CreditAssist Investment Limited, an affiliate of the Association of Non-Bank Microfinance Institutions of Nigeria (ANMFIN), at the weekend in Ibadan, the Oyo state capital, launched KoloMoni app.
John Alamu, Executive Director of CreditAssist Investment Limited, said that KoloMoni is a standard secure web and mobile application using modern and convenient technology to encourage savings and investment among Nigerians.
Speaking at the event, which took place in Ibadan, Alamu said the new product was to encourage savings culture and to set users on the road to financial freedom.
The Executive Director of CreditAssist Investment Limited expressed optimism that “KoloMoni would reshape the saving pattern of every Nigerian towards achieving set goals through personal savings, and also reduce dependence of excessive borrowing”.
According to him, the new product is an innovative and modernised version of the traditional “ kolo (piggybank)” and could be thought of as a digitized kolo for saving.
Alamu explained further that KoloMoni is designed for all Nigerians that have access to a smartphones and enables them to save periodically, and that the product also has a large number of benefits for users.
His words: “I am confident that KoloMoni is a major way to reduce the over dependence on loans, which often leads to financial disequilibrium. With a wide array of savings plans available on KoloMoni, our customers will always have more money at their disposal to finance their set goals without sourcing for loans.
“Achieving financial freedom for our customers without debilitating loans was the driving force behind the development of KoloMoni. Savings on KoloMoni can attract interest rates as high as 15% interest per annum. In addition, these savings are insured by the Nigerian Securities and Exchange Commission through Meristrem Trustees”.