The NYCC has digitized daily savings under the Digital Asusu Platform as part of the chamber’s financial inclusion initiative. Digital Asusu helps millions of low-income enterprise operators and other financially unserved and underserved populations to save conveniently, efficiently, and transparently.
This low-cost solution is brought to the doorstep of savers by mobile agents who use their mobile devices to mop up cash from savers and credit their wallets with digital tokens equivalent to cash value. Savings are made in circles of 30 days. This allows savers to build up cash that could be used for their specific needs.
The Central Bank of Nigeria has endorsed Digital Asusu as an “ingenious financial inclusion solution towards digitizing informal savings to improve access to finance for low income earners in Nigeria.” Consequently, the Apex Bank has invited the NYCC into Financial Inclusion Special Intervention Working Group (FISIWG).