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. Pan-African expansion (Ghana, Kenya, Cameroon) is planned for 2026. 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 people via a unique invite link. 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.

Icontribute-managed: Funds held by the platform; payouts automated and immutable. Admin-managed: Admin controls disbursement manually; all transactions still tracked on-platform for accountability.

It's a tiered model that rewards discipline:

• Soft Landing (5%) — Early withdrawal allowed, 5% penalty
• Medium Landing (10%) — Early exit with 15% penalty
• Hard Landing (15%) — Early exit with 25% penalty
• Total Lock (20%) — Funds fully locked until maturity. Highest reward.

The Total Lock option offers 20% per annum — significantly higher than typical Nigerian bank savings rates (often 3–5%). The tradeoff is that funds cannot be withdrawn before maturity.

Yes. Top up your locked savings anytime. New deposits follow the same lock rules and end date as the original plan.

Flexi Savings: No lock-in, deposit and withdraw anytime, ~15% p.a. — ideal for emergency funds or irregular income. Target Savings: Goal-based (rent, school fees), locked until target, higher discipline = higher interest.

Yes. Penalty amounts are calculated and shown to you before you confirm any early withdrawal. Full transparency — no surprises.

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.

5% 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 CBN-compliant 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, debit card, or from another wallet. All funding options are listed in the app under "Add Money." Most deposits reflect instantly.

Withdrawals go directly to your linked Nigerian bank account. Standard withdrawals are processed within 24 hours. 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 and BVN to reset. Still stuck? Email support@icontribute.com.ng.