What Is StewardAFRICA?
Steward Africa is a crowd-savings platform, based on a centuries old system of building savings communities. Thus in a ROSCA, a group of individuals (or friends in our platform), agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. ROSCAs meet at regular intervals and at each meeting all members contribute funds into a pool that is given in turn to one member. This happens at each interval until every participant has received funds. When everyone has received the pool of funds once, the ROSCA is completed.
What is the difference between individual saving and group saving?
What do you refer to as "Guaranteed Target Savings"?
Guaranteed Target Savings is an insured credit life Savings against job loss, disability or death. Here, when you set out to save a particular amount via rotational savings (AJO) or independently via Save4rent and any of these eventualities occur, the insurance company, Old Mutual Nigeria Limited will step in to complete the savings once it’s after the moratorium period. In that case , you are assured that the target sum will be completed regardless of these eventualities . The premium to enjoy this is 0.44% of contribution sum in addition to the service charge of N1,200.00
Am I expected to pay the premium and the service charge once?
Steward Africa allows for flexibility of payment. The premium and service charge are amortized over your savings period to make things easier for our subscribers. Eg- If you plan to save N500,000.00 over the next 5 months which translates to N100,000.00 monthly contribution (AJO) with family, friends or colleagues, The insurance premium on this sum is N2,200.00 while the charge is N300 ( cost of debit mandate charge, credit search and service charge) which makes the total N2,500.00. The total sum will be paid over the next 5 months which translates into N500.00 monthly. This is what will be debited from your account in addition to your monthly savings.
How secure is my savings with Steward Africa?
In order to give customers assurance on all funds pledged, Steward Africa has a collection account domiciled with Fidelity Bank Plc, this account is a NO DEBIT account. All funds are managed by Fidelity Bank and invested in short term money market instruments. Also, there is an insurance cover by Old Mutual Nigeria.
Why do I have to save through Steward Africa App and not directly with my preferred bank?
1)Being an automated debit mandate system, it allows you to set aside funds away from your reach which ensures you do not spend the money on avoidable expenses. This translates to more savings for our users. 2) Steward Africa operates a savings and investment account with Fidelity Bank Plc which gets a higher return on investment (ROI) by the virtue of the fact that it is crowd funded account. Funds are constantly swept out daily to invest in financial investments like treasury bills and fixed deposits at favorable rates. 3) Funds through Steward Africa gets another level of security through our credit life insurance with Old Mutual Nigeria Plc against job loss, disability or death which gives users a “Guaranteed Target Savings “. This is our unique value proposition and comes at no cost for our individual target savings (save4rent) and 0.44% of contribution sum on our monthly contribution (Ajo) savings. 4) Steward Africa does not charge for transfer charges. The only charge here is the cost of Standing order/ direct debit order which is N300 unlike banks that will charge standing order charge as well as inter-bank NIP transfer charges
How does Steward Africa make money through these products?
Steward Africa earns income from these products in 4 ways: 1) Income from direct debit mandates and service charge on monthly contribution scheme 2) Income from loans 3) Margin from investment. This is the spread on investment; i.e. spread between interest given to participants and interest earned on funds placed in short term financial instruments on behalf of Steward Africa by Fidelity Bank. 4) Professional fees from our other valued products
What is the monthly contribution charge?
The service charge is just the standing order charge of N300 All inter-bank transfers are FREE. So, you dont have to pay N52.50 to transfer to any beneficiary monthly . Also, the standing order charge is amortized based on your contribution months This charge is divided by number of contribution months. For example, for a 3 -month period, it translates to N100 monthly, N75.00 monthly for a 4-month period , N60.00 monthly for a 5-month period and N50.00 monthly for a 6month-period.
What is CBN approved charges for standing order and inter-bank transfers?
What is save4shelter?
Save4shelter is a crowd funding real estate investment opportunity available on steward Africa where a number of people can contribute together on a real estate project listed on our application with the promise that each person will own a flat to stay in or to let out. Eg- If the cost of buying land in an accessible area is N16,000,000.00 and the cost of developing 4 units of 3-bedroom flat on it is N14,000,000.00 . This gives us a total of N30,000,000.00 to complete this project. Four individuals can save together with each person contributing N7,500,000.00 each to own a flat under direct supervision . The project management company in charge of our real estate projects is Jachin Engineering Limited
Will I be expected to provide downlines before I get my money?
Steward Africa does not require such from you.
How much commission will I earn for referring people to StewardAfrica?
Steward Africa does not pay commission for introducing a friend. However, bringing people in increases the pool, therefore making contributions more likely.
How much will I get back for investing on this platform?
Steward Africa is not a money doubling website. Its a connecting platform for professionals to connect, save together and borrow money to one another. Its called Rotational Savings and Credit which many people call "Ajo". You don't have to deposit any money. You are expected to register as a member, create a team or join an existing team of people who are willing to save an amount similar to yours, admin verifies information supplied and the cycle starts counting.
Can I run two different cycles at the same time?
NO. The system will not even allow that. The system is built in such a way that you can only run a cycle per time. Upon completion of the cycle, you can start another one with different people entirely
I really don't want people to know about my finance. Being a member will expose me to people I really don't want to expose my financial needs to.
Steward Africa owes you the oath of secrecy. Our platform is built to protect your information. As a registered member, no other member has the privilege to know you are a member. Even when you create a team or join an existing team, the only information that appears on the dashboard is your registered customer number which will not give a clue to your identity in any way. The system only displays your biodata to your team members only after a pending team is complete under the menu "My Team". Then admin does verification of information and the team is pushed to active for the cycle to begin. At this point, you can view your team member biodata under my team menu on your dashboard, but nobody outside your team can view that.
I registered last but I want to collect first and I was told it's first in, first collect?
Its true it's first in, first collect. However, at the point the pending team gets filled up and pushed to admin for verification before pushing to active, you can view my team for each other 's information, call one another and agree on your collection order. Then send a mail to firstname.lastname@example.org with every other member in the copy of the new collection order agreed by every team member.
Is there any programme for virtual users to meet?
Steward Africa organizes Games Bonding Sessions yearly where users and prospects are brought together to play games. Games include board games like Chess,Scrabble, Monopoly as well as ball games like soccer , basketball, volleyball etc.
How long does it take for the bank to verify my mandate?
It takes maximum of 48hrs. Most banks verify same day the mandate is transmitted to them. So Steward Africa verifies Team once all mandates of participants are verified by respective banks
How do I reconcile my cheques given out?
A form will be given at the point of Cheque pick up, containing details of the cheques collected from you, duly signed off by you and the receiving officer of Steward Africa. Those cheques are posted on our application once presented. You can view that under "Account Statement" on your dashboard
Can I be a member if I dont have a job?
At the moment, the platform is for verified salary earners only. The system is built around the 5Cs of credit since we know members will advance credit to one another. The 5Cs are Capital, Capacity, Collateral, Character and then condition. We took out Capital and dwelled on the other 4Cs. As part of our background checks, we will look out for people of character and Capacity and will give a KYM REPORT accordingly to advise members to either go ahead to save with a member or not. Also, for every registered member the employment is the collateral under our best condition. Show original message
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