A digital way of saving money in the piggy bank (traditionally known as kolo) has been introduced to offer more options and advantages over the old fashioned money boxes, the thrift collection system(Ajo or Esusu) or the savings accounts in commercial banks that produce more debits than interests.
“Kolomoni”, a web and mobile application platform, is the latest way of saving digitally in a piggy bank with withdrawal options.
Developed by CreditAssist Investment Limited, a licensed money lending and investment company, the “digitized kolo” also helps savers to monitor their savings and be able to access their funds anytime.
At a press briefing to launch the app in Ibadan, the Executive Director, CreditAssist Investment Limited, John Alamu, said Kolomoni will reshape the saving pattern of every Nigerian towards achieving their set goals through personal savings and also reduce dependence on excessive borrowing.
“I am confident that KoloMoni is a major way to reduce the overdependence on loans, which often leads to financial disequilibrium,” he said.
The Executive Director stated that KoloMoni provides an avenue for Nigerians to achieve financial freedom without being burdened with the weight of bad loans, adding that saving with the application can attract interest rate of about 15 percent per annum.
“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,” Alamu said.
The company’s Head of Investement and KoloMoni, Rita Balogun, said CreditAssist came up with this innovation to curb people’s excessive spending habits and to reduce cost of lending.
“We came up with the idea so as to help people meet their set goals and encourage personal savings. These savings are insured by the Nigerian Securities and Exchange Commissions through Meristem Trustees and the minimum saving amount is N100,” she said.
Balogun further stated that there is no extra charges or costs for saving on KoloMoni, adding that every transaction details can be downloaded free of charge by the customers.
She added that customers would be given Automated Teller Machine(ATM) customised debit cards which can be used to withdraw and save money to their accounts, noting that the only exception to the card is that it cannot be used for online transactions.
The company described KoloMoni as an app designed for any Nigerian with a smart phone, saying that it allows people to save periodically (daily, weekly or monthly). The application also provides a cash reward for every new valid user referred by existing customers.
The app can be downloaded on google play store for android users or on apple store for iPhone users. The web platform is www.KoloMoni.ng.