• Friday, March 29, 2024
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Savyt launches savings and investment platform

2024 – Your personal financial success recipe

In its quest to help Nigerians grow and preserve their wealth, Savyt (pronounced ‘Save+It), a fintech start-up, has launched its savings offerings.

Savyt is a savings and investment platform leveraging technology to help Nigerians grow wealth by connecting them to high-yielding savings and investment opportunities.

With savings rate in Nigeria currently estimated at 23% according to the World Bank, and the country’s 10-year average inflation rate standing at 12%, Nigerians are constantly in search of investment opportunities that can improve their returns and protect their portfolio from inflation and currency devaluation. Savyt aims to make this process easier.

Commenting on the launch, Muyiwa Babarinde, Savyt’s head of marketing & growth, highlighted how rising inflation continues to erode Nigerians’ purchasing power and deplete savings.

“Over the years, the persistent rise in inflation indicates that Nigerian savers and investors are not getting adequate returns for their investments on an inflation-adjusted basis, thereby reducing per capita wealth of the middle-class even with rising local currency income levels,” Babarinde said.

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He said the Nigerian middle class is also simply not saving enough.

“At Savyt, we are focused on improving economic mobility through an improved national savings rate and finding better yielding investments for our subscribers. Savyt provides alternative savings & investment options where users can set personal goals, save towards them and earn up to 15%, per annum,” Babarinde said.

“With our goal-focused ‘target savings’ and ‘fixed investments’ (Maintain, Accelerate & Elevate) plans, our users can improve the value of their portfolio. By providing Nigerians with investment products that help their capital appreciate, we can help unlock more value and ensure upward economic mobility,” he said.

Also speaking on the prevailing macro-economic conditions in the country during the launch, Ruth Mbanali, Savyt’s head of finance and operations, said the platform was introduced to reduce the negative impact that COVID-19 has had on the finances of Nigerians over the past one year, by connecting them to investment opportunities that can deliver better returns.

“The outbreak of Covid-19 affected the growth of economies across the world. According to International Monetary Fund data, Nigeria’s economy contracted by 1.9% in 2020, with negative growth experienced for 3 consecutive quarters. This had a ripple effect on investors’ return in the financial market,” Mbanali said.

“However, with the rollout of Covid-19 vaccines and economies growing back to pre-covid levels, Savyt is poised to provide Nigerians with access to the best investment opportunities to grow their portfolio considering the effect that inflation and currency devaluation have had on their finances since the pandemic started,” she said.

On Savyt, users can set up an account, create a savings plan with as low as N50 and enable recurring deposits through its ‘Autosave’ function, in a matter of minutes.

With Autosave, users can automatically save funds at a frequency they are comfortable with, either daily, weekly or monthly.

Customers funds are invested in low to medium risk financial instruments, transactions are processed by a PCI DSS complaint processor, and all deposits are held by Savyt’s partner banks, and insured by Nigeria Deposit Insurance Commission (NDIC)

Savyt has been in beta and it has partnered with a licensed financial institution to provide its services in Nigeria.