Contribtr is a peer to peer rotational savings app that allows you to save money together with your friends, colleagues, neighbors etc
With Contribtr, two or more friends can come together (we call that a series) to contribute/save a fixed amount of money daily, weekly, or monthly (that’s a cycle). At the end of each cycle, one of the contributors gets paid with the total contributed funds (collection). At the end of the next cycle, another contributor gets paid with the collection for that cycle. The collection is paid to each contributor in turn every cycle, until each person has collected once. The series is completed when each person has collected once. You can choose to restart/roll over the series on completion.
For every series, members have the option to take all, part, or none of the collection at the end of the cycle. This option is set at the beginning of the series and applies to all collections for the series. For example, instead of collecting 100% (all) of the pooled funds, the series can be set so only 40% (part) of the collection is remitted to the due member at the end of the cycle. The outstanding 60% is then pooled as group savings. Every cycle, this 60% is added to the pooled savings until the series is completed. The total group savings is then paid out to the series admin/initiator. If the series is rolled over, the pooled savings is also rolled over.
Members can also choose to collect 0%, at the end of every cycle. In this scenario, Contribtr acts strictly as a group savings scheme, enabling participants to collectively save and pool money together for a specific reason or even just to grow their savings. Collection would typically be when a savings target is reached, or on a specific date
Co-operatives can also use Contribtr to manage their membership contributions.
For more information on how you can use Contribtr, or any other thing you’d like to know actually, you can call us or send us an email, and we will be happy to respond. We also have a great FAQ page that answers tons of questions.