Tanda is the new app just launched by Yahoo Finance to enable peer savings among five or more people. The app allows small group of people come together to save money for short-term goals. Just like a money-pool, Tanda allows members to collaborate by paying an agreed fixed amount to the group savings each month—allowing one member to take agreed amount home every month until a circle is completed.
Tanda is quite different from a multi-level marketing or gambling app—you are only allowed to take a fixed amount once it’s your turn to do so. It’s just a collaborative app that helps people within a group to achieve their goals.
Tanda operates a reward system where the last payout position receives a 2 percent cash bonus. This is aimed at encouraging members who are willing to wait until it gets to their turn. On the contrary, the first set of two members to receive their money pay a fee.
Other basic information about the collaborative app include…your score increases as you make contributions in Tanda. The scores you gain overtime can be used to secure higher value savings circles as well as earlier payout positions.
It’s not unusual to have someone dropping out or quitting their membership; but that has been taken care of by Tanda. The app steps in to take care of any position that becomes vacant during the circle.
To ensure only people with good reputation are allowed into the system Yahoo has partnered with Dwola to carry out screening before they are allowed access. Membership requirements include, a valid ID card and a US bank account.
Giving reasons why it introduced Tanda, Simon Khalaf, Head of Media Business & Products, told TechCrunch that: “Thirteen months ago, a national outlet reported 46 percent of our nation can’t come up with a $400 emergency expense.”
“This inspired us to start building Tanda, a mobile world version of a centuries old community savings tool that we hope provides a solution to many,” Khalaf added.
Tanda is indeed a perfect tool for anyone who have challenges coming up with a particular amount required to meet an emergency need. If collaborating with a group of people to raise certain amount would help me achieve my goal within a short time, then Tanda is worth all the hype.
Video Credit: http://www.tandasavings.com/
Tanda is now available on the Play Store for Android users, while iOS users might need to wait a little longer to download a compatible version from the App Store.
It’s a brand-new year, and what better time to start planning and working towards that new project? Tanda has all the traces of an app that is capable of giving you the right push this year.
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