I chose to defer my salary to a later date for 8 months between Jan 2021 and Aug 202 as myPaisaa was an early-stage startup. After I started earning in 2003, this was the first time in the last 18 years that I wasn’t financially independent.
I never understood the ‘weight’ of financial dependency until now.
For these 8 months, my wife was covering all our family expenses including my monthly allowance, credit card bills etc. On the 30th of every month, she would fill up my savings account to repay my credit card bills, and add another 25k for my monthly allowance. During some months I overspent the 25k and had to reach out to her for another refill. This experience, of depending on someone else (even though it was my wife and supported me wholeheartedly) for my expenses put me in a new and uncomfortable zone.
I started realizing what people who are dependent on other family members/friends go through when asking for money. Especially so for housewives who run budgets at home, raise kids and look after parents, so that men are enabled to ‘work’. Housewives, and even earning women routinely go through the pain of asking for money from other family members to manage their home. The family’s needs are always kept above their own needs.
At myPaisaa we are enabling Savings and Credit to the 400 million underserved and underbanked. Housewives form a large part of this segment. On this International Women’s Day, it is with a lot of pride and happiness that we’re presenting a women-only Savings & Credit group.
Women can join our new anytime Paisaa 50k Chit Group in 2 minutes, and borrow money instantly with a few clicks from the 4th month of the chit tenure. With this new ‘Anytime Paisaa’ feature, myPaisaa will not ask for surety/guarantor documents from any women members when they turn borrowers.
myPaisaa is ready to play a big role in empowering women from the underbanked segment. We will be launching many more such features in the near future.
Co-founder & CEO, myPaisaa