Savings and investment firm, CreditAssist has launched savings and investment mobile application called “Kolomoni” to help people especially small and medium entrepreneurs as well as those living in rural areas to have access to credit facilities.
This is being done just as the firm (Credit Assist Investment Limited) operated by some young entrepreneurs has also introduced a standard mobile application, KolomMoni, which will afford subscribers to save a
The application according to the Executive Director of CreditAsset, Mr John Alamu was designed to use modern technology in order to encourage savings and investment among Nigerians.
Alamu while speaking at the launch of the application held in Ibadan, the Oyo state capital on Friday, added that the firm believes that the application, KoloMoni will tend to reshape the savings pattern of every Nigerians towards achieving their set goals through personal savings and reduce dependence on excessive borrowing.
He added that the firm is a money lending organization licensed by the Oyo state government and an affiliate of the association of non-bank microfinance institutions in Nigeria.
Alamu said, “CreditAssit Investment Limited is delighted to announce the launch of KokoMoni, a standard secured web and mobile application using modern and convenient technology to encourage savings and investment in order to foster savings culture among Nigerians and set users on the road to financial freedom.
“CreditAssist believes that KoloMoni will reshape the savings pattern of every Nigerian towards achieving their set goals through personal savings and also to reduce dependence on excessive borrowing.
KokoMoni is an innovative and modernized version of the traditional “kolo (aka Piggybank)” and can be thought of as a digitized kolo for saving money.
“I am confident that KokoMoni is a major way to reduce over-confidence on loans, which often leads to financial disequilibrium. With a wide array of savings plans available in KokoMoni, our customers will always have more money at their disposal to finance their set goals without sourcing for loans.
Achieving financial freedom for our customers without deliberating loans was the driving force behind the development of KokoMoni.
“KokoMoni is designed for every Nigerian that has access to a smartphone and enables them to save periodically (daily, weekly or monthly). KokoMoni also has a large number of benefits for users.
Savings on KokoMoni can attract interest rates as high as 15 per cent interest per annum. In addition, these savings are insured by the Nigerian Securities and Exchange Commission through Meristem Trustees.
“The app also provides a cash reward for every new valid user referred by existing customers. KokoMoni is available for download on the Google Play Store for Android users and Apple store for iPhone users.
“CreditAssist Investment Limited is a money lending organization licensed by the Oyo state government and an affiliate of the association of non-bank microfinance institutions in Nigeria (ANMFIN).”
Kokomoni ambassador, Rita Balogun while speaking said that the application was designed in order to provide financial assistance to people in the rural areas.