Frequently Asked Questions
We have curated some possible answers to questions you might ask
What is a collective savings?
A collective savings allows users to pool their money together to reach common financial goals. Whether saving for a vacation, a group event, or an investment, our app makes it easy to save together with friends, family, or community members.
How does the collective savings feature work?
You can create a contribution or join an existing one, everyone will contribute a set amount for set period on a monthly basis toward a shared savings goal, and each member receives monthly pay-out on a rotational basis. You can track progress, and see how your group’s contributions are adding up.
Is my money safe?
Yes, your money is secure. Our app uses bank-level encryption and secure payment gateways to ensure your savings are protected. Additionally, funds are stored in trusted, regulated financial institutions.
Can I withdraw my savings anytime?
The App is designed to ensure a disciplined savings culture. Withdrawals outside of the scheduled rotation can only be initiated with a dispute which will then allow for a member of our intervention team to step in.
Can I join more than one group?
Absolutely! You can join multiple groups for different goals. Whether you’re saving for a group gift, a community project, or just a fun outing, you can easily manage multiple savings goals from one account.
What happens if someone misses a contribution?
If a member misses a contribution, the Admin or other members can decide how to handle it. You can set reminders, track contributions, and have the option to initiate a dispute
Can I contribute in different currencies?
Yes! Our app supports multiple currencies, making it easier for international users to contribute to savings goals. If your group includes people from different countries, you can still fund the contribution with any currency, but contributions are saved in a set currency selected by the admin
Can I see who has contributed to the savings group?
Yes, each member’s contributions are visible to the group. You can track who has contributed and how much, ensuring full transparency within the group.
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Crowdly is a digital platform designed to help users save money collaboratively through rotating savings and pay-outs, with buillt in automation, transparency and credit building features
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