Coinroll is a peer-to-peer microfinance application that helps individuals save money, engaging them in group-savings structures known as Rotating and Saving Credit Associations (ROSCA). ROSCAs have been traditionally referred to as the “poor man’s bank,” but after a closer analysis of historical data from African, Caribbean, Asian and South Asian cultures, ROSCAs have become a tool for economic empowerment for all levels of income earners. Typically, ROSCAs are implemented in areas where low-income families or individuals are unable to afford a large durable good (ie. washing machine, water heater, cattle, sewing machine, car etc.), small business capital or land from their income alone. By becoming a member of a ROSCA, an individual will: have access to large lump sums of savings, have a regimented savings structure, be socially involved with a group, have a manageable payment arrangement at 0% interest and possess higher buying power sooner.
We are utilizing a public blockchain, a decentralized and secure digital ledger technology, to transform a ROSCA into a decentralized app (dApp) and bring the benefits of informal banking to all income earners. With this transformation our aim is to broaden financial inclusion of the globally unbanked.