Due to the strong success and community validation of the ROSCA community banking model as a credit resource and financial wellness tool to provide access to affordable timely and accessible credit, we are proud to introduce Woveo’s Verified Communities. Strengthening our approach to groups, memberships, and the shared spirit of community, is an evolution of informal to formalized community banking.
A Woveo Community is a group of individuals, businesses, or organizations that come together within the Woveo ecosystem to support each other in achieving financial security, economic empowerment, and mutual trust-based financial engagement.
Woveo Communities operates on the principles of shared financial goals, cooperative economic participation, and responsible financial literacy to enable better access to credit, savings, and wealth-building opportunities.
Verified Woveo Community
A Verified Woveo Community is a recognized and trusted group within the Woveo ecosystem that upholds principles of financial security, mutual support, and responsible participation. Verification signifies that the community meets Woveo’s standards for transparency, engagement, and alignment with its mission of democratizing access to credit through alternative data and community-based financial literacy.
Please contact our Sales Team to Learn More about verifying your community
What to Expect!!!!!!
Savings Groups and Credit Groups as Part of Unverified Community
Deposits to your Woveo Wallet
Members of unverified communities are able to fund their Woveo Wallets upto 1,000 in a single transaction and up to $5,000 in a month.
From the Bottom of your Home page, click on your Woveo Wallet Icon, second from the left.
Form here you are navigated to your Woveo wallet
Joining a Group
Members must have an available balance in their Woveo Wallet equal to the group's contribution amount before joining.
Members will receive only basic membership benefits.
This is to ensure the integrity of the group and trust among the members.
Contributions
All contributions will now be charged directly from the Woveo Wallet for instant transaction
Top -Up Notifications and reminders will be scheduled and sent out to keep members informed and on top of their accounts and as a remainder of their active groups before contribution dates.
If a contribution is missed, members will need to manually:
Load their wallet and pay via the "My Debts" panel or
Make their contribution by e-transfer to pay@woveo.com.
Payouts
Payouts will only reflect contributions from other members.
A three-business-day offset of the payout and contribution dates is being evaluated.
Any unpaid debt or missed contributions will be visible to members.
Removal rules for missed payments still apply.
Should a member miss a contribution with no communication or attempt made to resolve their missed contribution, the member in question shall be removed from the group.
Savings Groups and Credit Groups as Part of a Verified Community
Members of a verified community already have a layer of implied, developing, or established trust. In the essence of community banking and supporting communities where they are, a verified Community represents just this.
Verified communities will retain the automated system.
Deposits to your Woveo Wallet
You can deposit up to a maximum of $5,000 as part of a verified community member (pendig approval)
2. Joining the Community
Members looking to join a verified community can only gain access or join the community through an invitation from the community administrator.
Only once accepted will an individual be accepted and become a member.
Explore premium features for your verified community, contact our Sales team.
3. Joining a Woveo Group
Members of a verified community will have to complete their Woveo onboarding to join a Woveo Savings or Credit Group.
Members of a verified community will be able to join a group without the condition of having the first contribution funds available in their Woveo wallet.
4. Contributions
Members of a verified community will have the choice of payment methods to complete their contributions.
Contributions will first be charged directly from the Woveo Wallet for instant transaction feedback; members will receive notifications and reminders to top up their accounts before contribution dates.
If a contribution is missed, members will have the option to manually load their wallet and pay via the "My Debts" panel or by transferring to pay@woveo.com.
Members will finally have the option of linking their traditional bank account to their Woveo wallet to fully automate contributions as a set-and-forget savings approach
5. Payouts
Same-day payout and access to credit.
Payouts will be supported by your community and facilitated through Woveo, adding a layer of security, reliability, and peace of mind.
This will ensure complete and timely payouts to the expectations and financial needs of the Community members.
Member enforcement will allow for continued group participation so long as a payment arrangement has been made/ agreed upon between the member, their community, and Woveo.
Financial Security through community
As part of a verified community and within the scope of providing memebrs with access to affordable, timely and accessible credit. Members of a verified community as part of an active group will be able to access Woveo’s Cash Advance based on their participating groups.
Announcement: Introducing a New Woveo Community
The current Woveo Community will be closed, and a new verified one will be created.