DAILY MONEY CONTRIBUTIONS - A good means for survival

Saving money is as old as human history. Everyone always have the tendency to keep aside from the profit made whether daily, weekly or monthly for the raining day. 

With the advent of civilization banks were created. People can conveniently go to the banks and deposit their monies. 

However good the banking system is, human beings believes that the system of saving money can still be made easier. Instead of people going to bank with their little savings daily or weekly, they can easily and conveniently deposit it with a "daily bank". 

In Nigeria people call them different names:- The Alajos! The Esusus! The Omo-Aza, the Alashe and so on. It's a "contributory savings programme in which markets, businesses, and even those working in the formal economy, contribute a portion of their trading profits over a set period".

There is no doubt if many of us are familiar with this system of saving money. It's a practice that is mostly common among low and medium income  earners, especially traders.

One thing about this business is that in the past it looks so cheap to engage it in. Those who were into it (the operators) were not really taken serious. Though they helps to save money, they were not seen to be making good money for themselves. In fact they were seen as unemployed or unserious fellows  

At least that was some silly view until some microfinance banks started invading the business.

Today the business has not only grown, it has been branded in a way that it has now become an envy to other businesses due to the modernized method of operation.

No doubt in saying if the activities  of this industry too, brings some serious challenges because it's not easy to keep people's money! Some of those who are into it have had several tales of mishaps. Some have suffered financial losses through robbery, borrowing and evil attacks.

And from their own end also, there have been sad stories that customers too encountered as a result of their sharp practices. It's been reported severally how many of them would collect money from customers without proper recording or even disappearing with the entire money at the end of the day.

Whatever the side of the coin though, this is not to say that thrift business is not worth investing in at the moment. With little capital it is still one business that can comfortably put food on the table.

The only thing is that there are several rules to follow if you want to go into it. You needs to be honest, trustworthy, reliable, diligent, credible and straightforward. You must be friendly to your customers and also be PROMPT in meeting their demands.

Dave Digitals - Much more than printing