Technology

Four Nigerian fintech platforms for money savers

by FRANK ELEANYA

November 17, 2017 | 5:23 pm
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Financial technology services also known as Fintechs are helping make some life decisions easier than they used to be for a lot of people. Take something like putting away money for the rainy day, how many have made New Year resolutions, particularly to save a target amount of money but ended with little or nothing in the end.

Although Nigeria is no longer in a recession, a lot of people are yet to recover from the impact on their personal income. Hence, majority of those that will be celebrating Christmas this year could be people who made the discipline to save. But if you did not save, because keeping money away that you need anyway was too much, four digital platforms can make it easy.

Piggybank

Piggybank.ng is an app that helps you save directly from your account. You can set your app to automatically debit your account or you can save into your Piggybank accounts at your own time. All funds are held securely by UBA, the partner bank.

As a saver on Piggybank you have the opportunity to earn 6 percent interest every quarter. You also have the option to withdraw money on the 4 quarterly withdrawal dates or set your withdrawal dates. If you withdraw outside the set date, you will be charged 5 percent as penalty. A user can also ‘Safelock’ some funds. This is like a fixed deposit where you put away money you do not want to access for a longer period of time. This option gives you an instant interest of as much as 10.95 percent annually.

The app was recently updated with features like Piggy Points, Piggy Media and the option to set withdrawal date via the app. Piggybank is available on the Google Play Store for Android devices and iOS for iPhone users.

ALAT by Wema

ALAT was Wema’s bank’s perfect response to fintech disruption. Dele Adeyinka tells BusinessDay that the app can do nearly every bank transaction. Its savings feature however remains one of its many attractions.

The savings feature work just like Piggybank. You initiate a target and link your account so the money can be withdrawn automatically. Saving money with the ALAT app guarantees a 10 percent interest per year for users. The interest however is dependent on the duration of your goal. If you decide to stop saving before meeting the goal, ALAT will calculate your interest based on how long you saved for as long as you do not delete your goal. The app is available on Android devices and iOS.

CowryWise

CowryWise came unto in the middle of 2017 and has more than proven it is here to stay. On CowryWise, users have the flexibility to save for three, six, nine or twelve months and earn up to 15 percent interest per annum. The platform offers the most interest on savings of the four savings platforms.

The platform also gives you the option of creating as many savings plans as you wish. For instance, you can have wedding, education, children, and vacation plans among many others. The unique name comes from users and it has to resonate with the goal in mind.

CowryWise is a web-only platform that can be accessed using a laptop or mobile device.

REACH

REACH may not be as popular as platforms like Piggybank, but it is very useful for individuals that want to stay disciplined with their savings.

REACH is an application that helps users track income and spending to enable them make intelligent money choices. It also helps people in groups to set, track, and achieve their financial goals.

JR Kanu, founder of REACH explained how the app works “Say of us are planning to visit Dakar in six months. I know this trip will cost each of us N100,000. I download the app (REACH is on Android only), create a savings goal called ‘Dakar 2017’ with N100,000 as my target amount. I invite my four friends to ‘Dakar 2017’. REACH will debit us weekly until we have saved our target amount. That’s how REACH works.”

Users can also interact with Kudi the chatbot. The virtual personal financial assistant sends messages to keep users on track with their goals. Kudi can also share links to useful blogs, posts and general wisdom.

 

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by FRANK ELEANYA

November 17, 2017 | 5:23 pm
12893  |   93   |   0  |   Start Conversation

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