Baobab Microfinance Bank have announced the launch of new mobile application, the Jollof+.
The institution said the new innovation would strengthen the saving culture among Nigeria.
The launch of the product took place in Lagos where the acting Chief Executive Officer of the Bank, Eric Ntumba, said the app will allow customers to earn up to 24 percent annually on savings.
He described the Jollof+ app as a cutting-edge savings application aimed at mitigating the negative impact of inflation on the savings of Nigerians.
“The current inflation rate in Nigeria has risen to 33.69 percent in April this year which has affected the value of savings. Jollof+ will helps users combat inflation by providing high-interest savings options.
According to Ntumba, customers can get up to 24 per cent interest per annum on their savings, which is currently the highest offering in the Nigerian market, while providing individuals and families with easy access to financial growth and security.
He noted that the offerings, which range from Jollof Flex, JollofLock, Ajo+, and Babybox, ensure that customers can manage their financial activities seamlessly while tracking the progress of their savings habits.
Ntumba said the JollofLock allows users to lock their funds for a specified period, earning a higher interest rate compared to a regular savings account.
“The offering, which pays interest upfront, helps users maximise returns by committing their savings for fixed durations.
“Ajo+ is a target savings feature that allows users to save individually or as a group towards achieving a goal while earning up to 18.33 per cent annually.
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