An online savings platform, Moneybag.ng has been launched for adoption by Nigerians. The financial product, which was created by Nuture Technology Services Limited, an indigenous technology firm based in Lagos is a savings platform that has been described as simple, fast, convenient and transparent.
The product which was unveiled to the media on the 8th of July 2019 at D’Podium International Event Centre, Ikeja in Lagos also witnessed the unveiling of Omololu Somuyiwa as Moneybag.ng’s brand ambassador. “Lolu” as he is popularly known rose to stardom from participating at the 2018 edition of the Big Brother Nigeria (BBN) TV reality show.
According to the Chief Executive Officer of Nuture Technology, Mr Uchenna Okezie, “saving is an activity that is crucial to the financial independence of any individual and with Moneybag.ng, we have created a customised savings solution that is flexible for everyday use and transparent for comprehension”.
Moneybag.ng is an online financial services platform that can be used by anyone regardless of age or profession with features such as savings, investments (“Baglocker” which helps you lock away funds for a set period with 9-13.5% per annum interest) and loans. It also has a lifestyle feature known as “Cliquebag” designed to help friends save together. Okezie further stated that the company’s goal is to add value to the savings culture of Nigerian society since so many people find it difficult to save for different reasons.
In his remarks, the Chief Operating Officer of the company, Mr. Lanre Fadayomi made it clear that low inclusivity and limited user-friendly financial service options were identified as the main difficulties why people found it hard to save and that this was a critical motivating factor when Nuture Technology decided to create an easy way people could save regardless of their age, background or qualification.
Fadayomi also said, “Majority of what we do is transaction-based so it required us to be customer-centric with the types of savings plans Moneybag.ng offers. We also had to focus on a user experience that was easy to understand and interact with the needs of our customers while looking for ways to help customers better appreciate the product. We then infused lifestyle, investments and discipline in saving to help get customers interacting with the product.”
In its efforts to creating Moneybag.ng, Nuture Technologies partnered with some giants of the financial sector towards ensuring a full integration for Moneybag.ng across the various financial services. The list of partners includes Interswitch, GTbank, First Bank’s FBN General Insurance, Moneyline, Primera Micro-Finance and others. The launch event which held on Monday the 8th of July 2019 at the D’Podium International Event Centre in Lagos also witnessed the unveiling of former Big Brother Nigeria 2018 Housemate, Omololu Somuyiwa as Moneybag.ng’s brand ambassador.
MoneyBag.ng App is available on the Google Play Store