3Line Card Management, one of the leading innovative fintech companies in Africa, is set to launch ‘SUSUBYU’, a digital saving product modelled on the traditional informal thrift savings.
The product enables seamless daily contributory savings into the customer’s thrift saving account. According to the fintech firm, SUSUBYU is one of the products of its ‘Freedom Network’ in partnership with commercial and Microfinance banks.
The Freedom network is a CBN licensed super-agent offering financial services through its agents across Nigeria.
The product was created as part of its unswerving commitment to provide seamless access to financial services for the unbanked. 3Line leverages technology to foster a safe, easy, robust, and efficient contributory savings scheme popularly known as Esusu,
Adashe, & Ajo across Nigeria with ‘SUSUBYU’. The product also enables customers to access microloans instantly upon meeting the set criteria.
Sibigem Chibuzor, Operations Manager, 3Line, reiterated that 3Line is keen on impacting the people at the grassroots positively: making financial service conveniently available to them.
Chibuzor said “It has always been our goal to reach the people at the grassroots to add sustainable value to their lives using technology.
With our Freedom Network we develop platforms that allow the unbanked easily access basic financial services such as cash-in/cash-out, funds transfer, bill payments, savings and more. Thus, financially included.”
He further asserted that SUSUBYU was a response to customers’ needs.
However, the Central Bank of Nigeria(CBN) in 2018, licensed 3Line to operate as a super-agent in Nigeria’s financial services system in order to boost financial inclusion in Nigeria.
The sole purpose of the Freedom Network is to tackle the challenges hindering financial services and inclusion in Nigeria.
3line intends to create more jobs by recruiting agents across the country. It aims to establish a network of 50,000 active agents across the country within 5 years.
“Currently, we have over 2500 registered agents with kiosks in operation across the country. We plan to create a network of 50,000 active agents by the year 2024. This will not only drive financial inclusion but also provide jobs for the people.” Chibuzor concluded.
The company’s infrastructure processes transactions across multiple electronic channels. 3Line focuses on four key areas: Card scheme (Freedom Card), Transaction Switching, Processing, Branchless banking and bespoke electronic payment application development.