The Ajo Scheme will allow members that are OneBank users to
make an agreed monthly contribution with funds accessed on an agreed rotating
basis.
Group Head, Digital Banking of Sterling Bank, Oladipo
Alabede, disclosed this in a recently issued statement. He explained that the
Ajo Scheme could be initiated by an interested customer who will invite family
and friends to join the scheme. However, all participants must be registered
users on OneBank and must accept the invitation request.
He said there is also an allowance for participants to
switch collection positions after being accepted to be part of the scheme.
Oladipo said that debiting participants’ accounts and
remittances to beneficiaries is automated, adding that the process runs daily
and will debit participants on the day he/she has selected.
He said where the account is not funded, the process is
repeated for the entire day selected by the participant. If the contribution
still fails to come in, the scheme continues as is. The benefactor for that
cycle will get only the contributions that came in for that month.
Oladipo noted that disputes relating to unfunded accounts
will not be handled by the bank, saying that participants would have to sort
out the dispute outside the App.
According to him, someone can be added without his/her
knowledge if the creator knows the email address. Still, such an added person
will have to accept before he can become a valid participant.
The Group Head of Digital Banking said once the Ajo Scheme
starts; it cannot be dissolved until its cycle is completed. He added that
there are terms and conditions of the Ajo Scheme that participating members
should accept and that the bank will not guarantee payments.
He said participants
would see the details of collections like the number of paid participants,
number of unpaid participants, the number of participants that contributed in a
particular month. Same for the total amount contributed, the current cycle of
contributions, and the cycle of disbursed amounts be available on the App.
Oladipo explained that monthly disbursements would occur on
the 28th day of every month after all contributions for that month had come in.
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