Equb is a traditional group saving method. A group of people agrees to contribute a defined amount of money to pool routinely for a specified duration of time. The eQub app that this Fintech startup just launched is no different, rather digitized with the addition of new features.
Launched a week ago on Google Play Store, Equb has been downloaded more than 500 times so far. The startup is founded by Yohana Ermias who is the CTO and Alexander Hizikias who is the CEO. Yohana is also behind COI Technologies, a company that builds an enterprise airtime management and distribution system. Alexander also is the founder of The Goat Café, and a clothing line under ‘Alexander Hizikias Couture’.
Yohana, Co-founder and CTO of eQub said, “eQub is hoping to create a fluent and efficient user experience on a mobile application by mimicking the physical practices into features and optimizing them further to create transparency, convenience, and discoverability. We’ve built an application that that has features that mimic the traditional and physical practices of an Equb on a mobile application and aided them with different recently evolved frameworks such as reminders, notifications, calendars, payment systems, data summaries, etc.”
eQub plans to acquire 30,000 customers in the first three months of the launch. The current version of the app doesn’t have direct integration with banks and payment platforms. However, it has a feature called “eQub Pay”. This allows users to input their banking information for periodic deposits and record the payments by attaching a deposit confirmation slip that the bank gives you as proof of payment.
eQub app offers unique features to build the trust of eQubers. One of this is, “Private eQubs” a room in the application for a group of people that already have formed an Equb.
The other feature of the app is “eQuber Points”. These are points a member can accumulate based on adherence to the social rules of an eQub. The point system will serve as an indicator to members and admins to decide who can join their eQub group.
The app itself aggregates & displays different information about the number of rounds and/or cycles a specific eQub has gone through and if any member hasn’t completed their payment. This information is shown to members to allow them to join eQubs that are more trusted.
eQub has a plan to tap into the Ethiopian diaspora community and introduce a direct payment integration with Banks and Mobile money platforms.