These Startups Are Fostering Saving Culture Among Nigerians
Saving money tends to be second nature for people who value financial security and proactively pursue it. There seems to be a direct correlation between saving habits and the financial health of most individuals. Some people desire the benefits of saving but fail to do so for numerous reasons. You often get common sentiments like:
- I don’t have enough funds to save.
- I don’t know where to save.
- I don’t know how to save.
- My expenses have increased, and now I can’t save.
Luckily for us, some local startups have taken it upon themselves to help overcome these barriers and many other factors that prevent Nigerians from saving. Not only are they secure and seamless, but they are also made with recognition of the economic realities and peculiarities that come with being Nigerian. These are the startups:
Inspired by the “Kolo” (traditional piggy bank), KoloPay helps to save towards specific goals within definite periods. You only have the option of totally withdrawing all your funds before the due date, as partial withdrawals are not allowed. You can also share your saving goals with friends and family and watch them contribute towards it. KoloPay offers up to 10% interest on your savings. It’s currently only available on the Google Play Store, with an IOS version coming soon.
REACH is an app that tracks all personal financial activities in a simple but effective way. With REACH, one can get a customized financial plan that can be monitored and adhered to in real-time. It makes use of a Chatbot that helps maintain financial goals, gives useful tips and even some encouragement for good measure. It does a good job of ensuring the final discipline and accountability of the user, making sure that saving can be done without much confusion or discomfort. It’s currently available only on Android devices.
CowryWise simply enables users to plan, save, and invest excellently. It helps you create a customized financial plan for your unique needs (education, retirement, emergencies, etc). You can then automate saving at whatever frequency suits you while enjoying up to 15% interest on savings. It goes further by giving access to investment vehicles to increase the value of your money within a specific time. It does all this securely, smoothly and efficiently. It’s available on IOS & Android platforms.
This a digital platform geared towards providing financial services for cooperatives and trading groups. It enables them to save, invest, acquire loans, etc in a way that’s secure, efficient and seamless. Most of the hard work is automated and easy to monitor in a neat dashboard that keeps all parties informed and accountable. It’s currently available on Desktop, Mobile, and the Google Play Store.
SumoTrust is a rebrand of SumoBank with additional features. It’s a trusted platform that’s targeted towards entrepreneurs who want to save, invest, and be more financially intelligent. You can gain up to 15% interest on your savings here, which is much higher than most companies offer. Users also get FREE/Discounted access to a pool of educational resources thanks to a partnership with Entrepreneur Platform (an entrepreneur-focused platform). It’s available for both Android and IOS devices.
Piggyvest (Formally known as PiggyBank) enables users to automate savings & investment securely and with ease. All you have to do is set specific, periodic saving goals and the rest is handled by the app. Earn up to 15.5% interest on your savings and up to 25% return on your investment when you use PiggyVest. It’s available on IOS and Android devices.
As you can see, these platforms are well suited to local needs. They help execute an action that requires a level of financial discipline that is missing in most people. Also, they help with resources to boost financial literacy and make excellent investments. Users of these Apps attain increased financial security and also help boost the fortunes of Nigeria’s fintech industry; a win-win on all sides.