Reliance is connecting modern finance with one of Africa’s most ancient forms of banking, Osusu Collection. in an unconventional initiative.
- Reliance will target the promoters and members of Osusu clubs to get them to open the Osusu account with Reliance.
Individual members will be encouraged to open Regular Savings Accounts.
Daily, weekly, and monthly collection will be responsibility of the promoter of the Osusu in the initial period say first year. Subsequently, Reliance may create a specialized deposit slip for the Osusu Club wherein members can come forward and make the contributions themselves.
The individual members of the Osusu will become eligible for a loan from Reliance up to a multiple of 2 of their entitlements from the Osusu.
Initially we will be targeting Osusu’s where members are existing businesses with clear evidence of cash flows and good character.