Frequently Asked Questions
It's an Android App designed to aid peer-to-peer savings & contributions between friends, family, colleagues, etc.
It's quite simple and only takes three (3) easy steps; 1) Download & install the app. 2) Register & complete your profile, and 3) Create or join a contribution.
Right now, you can download and install Contribtr from Google Play. It will be available on IOS soon
On the app, select Register to begin registration. Complete the registration form and submit.
It's super easy.
- Select Create Contribution from the menu.
- Enter the amount to be contributed by each participant.
- Enter the Number of Participants.
- Select the Contribution Cycle (i.e., daily, weekly, or monthly).
- Select the scope (public or private),
- Enter the Payout Percentage
- Select whether or not to restart the series when it's completed.
Contribtr will auto-charge your debit card with the value of your contribution amount for every contribution cycle.
A contribution cycle is simply how often the participants contribute money. This could be daily, weekly or monthly. At the end of each cycle, one of the contributors will receive the total contributed sum (payout), except in cases where group savings are involved
A contribution series is an aggregation of contribution cycles. A series is completed when all participants have received a payout once.
Private Contribution is a contribution series in which only invited participants can join. Anyone who isn't invited cannot participate. Private contributions are hidden from non invitees and non participants
Joining a private series is based on invitation. Simply login into your account on the app, select My Invitations from the menu, select the contribution Invite, and click on Join Contribution. For public contributions, login, choose the contributions and click the Join Contribution button
Yes. You may either choose to receive all or part of your payout amount. To receive a 70% payout at the end of a cycle, simply set the payout percentage to 70% when creating a contribution series. The remaining 30% balance will be transferred to the group savings account. This payout out percentage cannot be changed once the series starts running
Group savings can be set up the same way as when creating a group contribution series. To create a group savings series, simply adjust the payout percentage to the value you prefer and the balance will automatically be transferred to your group savings account. For instance, a 0% payout percentage means that all contributed money will be kept in the group savings , and no participants will receive payouts until the end of the series. Again, a 40% payout percentage means that each participant receives a 40% payout at the end of each contribution cycle, and the remaining 60% balance is reserved in the group savings to be released at the end of the series.
Contribtr automatically credits your bank account with your payout amount on the due date.
Simply open the contribution series, then click on Invites from the bottom menu. Enter the invitees email and click Send. You can only invite one person at a time
Make sure you have completed your profile. After the initial registration, you also need to add a few extra details - gender, date of birth etc. You also need to add your card details (for your deposits to the series) and your bank details (to receive your payout).
Contribtr also allows group savings. You could decide to operate a daily, weekly, or monthly stress-free, convenient, and secure group savings series using Contribtr.
Contribtr uses a variety of information security measures to protect your online transactions on our application. Your funds are saved in a commercial bank and insured by NDIC
Contribtr uses encryption technology, such as Secure Sockets Layer (SSL), to protect your personal information. We employ reasonable security measures to protect the confidentiality of personal data under our control and appropriately limit access to it. Please review our privacy policy
The system will automatically place the series on hold until the defaulting participant funds his/her debit card. Once we successfully charge the defaulter's card, the series resumes.
A series can be on hold until we can successfully charge the defaulter's card or the participants decide to terminate it
You can contact our customer support desk through any of our communication channels:
Email: info@contribtr.com
Or
Phone: +234(01)12914669.
Or
Simply use the comment section on our website on www.contribtr.com
All the Participants (excluding the defaulters) on that series are required to send an email requesting for termination, and stating how already charged participants should be refunded.
No. You can only operate one account with us. We reserve the right to close multiple accounts under the same or different names.
Go to Change Password on the app menu, enter your old password, enter and confirm your new password.
Select Forgot Password from the app login page, and enter your email address to receive a new password.
Yes. You reserve the right to request the closing of your account. Simply send an email request to our customer service team with relevant information. The email you send from must be the same one you registered your Contribtr account with.
The group savings funds are released to the series initiator at the end of the contribution series.
For now, we do not offer interests or other earnings on the funds in your group savings account. However, we are working on this, so it's likely to change in the near future
No, using Contribtr is free. However, we charge a 2.5% service fee at the point of payout. This fee is capped at N5,000. Other services may be offered at no additional charge.