Ethiopia fintech startup launches digital savings app eQub

eQub, the Ethiopia-based digital savings app, that allows users to “dip into their future savings’ ‘ has been launched by eQub Financial Technologies, as a new approach to traditional saving.

Equb is a traditional form of group savings where people agree to contribute a definite amount of money and pool their resources together for a specified time duration. The eQub app operates with a similar model offering a digitized approach accompanied by several impressive features. The launch on Google Play Store enabled download for the mass market. The startup is led by Yohana Ermias (CTO) and Alexander Hizikias (CEO).

As reported in the press release shared by Shega.co, Yohana said that eQub was working to ensure its mobile application offered “a fluent and efficient user experience” while mimicking its physical practices into features. He also said that eQub mimics all “traditional and physical practices of an Equb.”

As reported on Shega.co, eQub is looking to onboard 30,000 customers within the first 3 months of its launch. The present app version is not integrated with banks and other payment platforms. However, a feature “eQub Pay” allows periodic deposits by users.

The app also offers ‘eQuber Points’ where a member can accumulate points based on adherence to the socially accepted rules of an eQub. This points system is an indicator to admin and members on who can join their eQub group.

Within the app is a self-aggregated display of information on the number of cycles and records a specific eQub undergoes pending completion of payment. This information is then shown to members to allow them to join more trusted eQubs.