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Cooperative savings are groups owned and operated by and for their members/contributors, using pooled funds for the interest and benefits of its member. On Xend Finance, you can be part of a cooperative savings cycle by depositing the amount for one or more stakes. In cooperative savings, one stake might be worth $10, so to contribute in that particular cooperative cycle, you can get a stake for $10, two stakes for $20, and so on. This differs from the Esusu cycle where there is a fixed deposit amount every member/contributor in the cycle has to deposit.
Just as in Esusu cycles, a Cooperative savings cycle has to be created as part of a group. Here is how to create a group.
Click “Create Cooperative Savings Cycle”
Enter required predefined rules
Click “Create Cooperative”
MetaMask notification pops up
The notification “you have joined cycle successfully” pops up
Below the Cooperative group created;
- Click “Open”
- Click “Join Cooperative Cycle”
MetaMask notification page pops up.
- Click “Confirm”
Notification; “You have joined cooperative cycle successfully” pops up.