Solus Team
Description
A Click and Brick savings and credit cooperative : the cooperative will be establish on electronic platform that will initially allow submission of membership application, receiving loans from collective savings, and other services such as lending to field partners (of cooperatives, civil society organizations, groups and individuals). Other non-financial services include working together with clients to produce feasibility studies for their projects that are capable of being funded and developed.
Financial services will include loans as well as other forms of co-funding that are less burdening than bank loans, with easier procedures and more collective guarantees (for cooperative members, since they will be guaranteed by their cooperatives instead of individually, as well as for non-cooperative members through local or international organizations that partner with them). The electronic platform will facilitate all these processes, and allow for periodical follow-up procedures, as well as organize the process of receiving and circulating loans, donations and contributions, local or international.The electronic payment system will consider:
1-Complete transparency in the distribution of funds.
2-Simplicity and ease of use, so that it is accessible for those in different parts and sectors of Sudan.
3-The system will use points of sale and purchase in remote regions that do not have internet access. This means that transactions can take place without the need for the internet (but the user will need to eventually have internet access, from time to time, for online update and synchronization).
4-Each donor/contributor will have an account through which they can follow the projects to which they contributed.
5-The system will be available for transactions from outside the country through two ways:
a-Stripe: a merchant’s account will be opened, through which information can be received. Stripe system will be 100% compatible with our platform and will allow our lenders/supporters/donors to access through the same the platform.
b-Supporters/donors/contributors will also be provided with other ways for transactions, such as bank transfers and e-remittances.
Lenders
1-Individuals
2-Cooperative shareholders
3-Cooperatives, private businesses, public agencies, non-profit organizations.
Deposits
1-Deposits with interests on loans
2-Deposits as grants or funds
The lending process goes through 4 stages
1-Choosing the recipient according to project as preferred by donor/lender.
2-Directing the fund/donation/grant according to options.
3-Returning the loan/grant/fund.
4-Reusing the loan/grant/fund (Donation Loan).
The lender can choose to:
1-Take back the loan and withdraw.
2-The donor can choose Give the donation to another project(donation loan)
The borrowers
1-Our Cooperative members who are financing themselves from savings [percentage] then propose on the platform according to the estimation of the cooperative financing office.
2-Other Cooperative members are financed with guarantees from their cooperatives, and from within each cooperative only one person or group are financed at a time. Another individual/group from the same cooperative can be financed after the previous loan is returned.
3-Individuals in areas where there are no cooperatives can be organized into cooperatives and then financed or can be guaranteed through organizations that work in their areas.
4-Individuals in areas of internal displacement and resettlement, as well as rural areas that are difficult to access or organize into cooperatives, and do not have guarantor organizations.
The guaranteed loan is covered by the cooperative in whole.
Those who provide the loans can withdraw their loans any time after the project is completed.
In our system, we reviewed many previous cases, from KEVIA to Grameen bank to SCOPE Platform, in addition to our own practical experience, in order to re-articulate all to fit good cooperative models for Sudan.to:
Team Members
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Team Lead