Frequently Asked
Questions

Icontribute is a community-powered savings and lending platform that digitizes traditional African thrift systems like Ajo, Esusu, and Tontines. We enable users to save, lend, and grow together in a transparent, secure, and automated digital environment.

Unlike banks or individual savings apps, our model is built on community and social trust. We enable group savings circles, community-powered lending without collateral, and democratic group governance — features no traditional fintech platform offers. Your group is your bank.

We are currently live across Nigeria and rolling out state by state. Join our waitlist to be first in your area.

Creating an account and joining groups is free. Some services include small, transparent transaction fees to sustain the platform. Any fee is always shown clearly before you confirm — no surprises, ever.

Icontribute is a Progressive Web App (PWA). Install it directly from Chrome (Android) or Safari (iPhone) — no app store needed. It opens full-screen like a native app and supports push notifications. See our installation guide.

Create a new group and invite trusted members. To join an existing group, you need an invitation from a current member. This invite-only system ensures every member is someone the group already trusts.

Our Admin Democracy feature lets members initiate a vote to replace an admin. Voting is anonymous and majority-based — the community holds the power, not any single person. Every vote is logged permanently.

Yes. Groups choose daily, weekly, biweekly, monthly, or fully custom cycles. Rules are set at group creation and enforced automatically by the platform — no manual coordination needed.

Payout order is set by the group during setup and visible to all members at all times. Changes require group approval. When it's your turn, the lump sum is disbursed automatically to your wallet.

The platform sends automated reminders before each due date. If a member misses payment, our escrow mechanism ensures other members' payouts are not disrupted. The defaulting member's future eligibility may be affected.

It's a tiered savings model that rewards commitment with higher interest rates:

• Soft Landing (5% p.a.) — 30 to 60 days lock duration. Early exit available after 30-day waiting period (5% penalty on earned interest).
• Medium Landing (8% - 10% p.a.) — 61 to 180 days lock duration. Early exit available after 61-day waiting period (15% penalty on earned interest).
• Hard Landing (12% - 15% p.a.) — 181 to 365 days lock duration. Early exit available after 181-day waiting period (25% penalty on earned interest).
• Total Lock (15% - 20% p.a.) — 365+ days lock duration. Strict lock to full maturity. Highest return yield.

You can choose to receive interest at Maturity or Upfront on Day 1 for any tier!

When you choose Upfront Payout, your total expected interest is credited to your main wallet immediately on Day 1. If you decide to break the lock early (after passing the required minimum waiting cliff), the system calculates earned interest for the days elapsed, applies the tier penalty percentage (5%, 15%, or 25%) to earned interest, and deducts the unearned upfront interest plus the penalty amount from your principal release.

The Total Lock option offers up to 20% per annum — significantly higher than traditional Nigerian bank savings rates. The tradeoff is that funds are strictly locked until full maturity date.

Yes. You can top up your active lock goal anytime. Top-up deposits earn interest pro-rata from their deposit date without extending your original maturity timeline.

Yes. Early withdrawal options become accessible once your lock passes its minimum waiting cliff (30, 61, or 181 days depending on tier). Penalty amounts and net payable principal are calculated and previewed transparently before you confirm execution.

No credit score needed. Eligibility is based on your group contribution track record. Active savers who haven't yet received their payout can borrow up to 50% of their upcoming payout amount. Your consistency is your credit.

Repayments are automatically scheduled and aligned with your group's contribution cycle. Upcoming repayment dates are always visible on your dashboard, and reminders are sent in advance.

Platform safeguards minimize the impact on other members. In Icontribute-managed groups, the escrow mechanism protects other members' payouts. The defaulter's future loan and group eligibility may be affected.

Between 3% to 10% per month on the outstanding balance, maximum 3-month tenure. The full cost is shown transparently before you confirm your application.

Security is our top priority. We use bank-grade 256-bit SSL encryption, BVN identity verification, escrow-like fund protection, real-time fraud monitoring, and Cooprative Society operations to protect your funds at every layer.

No. Sensitive card and bank data is handled exclusively by our certified PCI-DSS compliant payment partners. Icontribute never stores or logs your raw financial credentials.

BVN (Bank Verification Number) is Nigeria's biometric financial identity system. We use it to verify that every group member is a real, accountable person — dramatically reducing fraud risk and building the real-name trust that Ajo traditions are built on.

Yes. Icontribute operates within the Central Bank of Nigeria (CBN) regulatory frameworks for digital finance platforms and is fully compliant with the Nigeria Data Protection Regulation (NDPR).

Visit mobile.icontribute.com.ng/signup, enter your phone number, verify with your BVN, and set a PIN. Under 5 minutes from start to finish.

Fund via bank transfer, USSD or from another wallet. All funding options are listed in the app under "Add Money." Most deposits reflect instantly.

Withdrawals go directly to your Nigerian bank account. Standard withdrawals are processed within 10 seconds. Locked savings can only be withdrawn at maturity (or earlier with the applicable penalty).

Use "Forgot PIN" on the login screen. Verify via your registered phone number to reset. Still stuck? Email support@icontribute.com.ng.