hiveonline is revolutionising VSLA microfinance and community wealth
Building community wealth with digitisation and reputation
Fact-based Reputation
hiveonline builds every group and community member their own reputation based on the commitments they make and meet. They can share their history with microfinance institutions to get better credit.
Digitisation
Moving from paper-based records to apps makes managing finances simpler. VSLA software gives low literacy groups easy, built in calculations for totals, share allocation and service charges. Digital cash reduces the need for moving money.
Data Liberation
Electronic record keeping allows communities to share their data more widely with support agencies to get advice and assistance.
Our small business platform dramatically reduces the effort and cost of administering lending, cutting overhead and default risk associated with micro-loans and making micro-insurance and savings easier.
Our unique reputation technology builds a history for everyone in the ecosystem. This means total trust for everyone involved. Borrowers are scored on a history of repayments and defaults, and MFIs are monitored on their performance and treatment of customers.
Fully traceable transactions let you see cash flow to the ultimate beneficiary, giving you full confidence whether you are a community lender, an aid relief programme tracking distribution of finances, or an investment fund.
hiveonline unlocks access to affordable personal finance, insurance and savings to the masses of micro-businesses in the informal economy, while helping them build a reputation to access formal land and business rights.
hiveonline and CARE VSLA solution in Niger
hiveonline is working with CARE in Niger to bring access to financial services to unbanked communities. CARE created the VSLA (Village Savings and Loans Association) in Niger in 1991, which now has 800,000 members in Niger and 10 million worldwide. hiveonline’s VSLA software is helping them grow their businesses.
VSLA groups of 10-20 members, mostly women, contribute a small amount to a savings pot every week. That fund is used to lend to members and as a social fund for emergencies. The amounts saved are small, so not large enough to boost the women’s businesses. Microfinance Institutions struggle to lend to these women because of logistical challenges. The women manufacture goods to sell on local markets, and would like wider market access.
Phase 1:
Digitise the VSLA accounting process, to provide official credit history records for the community finance groups and individual members
Phase 2:
Include value transfer into the VSLA solution, to remove the risk of cash and enable remote transfers for community finance
Incorporate microfinance lending from one or more microfinance institutions
Phase 3:
Incorporate the wider community finance value chain to improve market access