ALP Seminar 2019
FinTech

3Line to Launch Savings Platform to Drive Financial Inclusion

3line

3Line Card Management, an innovative fintech company, is set to launch SUSUBYU, a digital savings product modelled on the traditional informal thrift savings, in the first quarter this year.

SUSUBYU enables seamless daily contributory savings into the customer’s thrift saving account. It is one of the product of its Freedom Network in partnership with commercial and microfinance banks. The Freedom Network is a CBN-licensed super-agent offering financial services through its agents across the country.

The platform was developed as part of its unswerving commitment to provide seamless access to financial services for the financially excluded, 3Line leverages technology to foster a safe, easy, robust, and efficient contributory savings scheme popularly known as Esusu, Adashe, & Ajo across Nigeria with SUSUBYU. The product also enables customers’ access to microloans instantly upon meeting the set criteria.

Sibigem Chibuzor, operations manager, 3Line, reiterated that 3Line is keen on impacting the people at the grassroots positively: making financial service conveniently available to them. He said: “It has always been our goal to reach the people at the grassroots to add sustainable value to their lives using technology. With our Freedom Network we develop platforms that allow the unbanked easily access basic financial services such as cash-in/cash-out, funds transfer, bill payments, savings and more. Thus, financially included.”

YOU MAY ALSO READ:Nigeria’s Lendtech, OneFi Secures $5M Debt Facility from Lendable

He further asserted that SUSUBYU was a response to customers’ needs.

The Central Bank of Nigeria, in 2018, licensed 3Line to operate as a super-agent in the nation’s financial services system in order to boost financial inclusion in Nigeria. Since then, 3Line has created innovative cutting edge solutions that have revolutionised retail financial services in Nigeria.

The sole purpose of the Freedom Network is to tackle the challenges hindering financial services and inclusion in Nigeria. 3line intends to create more jobs by recruiting agents across the country.

“Currently, we have over 2500 registered agents with kiosks in operation across the country. We plan to create a network of 50,000 active agents by the year 2024. This will not only drive financial inclusion but also provide jobs for the people,” Chibuzor concluded.