BusinessDay
Nigeria's leading finance and market intelligence news report.

Reaprite Innovates Group Savings with Launch of Reap Village

Across the continents and Africa, people come together to save up. This practice has been in existence for decade and in some case regarded as a form of banking for the un-bankable. Reaprite has digitalized this process by building on the existing structure of group saving and making it possible for the digital aged population to participate in group saving.

Reaprite, a digital Savings and Investment platform in the Fintech space has today introduced a unique saving option, Reapgoal to further encourage Nigerians to save. This is in alignment with its vision of bringing Africans closer to financial freedom. Through her platform Reaprite renders savings services to its users at no charge.

According to the company, the new saving option: Reapgoal will help individuals and groups of persons to set saving goals and smash them with ease as the options include Target; a personal saving plan and Reap Village; a group saving plan that offers 10% interest per annum, respectively.

Read Also: Here are banks that pay higher interest for your savings

Speaking on the launch, Managing Director, Tunde Saliu noted that Reap Village is a unique collective saving option that allows individuals, friends and even strangers to come together and save to achieve a common goal and can be accessed on Reaprite via Web, iOS or Android platforms.

Saliu said: ‘’People want help and accountability saving for themselves which is the reason behind Reap Village. We also hear stories like “I can’t save alone”, “I’m not consistent with my savings”, “I need help to stay on track”. Reap Village is developed with all these concerns in mind and to help you keep your eye on the goal. The saving circle is from Short to long term and flexible, giving room for customizing the duration, and accrued a 10% interest per annum.

‘’Many a times we travel, spend time and lots of money with friends. Why not save collectively? As this can be a powerful way of meeting financial goal. Whether it’s saving for a birthday party, destination wedding, house project or Education, group saving is an effective way to reach your goal.’’

He further explained: ‘’ Since it’s literally a village, a village must have a King, Chief and Kinsmen. The King creates the Village, customized the village based on short to long term financial goal he hopes the Village will achieve within a specified time and invites group members (Kinsmen) to join. Together they begin a saving journey.

‘’Reap Village makes a few tweaks to the usual group saving. In the case of Reap Village, members are saving collectively but as individual, no member takes home the total contribution by the end of the month, but members only go home with what they have saved at the end of the Village circle.

‘’Secondly, if a member opts out of the village, he/she loses the accrued interest but go home with the capital saved, so staying on course is important.

‘’Thirdly, the King who is the curator and the leader of the village is awarded at the end of the saving circle an additional 5% interest of the overall interest accrued by the group. Mind you anyone can create a village for free, and through the member’s profile, Kinsmen can track saving activities and the progress of the village.’’

On how to get started, Saliu revealed: ‘’Download the Reaprite app from the different stores, create account for free and invite your friends, loved ones, acquaintance to save along with you and together you are on your way to financial stability and freedom.

‘’REAPGOAL will offer users the following benefits on their savings: Competitive interest rate of 10% p.a; Dedicated and exceptional customer support; No transaction fees; Bonuses on savings; Users ranking to encourage better performance and Personalized savings duration and purpose.

Whatsapp mobile

Get real time updates directly on you device, subscribe now.