The EcoCash Savings Club will earn interest on "all pooled funds" each month.
Saving groups can appoint a chairperson who will undertake the opening of the account while approving members will also be selected from the group.
Savings groups are common in most African communities whereby members in a group put money together for a common interest such as buying properties or for funding functions such as funerals or weddings. Most of these groups appoint a member or take turns to keep the money inside their houses.
"They (saving groups) typically consist of a group of members who each contribute regularly into a cash pool that members borrow from on a rotating basis. While the practice is widespread, savings clubs face security risks in handling cash and difficulties in tracking contributions and withdrawals from members," said an official at Econet Wireless. – ITWeb Africa, May 8, 2015
Evolutionary biologists tells us that humanity itself came from Africa. Now that continent may be leading the world back toward honest money.
The EcoCash concept doesn't seem to offer a full escape from fractional reserve banking. The fact that accounts earn interest suggests the funds find their way into conventional banks. Nevertheless, the framework described ought to work just as well for Bitcoin or any other honest currency. Depositors would have to pay a service fee or accept liquidity restrictions.
- See more at: http://www.thedailybell.com/news-analysis/36288/Digital-Money-Forging-Ahead/#sthash.Rmrn5enj.dpuf