Frank Mwasalukwa, Kibaba Vicoba App Founder
Before the closing of 2020, the team had an opportunity to chat with the founder and Kibaba Project Lead, Mr. Frank Mwasalukwa, who has plenty of plans for Vicoba App and the Vicoba sector as whole.
Who is Frank Mwasalukwa
A 35 years old with System analysis skills and a system developer with over 10 years of experience in the industry of Information and Communication Technology (ICT). Worked with various companies with lots of success as a normal officer and in Managerial positions.
In many areas of work, he worked at the World Conference on Religious for Peace — Tanzania Chapter in 2009 to 2011 as Project Coordinator where among other tasks entrusted with was to strengthening and establishment of new Vicoba groups in the 8 districts where the Trustee was working in.
Why Vicoba app
“I have plenty of reasons as to why Vicoba app, 1. As i mentioned previously, i worked with WCRP/Tz and the opportunity to visit places of real Vicoba people, seeing challenges Vicoba groups encountered, made me think of Vicoba app. 2. I have a friend who is Vicoba champion who was helping more than 5 Vicoba groups, she was the Treasurer and Facilitator, she was about to go crazy with all the data calculations, yes she is one of the close people inspired to create Vicoba app.”
So, what is Kibaba Vicoba Solution?
In Africa and most of third world countries, people use varieties of ways to overcome their economic constraints. Community banks are famous in many areas of Africa, example in S.A they call it stokvels, in Tanzania, Uganda and Kenya call it Vicoba or other modal called VSLA and Mata masu dubala (MMD) in Niger west Africa.
The Vicoba model consists of 15 to 30 individuals with common interests, these individuals make weekly or monthly contributions to a centrally administered fund.
Members are able to lend funds from the group whenever they need them to improve their economic statuses. This is good for members of Vicoba, for it enables economic activity even if the member is precluded from accessing mainstream financial lending mechanisms such as bank loans.
What does Vicoba app do?
The app helps group members to maintain accurate records, track transactions and obtain permission for withdrawals from all group members. This approach facilitates greater transparency and accuracy. All group members are able to access their financial records, see the profits generated, and draw regular reports of group activity. These reports could be used to build the case for accessing more mainstream finance when required.
basically, the app which is synchronizing in both (mobile and desktop), is taking 1. members information 2. their contributions details 3. loan and repayment and 4. dividend to members.
We invite Investors to join and be part of us.
We would like to invite anyone or an entity that feels the Vicoba and wish to be part of the growing Kibaba Vicoba Solution.
Since its inception, the app has more than 7,000 active members registered in the Kibaba app and the number is increasing.
