offline mode for the most remote communities, so they can transact without any connectivity. Fully traceable transactions give confidence to lenders, aid programmes, and investors.
hiveonline unlocks access to affordable credit, insurance and savings for communities in the informal economy.
Fact-based Reputation
Every community member gets a reputation based on meeting commitments. They can access credit from lenders as a group, or as individuals.
Digitisation
Moving from paper to apps makes managing finances easy. Calculations help loan, savings and service charge management. Digital cash reduces the need to move money.
Data Liberation
Electronic records help communities share data with support agencies. They can monetise their data as the network grows.
sustainable microfinance & community saving
credit history for 350 million unbanked SMEs
demonstrate property rights without formal ID
auditability and transparency
removes opportunities for corruption
sustainable financial ecosystems without the risk of cash
hiveonline and CARE VSLA solution in Niger
digitalising village savings and loan associations
hiveonline is working with CARE in Niger to give unbanked communities access to financial services. In 1991, CARE created the VSLA (Village Savings and Loans Association), which now has 800,000 members in Niger and 15 million worldwide. Most of them are women. hiveonline’s community finance software is helping them grow their businesses.
10-20 members contribute a small amount to a savings pot every week. The group uses the pot for lending, which has empowered the women economically and helped them build small businesses. But the amounts saved aren’t big enough to grow their businesses.
Lenders want to help these women grow their businesses but it’s difficult without digital records. Moving money in fragile countries with bad roads is expensive. hiveonline gives the lenders access to the groups, so the women can grow their businesses and reach new markets. Read about how hiveonline’s eArziki is closing the gap in Niger
Deployment options for your VSLA communities
Phase 1: Digital Accounting
- VSLA accounting in parallel with cash
- Digital financial history for each group & member
- Reliable accounting &
reconciliation with aggregate views for administrators - Runs on most devices, in your community’s language
Phase 2: Digital Financing
- Digital Accounting Plus
- Offer digital loans from 3rd party lenders
- Digital cash pegged to local currency
- Customised for your community’s technology expectations
- Cash in/out at mobile money providers or field agents
- Enhanced KYC & credit assessment
Phase 3: Digital Commerce
- Digital Financing Plus
- Digitise your community’s commercial ecosystem
- Make your community investable with full visibility of commercial activity
- Advanced community finance products