27/11/2024
How Pennyrise started in 2021.
I've always been responsible with other people's money, and even before starting Pennyrise, friends and family would often save with me because they trusted my management of their funds. I never thought I'd fall victim to someone mismanaging my savings.
In 2020, after my father's demise, I joined an online thrift group through a group link I saw on a family friend's status. The group had a monthly contribution of ₦20,000 for 10 months, totaling ₦200,000. I was the sixth person to join the group. Unfortunately, the collector, Pearl, absconded with our money after the third month.
This experience was devastating, but it sparked an idea within me. I realized the need for a trustworthy and transparent thrift platform. I took it upon myself to contact the group members and pleaded that we continue the thrift to ensure everyone received their payments, forfeiting Pearl's contribution since she was the first collector.
Despite the challenges, we persevered, and I managed to recover the payments for the group members and myself. This experience taught me valuable lessons about trust, diligence, and the importance of doing thorough research before involving in any online savings or investment.
One day, amidst all these challenges, I was on my way to school. I was rounding up my diploma in accountancy from the Polytechnic of Ibadan and also settling into my first semester of my first year at the University of Ibadan for my BSc in Economics. Out of my pains, an idea struck me - to start a thrift platform that would provide a safe and secure experience for its members. And so, Pennyrise was born.
Pennyrise started in August 2021, with a mission to provide a trustworthy and transparent thrift platform. We began with a small group consisting of some of my church members, with just one group of ₦10,000 monthly contributions. Through word of mouth, we grew. Today, we have over 30 groups with varying contribution amounts, and we continue to prioritize transparency, accountability, and members' financial support through short loan facilities.
Looking back, I realize that I made several mistakes that led to my loss. Firstly, I didn't do my due diligence on Pearl and her business. I didn't ask questions or research her reputation. Secondly, I didn't know the kind of business she was operating. I didn't understand how safe my money was or what risks were involved. Thirdly, I didn't verify Pearl's credibility. I didn't check her social media or ask for references. I simply trusted her because I never thought someone could abscond with my money.
To avoid making the same mistakes, here are some key takeaways:
1. Do your due diligence: Research the business or individual thoroughly before doing any business with them, not only savings.
2. Verify the collector's credibility: Ensure the person collecting your money has a good reputation and is trustworthy.
3. Don't save more than you can afford: Be cautious of savings more than you can afford.
I was saving all my earnings every month, so It was a great loss when the collector absconded.
4. Prioritize transparency and accountability: Ensure the business or individual provides regular updates and is transparent about their operations. Ensure you know at least one person that can provide good review about the person managing the business and the business.
At Pennyrise, we prioritize transparency, accountability, and members' financial support. We ensure that our members understand our business model through the provision of a policy document and member's form. We also provide regular updates and are transparent about our operations. We are registered with the Corporate Affairs Commission. Our goal is to provide a safe and secure experience for our members, and we're committed to doing things differently.
Welcome to Pennyrise Limited, a trusted online rotational thrift service for students, salary earners, and business owners.
