A brand new app is set to launch next month bringing the traditional method of saving into the 21st Century.
The Pardna App is based on one of the oldest financial systems in history and will allow users to save, lend and borrow between close friends and family. The app is the brainchild of founder, Paul Henriques, 52, who was born in London to Jamaican parents.
The financial platform is a digital version of the system “many of our grandparents and parents used” according to its founder. Mr Henriques told The Voice, he was inspired to develop the app after watching his Jamaican parents participate in Pardna when he was younger.
He said: “My parents did Pardna regularly.
“I remember when I was a child, I would deliver my mums Pardna money to the banker on a Saturday morning. I would take a bus with an envelope of cash to the banker who was collecting the money.”
Mr Henriques added he just wanted to watch cartoons on a Saturday morning and thought at the time, “there has to be a better way to do this.” He said that feeling stayed with him and he always wanted to develop a Pardna platform and over the years he always came back to the idea.
The UX/UI designer, says he was always busy pursuing other entrepreneurial projects and he never followed up on the plan – until now.
He went to to explain the advancements in technology have allowed his idea to come to fruition.
The Pardna or Partner system is a well-known custom in Caribbean communities and is also known as Likelemba and Susu in some African households.
The system has been used all over the world and is often known by several names. The digital version of Pardna works by people downloading the app and selecting how many people will be in the group.
Once the group is created, the user then sets the total amount they want to pay out and the contribution amount required by each person in the group. Once all the settings are in place, the user can send the invite to people they know.
Invites can be sent via WhatsApp, email or text message.
Mr Henriques said the invites are sent by the person who has set up the group and will not include any strangers. He said: “The Pardna App is a platform for people to conduct their own traditional Pardna.
“It is a platform that is built on trust, and it is your personal trust network that you are leveraging. However we will support any user in their claims with data and evidence if a person in their network falls through.”
Mr Henriques also stated all users will need to have an identity check before they begin saving.
The Pardna App has been tested out via Apple’s TestFlight process and is helping developers test out the app with real users and will fully launch in July. Mr Henriques told The Voice, he hopes the Pardna App will continue to help people in times of need, just like when his parents were doing it.
He said: “I remember my mum getting her Pardna draw and it was just in time for when she was going to Jamaica. I know how much of a boost and a benefit that was to her”
“Over the years, I have heard other people’s stories about how Pardna money helped them out when they couldn’t get access to credit or they needed money for a large items or for a deposit for a house back in the day.”
“It really has helped people,” he added.
When asked about whether Pardna is still relevant in 2021, Mr Henriques said: “I’ve heard some people say it is an old system, but it is still needed and I know a lot of people still partake in Pardna.”
He also added there are many benefits to using the system.
He said: “It can help people avoid those pay-day loans, which have high interest rates and can lead to more financial problems.” He also stressed that Pardna was a collective effort and allowed communities to “help each other.”
“What is great about Pardna is you are helping people you know and love and people in your community,” he said.
Mr Henriques expressed how he hopes to get his app to wider audience and was keen to see younger people sign up to use it.
So far, hundreds of people have registered to use the app and over the coming weeks, he will be promoting his new and exciting software.
Currently, the app is being promoted on Black Chat – which is a Black social media network. “It was important for me to promote the app with a Black social media network as it has always been important for me to support Black businesses,” he said.
Mr Henriques is currently in talks with an engineer to create more functions for the app. Future versions of the Pardna App will eventually have features to help users analyse and advise ways to improve their financial health.
The process has been a journey for Mr Henriques, who says because it is a financial app he had to ensure all the relevant authorisations were given before he could launch it.
He said he is pleased to be at the launch stage and hopes the public will get behind it. Mr Henriques’ family and friends are equally excited for the future of the Pardna App and his new genius idea has been given the seal of approval by one of his biggest inspirations – his mum.
He said: “My father sadly passed away a few years ago, but my mum is excited about the app.
“She has always been supportive of anything me and my siblings do. To be able to create something that was inspired by her and my dad is very special.”
The Pardna App will be available initially on iOS (iPhone) with the Android App in development and coming soon.
For more information or to sign up go to: https://pardna.com
The Pardna App will launch on 1st July.
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