Baobab Nigeria’s newly launched savings app, Jollof+, has swiftly made waves in the financial sector, amassing over N1.3 billion in savings within just 64 days of its introduction.
In a statement, the company highlighted this milestone as a testament to the app’s growing significance in fostering financial stability for Nigerians, especially in a time of economic uncertainty.
Jollof+, launched in May 2024, is a flagship product of Baobab Nigeria, a subsidiary of the French-based Baobab Group. The app is not only licensed by the Central Bank of Nigeria but also insured by the Nigeria Deposit Insurance Corporation, offering a secure platform for both savings and investments.
“This remarkable achievement of attracting over N1.3 billion in such a short period underscores the vital role Jollof+ plays in enhancing financial security for Nigerians, particularly amidst rising inflation,” the statement read.
Baobab Nigeria attributes the app’s success to its user-friendly interface, competitive interest rates, and a suite of rewarding features that distinguish it in Nigeria’s dynamic fintech landscape.
Babatunde Baruwa, Chief Innovation and Digital Strategy Officer at Baobab Nigeria, acknowledged the initial scepticism surrounding the app’s 21.6% interest rate. However, he affirmed that Jollof+ has demonstrated its sustainability, supported by Baobab Nigeria’s solid reputation as a microfinance bank with over a decade of experience and 38 branches across the nation. “This foundation has reassured users of our credibility,” he noted.
Baruwa further explained that Jollof+ is tailored to address the financial needs of Nigerians during these challenging times, offering a variety of innovative solutions. For instance, the Jolloflock feature enables users to lock their savings and earn 21.6% annually, while Ajo+ helps users save towards specific goals, such as rent or purchasing a car, with a 16.5% interest rate. Even idle funds in the Jolloflex wallet yield a 10% return, and the Babybox feature allows parents to save for their children’s future with a 15.5% return.
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Acting CEO of Baobab Nigeria, Eric Ntumba, emphasized the company’s commitment to empowering Nigerians to manage their savings and investments independently. “Our goal is to support Nigerians through this economic period by offering a platform that provides convenience and encourages good savings habits, particularly among the tech-savvy youth,” he said.
