Group savings plans allow users to pool funds together with others to achieve collective financial goals. Whether saving with friends, family, or colleagues, TransferXO provides a seamless way to create and manage group savings.
This guide will walk you through setting up a group savings plan on the TransferXO web app using a mobile device.
Step 1: Access Your TransferXO Account
Open your phone's web browser and navigate to TransferXO's website: transferxo.com. Ensure you have a stable internet connection for a seamless experience.
Step 2: Sign in to Your TransferXO
Enter your login credentials (email and password) and sign in to your TransferXO account. If you do not have an account, select Sign Up to create one.
Step 3: Access the Dashboard
After a successful login, you will be directed to your account's Dashboard. This is your central hub for managing various services offered by TransferXO.
Step 4: Locate the Key Offering Panel
At the top of the screen, to the left of the TransferXO logo, locate the Key Offering buttons, which provide access to various services on the platform.
Step 5: Navigate to Loans and Savings
From the Key Offerings panel, tap on Loans and Savings to explore available savings options.
Step 6: Select the Group Savings Plan
Under the Savings Panel, locate the Group Savings Plan displayed on the gold tab. Click Start Saving to begin setting up your group savings.
Step 7: Choose to Start a Group
You will be given two options: Join a Group or Start a Group. For this guide, tap Start a Group to initiate a new savings group.
Step 8: Name Your Savings Group
Enter a unique and descriptive name for your savings group to help members easily identify it.
Step 9: Select Your Wallet and Currency
Choose between a crypto or fiat wallet and select the currency or coin for the savings.
Step 10: Click on Continue
Tap Continue to proceed to the next step of setting up your group savings plan.
Step 11: Enter Group Savings Details
- Contribution per slot: Enter the amount each participant must contribute. The minimum contribution is N4,000. Higher amounts can be set but will apply to all group members.
Number of Slots: Specify the number of slots available in the group. A minimum of 2 slots and a maximum of 50 slots are allowed.
Slots You Are Taking: Indicate how many slots you will personally occupy once the group is created.
Group Privacy Settings: Toggle the privacy button on for a private group or off for a public group.
Step 12: Click on Continue
Tap Continue to move forward in setting up your savings plan.
Step 13: Select the Top-Up Frequency
Choose a preferred top-up frequency based on how often members should contribute additional savings:
No Top-Up: No additional deposits after the initial contribution.
Daily: Members contribute daily.
Weekly: Members contribute weekly.
Monthly: Members contribute once a month.
Step 14: Click on Continue
Proceed by tapping Continue after selecting the top-up frequency.
Step 15: Select the Savings Duration
Choose the duration for which the savings will be locked:
30 Days: Funds are locked for one month.
60 Days: Savings remain locked for two months.
90 Days: A three-month savings period.
120 Days: A four-month savings duration.
Let Me Choose: This option allows you to set a custom maturity date for your savings plan.
Step 16: Click on Continue
Tap Continue to proceed to the activation details.
Step 17: Set the Activation Requirements
- Activation Date: This is the date when the group savings plan officially begins.
Minimum Slots for Activation: Set the minimum number of slots required for the group savings to be activated. If the group does not meet this threshold, all participants will receive refunds within the specified activation period.
Step 18: Click on Submit
Tap Submit to finalize and create your group savings plan.
Confirmation and Next Steps
Congratulations! Your Group Savings Plan has been successfully created. You can now:
Click the Copy button in front of the group link to share it with friends and invite them to join.
Click on View Group to check the details of your savings plan.
Starting a Group Savings Plan on TransferXO allows you to save collaboratively with friends, family, or colleagues while benefiting from structured financial planning. By following these steps, you can create a secure and efficient group savings plan that aligns with your financial goals.
Take advantage of this feature today and start building your financial future with your group!
Happy saving!