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

Every day we look for a way to save money for future use which is where the use of daily contribution collectors comes in.

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Do you know the daily contribution collectors? What is your experience with them?

Source

To my understanding, a daily contribution collector, is a person or group of people who collects a small fixed amount of money from members which is mostly on every day, and then pay a lump sum to each member who contributed in rotation.

Let's say for example 10 people come together to contribute ₦500 daily it will be ₦5,000 each the day the collector collects. Each of the 10 people will get the full ₦5,000 once in the cycle. This is what I know about a daily contributor.

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How long have you been with them? Can you recommend people to them?

I haven't been with them before. I am a salary earner and I have my own savings which on a normal day I dislike contributions. As for recommending people to them, it depends.

For some people, daily contribution collectors are helpful to them, whereas for others they are risky to them. If someone who trusts daily collectors meets me for advice then I can recommend them to them.

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Do you think every business owner should join the daily contribution collectors?

No I don't think every business owner must join daily contribution collectors. For business owners who are looking for the following can join the daily contribution collectors. Short-term cash to buy goods back, and help with cash flow during peak spending times.

The reason why business owners should not join daily contribution collectors is that when you lose you will have to wait until your turn, you may earn more money investing somewhere else.

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If the collector dies, will you forfeit your money or ask the relative to pay you, hence there's no written agreement?

This is indeed a difficult question for me to answer. Without any written agreement; I may lose my money, and the relative may not pay me. But if there is a written agreement; it becomes informal, I will have to rely on the goodwill of the community or family which I can use and claim my money.