PennyTree enters Nigeria’s fintech market to boost financial discipline
Determined to make financial discipline seamless and fun for consumers, PennyTree Inc., a Nigerian fintech startup, has launched the first of its kind financial service product in Africa known as PennyTree Application.
PennyTree application comes with a product called Penn Rules, which allows users to integrate savings habits with their lifestyle, which means that lifestyle and finance are not mutually exclusive.
Ayo Ogunlowo, co-founder/president of PennyTree Inc. said that Penn Rules allows users to save as they earn, spend, live, and interact in the digital village without second-guessing.
According to him, PennyTree, which is a gamified digital lifestyle platform, brings ease to finance by building an ecosystem that integrates financial well-being with the lifestyle of its users.
“We are currently at a level where savings and wealth building are characterized by setting debit reminders and locking funds away in digital vaults. We are making this more fun and enjoyable by building an affinitive ecosystem; creating a clan of financially savvy customers who would automate wealth as they live their lives,” he explained.
On the security of funds against cyber-attacks, Ogunlowo said that PennyTree is in partnership with reliable platforms such as Flutterwave, and Verifyme, and will leverage both technologies to protect customers’ funds.
“We have partnered with PCIDSS level 1 compliant payment processor for the security of funds and all our business partners are regulated in their respective industries. We also have a strategic partnership which avails us a Microfinance Bank license and to operate as a savings and collections company,” he said.
While noting that the application is now available on the iOS/Playstore for download, he said, PennyTree is launched in a controlled format to ensure that early adopters experience the gamified digital lifestyle platform in its early stage.
Ogunlowo said that the app allows customers to give feedback that would enable the company to continuously improve on its features, and also allow them to understand their customers better.
Though PennyTree enters the Nigerian market with existing competitors such as PiggyVest, he said that Penn Rules is the brand’s unique selling proposition that offers a unique user experience through gamification.
He listed other benefits to include wealth-building tactics through financial discipline with good interest rates for compliant users to grow their money.
“The idea to build a gamified digital financial lifestyle product was born out of the zeal shared by two friends (Ayo Ogunlowo and Adeleke Awotayo Ayeni) to not just democratize but gamify the way people save by making it a part of their lifestyle,” Ogunlowo added.