Description of requirements/features: A Pardner is basically a partnership among people to save collectively (also called Pardna or Partner)
It is an informal financial system usually associated with poor, developing countries with limited access to credit. It is now a popular form of savings system in Jamaica and called by different names in the Caribbean and is also found in many other parts of the world.
This is a web portal being created to bring this ancient method of saving between friends and relatives into the 21st century. It allows individual bankers to manager their pardner scheme for their group with minimum time and effort. It offers ease of convenience in managing the whole process in collecting funds form savers and paying out when it is time for each persons pardner draw.
There have been cases where these schemes haven’t paid out when the banker disappears with the money. Our website eliminates that risk as funds remain in the web account/escrow (similar to the pph escrow)
The simplicity of it is, the group of savers put in their money, then all the money is put together and paid out to one saver (their pardner draw).
The Saving account administrator (The Banker);
- Create New Savings Group
- Grants access to new members
- Sets the payment frequency and the payment amount which determines the total draw amount (the total paid to savers)
- The order of pardner draw is automated, this is based on the order in which the savers join the pardner group.
- The order of the draw can changed if savers approve. The person who wants to change their draw date submits the request to the group, the savers may swap their draw date with each other (provided their draw hasn’t already happened)
- All members pay into the scheme as per the agreed payment schedule during the week/month
- On the draw day, ie end of each week or month, all the money is paid over to the person who’s draw it is.
- This continues weekly/monthly until all members have had their draw (their payment out)
- The website takes a small percentage of each draw/payment when the total is being paid out, which is shared with the banker of each savings group. This process needs to be automated via a payment gateway ie paypal, skrill etc.
- Invited to join the pardner or submit a request to join
- The submission must be approved by someone in the group they know and also the savings administrator
- Each saver must agree to terms and conditions of the site
- Initial saving deposit is manual but subsequent recurring payments are automated weekly or monthly based on the particular pardner
- Saving is paid out on the draw date that has been allocated to each saver.
Saving Scheme Options
– run for a minimum of 10 weeks to a maximum of 10 months. This depends on the way it has been set up by the group administrator and the number of savers
All users are able to see their balances at any time. The banker is able to see various balance figures. Ie their total earnings, the balance owed by each saver, total they have managed to help savers accumulate and more…
Savers rate bankers after each pardner draw.
Extra notes: I like the appearance of websites similar to crowd funding websites like
Sean G.100% (2)
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