In mid-2015, we were contacted by Ivory Wealth Management USA with an exciting research project proposal.
They had heard about the Nigerian traditional rotating savings scheme called Ajo/Esusu/Adashe in Yoruba/Igbo/Hausa respectively and sought to automate it with a mobile app.
The Adashe/Ajo/Esusu or “contribution club” is a traditional rotating savings and credit association that has flourished in West Africa for generations and is still widely practiced today. The incentive of participating is the forced savings that it encourages; putting aside money today to benefit from a lump sum payment in the future.
Subscribing members contribute a fixed amount periodically. The accumulated funds are usually then assigned to each member of the group in rotation, until all have benefited from the pool of funds. As a result, each member is able to access a larger sum of money during the life of the association, and use it for whatever purpose she or he wishes.
Ivory Wealth Management needed to know if Nigerians would be willing to download an app, make their first contribution with an online payment through their debit cards, then trust a foreign company to hold the funds for some months before disbursing their loan.
There was a need for reliable data to support the development of an Esusu App. Solva had to study several savings clubs to understand consumer behaviour and room for improvement.
The Market Research
Solva assembled a research team to handle this project. The team drew up a questionnaire designed to collect all the information our client needed. We then proceeded to send out the questionnaire to participants and potential participants of savings clubs. We carried out this process online and offline. As results poured in, Solva began the important task of analysing the results, and drawing inferences for decision making.
Solva was able to ensure that 2,500 people received the questionnaire. Ivory Wealth Management was given real-time access to our online research portal view results as the questionnaires were submitted.
The market research was successfully completed after 3 months. We thank Ivory Wealth Management USA for giving Solva the opportunity to be a part of revolutionising Esusu in Nigeria and we wish them every success as they proceed with their plans.
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