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

Yes i know daily contribution collectors very well. In our area they are very popular among shopkeepers and small business owners. They visit shops every day and collect a small amount of money. At the end of the month they return the total saved amount to the shopkeeper sometimes after deducting a small service charge. My experience with them has been mostly good. I saw many shopkeepers who cannot save money by themselves because they spend daily earnings on other needs. But when a collector comes every day they are forced to save a fixed amount. This helps them to gather a good amount of money at the end of the month. Some people use this money to restock their shop pay school fees or solve emergency problems. However i also heard some negative stories. Sometimes a collector runs away with the money. Since there is no written agreement it becomes difficult to take legal action. So trust is very important in this system. In my opinion daily contribution collectors are helpful but we must be careful while choosing them.

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

I personally have not been directly involved for many years but i observed my family members working with daily contribution collectors for about two years. My uncle who runs a small grocery shop used to give a fixed amount daily. At the end of the month he received his total savings and used it to buy new stock for his shop. It helped him manage his business better.Based on what i have seen i can recommend people to join daily contribution collectors but only if the collector is trustworthy and well-known in the area. It is better to join through someone’s reference like a friend or relative who already has a good experience with that collector. People should also start with a small amount first to test reliability. Blind trust can be risky so careful steps are always better.

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

I do not think every business owner must join daily contribution collectors. It depends on the person and their financial discipline. Some business owners are good at saving money by themselves. They keep proper records and deposit money in banks. For them daily contribution collectors may not be necessary. But for small shopkeepers who find it difficult to save money daily this system can be very helpful. It works like a forced saving plan. Instead of spending all daily profit they save a small part regularly. This habit can improve their financial stability. In my opinion joining daily contribution collectors is a personal choice. It is good for those who need help in saving money but it is not compulsory for everyone. Business owners should think about their needs risks and trust before joining.

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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 a very serious and important question. If the collector dies and there is no written agreement the situation can become very complicated. In such a case i would not immediately forfeit my money. I would first talk politely with the collector’s family and explain the situation. If the collector was honest and well-known the family might understand and try to return the money. However without written proof it can be difficult to claim the money legally. That is why i think it is better to keep some kind of written record even if it is simple. Both parties can sign a small notebook or register daily. This can help in case of any problem in the future. Trust is important but written proof gives extra safety. In today’s time we should not depend only on verbal promises. Even between friends and relatives clear records are helpful.

I am inviting friends @tempestinyang @josepha @isha-rehman