Jollof+, a new savings app by Baobab Nigeria, a subsidiary microfinance bank of the French-based Baobab Group has recorded over N1.3 billion savings, 64 days after its launch.
According to a statement, the savings app was launched in May 2024 and it hits a milestone that signifies the app’s growing importance in promoting financial security for Nigerians.
“Baobab Nigeria’s recently launched savings app, Jollof+, has achieved a significant milestone, attracting over N1.3 billion in savings just 64 days post-launch. This achievement highlights Jollof+’s role in promoting financial security for Nigerians amid rising inflation,” it added.
According to the National Bureau of Statistics (NBS), Nigeria’s headline inflation rose to 33.95 percent in May and 34.2 percent in June but decreased to 33.4 percent in July and August. Sometime in May, the Central Bank of Nigeria (CBN) interest rate hiked further by 150 bps to 26.25 percent from 24.75 percent which led to a surge in interest rates.
Read also: Baobab Nigeria launches new savings product
“The app’s success is attributed to its user-friendly design, competitive interest rates, and rewarding features, making it a player in Nigeria’s competitive fintech sector,” the statement added.
Babatunde Baruwa, chief Innovation and Digital Strategy officer at Baobab Nigeria said Jollof+ has proven sustainable and its users have been reassured of credibility despite its 21.6 percent interest rate.
“Jollof+ has proven its sustainability backed by Baobab Nigeria’s solid foundation as a microfinance bank with over a decade of experience and 38 branches nationwide, users have been reassured of our credibility,” he said.
Eric Ntumba, acting chief executive officer of Baobab Nigeria highlighted that the company aims to empower Nigerians in the current economic situations.
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