Festivesave, is a new and innovative digital savings platform which was launched this month by MKOBO. Festivesave is the first digital savings platform in Nigeria which allows users to save specifically for the festive celebrations.
The platform launches with support for the four most popular festive celebrations in Nigeria (Christmas, Eid-Fitr, Easter and Eid-Kabir (Sallah)), with plans to expand this to other celebrations in the future. The icing on the cake is that Savers also receive up to 10% bonus (interest) annually on their savings.
Festivesave is currently only available on the web with plans to launch the Android and iOS mobile app in August this year.
Habeeb Adeokun, Founder & CEO at MKOBO says “It is common knowledge that most people spend more during the festive seasons especially Christmas and Eid-Kabir due to increase in food prices, transport (especially for people travelling back home), and purchase of gift or new outfits. Majority of people do not save for these extra expenses hence they resort to borrowing either informally or from a financial institution, this only increases the cost of the festive season as usually borrowing comes with a cost.
The idea for Festivesave was conceived when we noticed a consistent increase in loan applications before each festive season and based on our research, we identified there was an opportunity for a product like Festivesave, to encourage people to save and plan for the event, this in turn will ensure they enjoy a less stressful festive Product celebration.”
David Arogundade, Product Manager says “Festivesave has been designed from the ground up with the user in mind. We have taken steps to ensure the product is easy to use and sign up takes less than 5 minutes (users will require an ATM card enabled for online transactions). Our goal is to take the stress out of regular savings because once it’s setup, the monthly savings is automated.
To further encourage and motivate Users, all savings attract 10% bonus annually which is paid with the savings on maturity. All savings have set maturity date before the festive celebration to give people enough time to prepare for the festive celebrations.
Customers can sign-up now on the website at www.festivesave.com. The Android and iOS apps will be released in August this year.”
Festivesave is Nigeria’s first digital savings platform specifically for festive celebrations. The platform currently includes four Festivesave Plans Christmas, Eid Kabir, Easter and Eid Fit. The platform was created with the mission to take the stress out of festive celebrations by encouraging people to save enough funds to meet the additional expense of the festive season.
MKOBO is a fintech company operating under a Microfinance banking license in Lagos, Nigeria. The company is primarily focused on the provision of inclusive financial services including lending, savings and payments, leveraging technology to reduce complexity and costs. MKOBO is regulated by CBN and insured by NDIC. More information on the company can be found at www.mkobo.com.ng