In a bid to help grow the savings habit of Nigerians and promote financial inclusion, Baobab Microfinance Bank has launched its digital savings offerings, Jollof+ app, that allows customers earn up to 24 per cent on their savings.
Speaking at the launch of the product in Lagos, the acting Managing Director of the bank, Eric Ntumba described the Jollof+ digital savings offering as a cutting-edge savings application that is offered on mitigating the negative impact of inflation on savings of Nigerians.
Inflation in country has continued to rise, reaching 33.69 per cent in April this year. “Jollof+ Plus helps users combat inflation by providing high interest savings options. With inflation rate affecting the value of savings, Jollof+ offers competitive interest rate that helps users increase their purchasing power even in the face of inflation.”
According to him, customers can get up to 24 per cent interest on their savings, of the highest offerings in the Nigerian market, whilst providing individuals and families with easy access to high interest savings accounts fostering financial growth and security.
He noted that the offerings which range from Jollof Flex, JollofLock, Ajo and Babybox ensures that customers can manage their financial activities seamlessly whilst tracking the progress of their savings habits.
Explaining the offerings, Ntumba said the JollofLock allows users to lock their funds for a specified period, earning higher interest rate compared to regular savings accounts. The offering which pays interest upfront helps users maximise returns by committing their savings for fixed durations.
The Ajo+, is a target savings feature that allows users save individually or as a group towards achieving a goal while earning up to 18 per cent whilst promoting financial discipline. Users of the app can also save for their children’s future through the Babybox feature earning up to 17 per cent in interest rate.
