eQUB vs Mela Equb

Equb is an alternative means to achieve saving and improve access to credit by rotation of savings. Individuals agree to pool their savings for a defined period of time to jointly save by creating an eQub. Members, who participate in an eQub, are called eQubers. They make payments every round which will be collected and given to a randomly chosen lottery winner who will claim the collected money. An administrator, who collects money from all members, is called Head eQuber/Seb-sabi. The lottery is drawn on each round and every member will win the lottery exactly once in a given cycle. Members will eventually win all the amount they have paid in all the rounds. The winning amount is the sum total of all the contributions from the members of the eQub. All transactions are made in ETB (Ethiopian Birr). Payments are collected from eQubers into a pooling account managed by Equb Financial Technologies PLC. When a winner is picked by the random lottery, the money can be claimed by the user into an account of their choosing that is set up when they join an eQub. eQub app is the first app that helps you dip into your future savings. It allows you to conveniently setup & manage your personal & eQub groups in a few taps. Stay on top of your savings. See how your money revolves. Terms of Service: https://shorturl.at/AKMR4

Mela is a revolutionary app designed to simplify and enhance the traditional "Equb" savings method. With Mela, users can effortlessly create and manage group savings pools, making it easier than ever to participate in this trusted financial practice. Whether you're saving for a big purchase, emergency fund, or just want to build a strong financial habit, Mela provides a secure and transparent platform for collaboration. The app offers features like automated contributions, real-time tracking, and flexible group management, ensuring that every member stays on the same page. Mela brings the age-old tradition of Equb into the digital age, offering a modern, user-friendly solution for collective financial empowerment.