After one year, Abba pools together his total savings which was N500,000. Even though he had a short fall of N300,000 on the equipment he wanted to buy, he deposits the money with the equipment dealer and agreed to work a few more months and balance up so that he could take ownership of his new printer.
However, as soon as his employer finds out about Abba’s transaction, the young man is sacked. Suddenly, Abba has no job, and no source of income, worse still, he is about to lose his deposit and the equipment all together. Fortunately for him, his parents hustled money and gave him to pay the dealer just in time to save the deal.
Do you know how many people are in the situation Abba found himself? Millions. In Nigeria alone, over 41% of adults have no access to financial services. While Abba was lucky to get intervention from his parents, millions more cannot afford such luxury, so they remain in a circle of poverty. What shocked me more about this story is the fact that, with Abba’s savings of N500,000 he could not access credit of N300,000 from financial service providers to fund his start up needs.
Since my friend’s frightening encounter, I have learnt that money is a system made up of many resources beyond cash, like time, work, savings and credit, and I’m on a mission to bring the missing pieces together to ensure more Nigerians have access to money in ways that serve their unique needs. Abba’s experience is the reason I’m passionate about Digital Asusu, a digitized daily savings solution to help millions of financially unserved Nigerians save transparently, efficiently, and conveniently so they can access credit up to 5 times their savings 3 months into signing up. Today, Abba has trained to qualify for the AGSMEIS Loan and is on his way to access up to N10 Million to finance his business.#Nigeria #AGSMEIS #CBN #ENTREPRENEURSHIP #NYCC #NIRSALFMB