Young African Savings Group

There’s an African proverb that says:

“If you want to go quickly, go alone. If you want to go far, go together.”

When it comes to collective movement and progress, working together is key. We have seen wonderful examples among other ethnic groups of working collectively to make change, action and most of all build wealth, particularly among the Jews, Asians and other groups. But what about us Africans?

Many of us may be familiar with sousou groups, a savings group where a group of people pool money together and each month take turns getting the entire share of money. Perhaps your aunty or other relatives participated in this. In this age of technology which has allowed the peer-to-peer economy & crowdfunding flourish, why not have young Africans work together to pool resources to build our own wealth?

The Young African Savings Group is an idea that proposes to do just that. It works like this:

Just like with the traditional sousou group, a group of at least three people can come together and agree to pool a certain amount of money every month. The amount must be agreed upon by all of the participants. Every month, each participant will take turns getting the entire share of the money, and each participant may choose to use the money in any way he or she sees fit. For example: if three people are in a group, each contributing $25 each, each member will take turns getting $75 dollars a month and can do whatever he or she wants to do with that $75. If it chooses, the group can choose to support a particular project or cause for a particular month.

The idea here is to build collective thought and action among young Africans, particularly those living outside of the continent with access to means and technology. Nothing can stop us but ourselves.
To learn more or if you are interested in joining Chioma in building this idea, contact her today.

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