Baobab Nigeria’s recently launched savings app, Jollof+, has reached a significant milestone by attracting over N1.3 billion in savings just 64 days after its launch, according to the company. This achievement highlights the crucial role of Jollof+ in promoting financial security for Nigerians in the face of rising inflation, Baobab stated in a press release.
Commenting on this remarkable accomplishment, Babatunde Baruwa, the Chief Innovation and Digital Strategy Officer of Baobab Nigeria, emphasized the initial doubts faced by Jollof+. Many questioned the sustainability of our 21.6% interest rate, but Baobab Nigeria’s solid foundation as a microfinance bank with over a decade of experience in the Nigerian banking sector and nationwide presence with 38 physical locations has reassured users of our credibility. So, can you feel financially secure? Absolutely!
Baruwa further elaborated on the features of the app, stating that Jollof+ offers a range of digital financial solutions tailored to the needs of Nigerians during these challenging times. The Jolloflock feature allows users to lock their savings and earn a 21.6% net interest per year, while Ajo+ helps users save towards specific goals such as purchasing a car or paying rent, with a 16.5% net interest. Even funds left in the Jolloflex wallet earn a 10% net interest, and the Babybox feature supports saving for children’s future with a 15.5% annual interest. We are thrilled to have gained the trust of Nigerians, as evidenced by the N1.3 billion saved within only 64 days.
Addressing this achievement, Eric Ntumba, the Acting Chief Executive Officer of Baobab Nigeria, emphasized the app’s mission to support Nigerians in navigating the current economic period. He stated that this initiative is part of Baobab’s transformative efforts, as they believe banking should no longer be limited to physical branches. The goal is to empower customers to become their own bankers, managing their savings and investments independently. Ntumba expressed his excitement for people to enjoy Jollof+, as it offers convenience, targeted savings options, and encourages good savings habits, especially for the tech-savvy youth. The interest earned can help combat inflation, making Jollof+ a valuable tool for financial management for all.
Discover more from Tension News
Subscribe to get the latest posts sent to your email.