Steem4Nigeriaccelerator Contest Week 126: My experience with daily contribution collectors (DCCs)

Good day, everyone. I trust you’re all doing well. To my Muslim brothers and sisters, I hope your fasting is going smoothly. It’s always a pleasure to take part in this kind of amazing contest where we get to share personal experiences.

Yes, of course, I am familiar with daily contribution collectors. For those who don’t know, daily collectors are people who help collect money from members for rotating savings. My personal experience goes back to when we were still living in Lagos, Nigeria. My mom ran a small shop selling provisions, and almost every day, a daily collector would come to our shop to collect money. Once payment was made, we were given a receipt, and the next day, when he returned, he would ask for the previous day’s receipt for confirmation. This system helped build trust and ensured accountability.

I had about two years of experience working with daily collectors. It’s a cool idea to save money, and yes, I would recommend people to them. They are trustworthy, and if someone wants a simple and local way to save money for future use, daily collectors can be very helpful. Do you think every business owner should join daily contribution collectors? In my own thoughts, I will say no. While it is a local and convenient way to save money, it can take a huge risk for large business owners. Imagine saving up to millions and suddenly losing everything because the collector dies or runs away without any written agreement. This could lead to huge financial losses and even serious life stress. I would recommend this method of saving money mainly for small business owners, who can benefit from it without taking such high risks.

Like I mentioned earlier, daily contribution collectors do have their disadvantages. One major risk is that there’s usually no formal written agreement. So if the collector dies unexpectedly, there’s a chance you could lose your money. Personally, I would have to forfeit the money in such a situation, which is something to be aware of before joining.

Daily contribution collectors are a simple, community-based way to save money. They provide convenience, trust, and sometimes even small loans, making them a good option for small business owners and individuals alike. However, it’s important to understand the risks, especially the lack of formal agreements. Despite the drawbacks, my experience with daily collectors has been mostly positive, and I would gladly recommend them to those who are careful and start small.

I invite @bossj23, @okere-blessing and @dprof to participate