The traditional way of using ‘kolo’ (Piggybank) to develop savings culture in Yorubaland, South-West Nigeria, has been digitized by a micro finance firm, CreditAssist Investment Limited, to further encourage savings culture and reduce dependence on loan facilities.
The Executive Director of the financial institution, Mr John Alamu, disclosed this in Ibadan, Oyo state capital, at the official launch of a digitized version of piggybank known as ‘KoloMoni.’
According to Alamu, KoloMoni would reshape the saving pattern of Nigerians, while reducing dependence on excessive borrowing.
He said that KoloMoni was an innovative and modernized version of the traditional ‘Kolo’ in saving money.
“KoloMoni is a standard secured web and mobile application using modern and convenient technology to encourage savings and investment in order to foster saving culture among Nigerians and set users on the road to financial freedom.
“I am confident that KoloMoni is a major way to reduce 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.
“KoloMoni is designed for every Nigerian that has access to a smartphone and enables them to save periodically, daily, weekly or monthly.
“KoloMoni also has a large number of benefits for users as savings on KoloMoni can attract interest rate as high as 15 per per annum,” Alamu said.
The Executive Director said that the savings are insured by the Nigerian Securities and Exchange Commissions through Meristem Trustees.
He explained that the app also provides a cash reward for every new valid user referred by existing customers.
“KoloMoni is available for download on Google Playstore for Android Users or Apple Store for iPhone users,” he said.
The CreditAssist investment Limited is a money lending organization licensed by the Oyo State Government and an affiliate of the Association of Non-Bank Microfinance Institutions of Nigeria.
Amaka E. Nliam