BOUSOL operates through a series of integrated features and processes designed to facilitate financial services within using blockchain technology. Here's how the platform works:
Step 1: Download the Bousol app.
Individuals interested in joining a ROSCA or accessing financial services through BOUSOL first register on the platform. During the onboarding process, users may provide personal information, verify their identity, and link their accounts for transactions.
Step 2: Register and link your bank account.
Users can create new ROSCAs or join existing ones based on their financial goals and preferences. ROSCAs are groups of members who contribute funds regularly into a pool, from which members can withdraw funds based on a predetermined schedule.
Step 3: Enter the recipient’s details and amount to send.
BOUSOL's contribution tracking feature allows members to monitor their contributions to the ROSCA pool. This promotes transparency, accountability, and ensures that members fulfill their financial commitments or through emergency credit requests.
Step 4: Confirm and send. Track the transfer in real-time.
The platform enables direct, in-app remittance services for diaspora users to support their families and contribute to ROSCA pools back home. Users can also make payments within the platform for services or transactions related to their ROSCA activities.
Payout Management
BOUSOL automates the equitable distribution of the ROSCA pool to members as per the agreed schedule. This ensures that members have timely access to their funds based on the ROSCA's payout structure and enhancing overall efficiency.
Blockchain Technology
BOUSOL leverages blockchain technology to secure transactions, maintain an immutable record of contributions and payouts, and ensure transparency. Blockchain also enables smart contract functionalities, automating certain aspects of ROSCA operations.
