Nigeria’s FinTech sector continues to expand, as more apps emerge to disrupt the financial services mode of operations.
These apps are also helping Nigerians to build a savings culture to guard against uncertainties and unforeseen circumstances.
Well, that is what Moneybag.ng is all about.
A brainchild of Nuture Technology Ltd., MoneyBag.ng mobile apps savings platform helps in creating a financially literate populace that have imbibed the savings culture.
“MoneyBag enables individuals to grow their savings and also enforce discipline on their savings which eliminates the temptation of withdrawing from their savings at will,” says Uchenna Okezie, Managing Director, Nuture Technology Ltd.
He said the major objective of Moneybag platform was to enhance the living standards of the people, because it encourages more savings, investments and earnings at the same time.
“Over the past 10 months, we have been testing this product we are launching today to see how it is suitable and satisfies majority of the populace targeted.
“All over the world, saving part of your income can be very hard and often times we spend all our income on things that we don’t need or on things just come up and we don’t have a choice than to spend.
“The main focus is to workout modalities to make saving easy because most people have the will to save, but do not have the saving principles.
“Savings, investment and lifestyle are all infused in MoneyBag app to enable customers to save, invest and improve their lifestyles.
“MoneyBag is not just about savings, but allows you to get high interest on every savings made,” he said.
Nuture Technology Ltd., is partnering with FBN Insurance, MoneyLine, Premier Africa, GTBank, among others to ensure security and effectiveness of the platform.
The partnership with Premier Africa would ensure that the company get the licence to bring the product to the market.
How it works
MoneyBag is a transparent, flexible, secured and reliable platform that encourages the culture of savings in Nigerians.
It allows flexibility savings as users can choose to save daily, weekly or monthly. Users can save towards a specific target or choose to place a withdrawal restriction on the account with no limit to the amount that can be saved on a single account.
Users can withdraw cash for free at three months intervals.
Users can choose their free withdrawal dates, but withdrawals out of the withdrawing limit and period, attract a five per cent penalty fee.
It also allows access to loans, but the applicant would have saved money with MoneyBag for at least 90 days.
Andela has hosted 50 students from selected Nigerian tertiary institutions for invention o…