Jollof+, a savings app launched by Baobab Nigeria in May 2024, has accumulated ₦1.3 billion in savings from over 15,500 users within just 64 days. This success highlights the growing demand for digital financial solutions in Nigeria and demonstrates the app’s potential to revolutionize the way people save money.
Jollof+ offers a range of innovative features designed to help users save effectively. These include Jolloflock, which allows users to lock their savings and earn 21.6% interest per year; Ajo+, which helps users save for specific goals with 16.5% interest; Jolloflex, a flexible wallet that earns 10% interest; and Babybox, designed for saving for children’s future, offering 15.5% annual interest.
The app’s popularity can be attributed to its user-friendly interface, flexibility, and high interest rates, which help users combat inflation. With Nigeria’s inflation rate hovering around 20%, Jollof+’s high interest rates provide a much-needed solution for individuals seeking to maintain and grow their purchasing power.
Experts praise Jollof+ for its innovative approach to digital financial solutions. Babatunde Baruwa, Chief Innovation and Digital Strategy Officer at Baobab Nigeria, notes that Jollof+ offers tailored solutions for Nigerians, addressing their specific financial needs during challenging times. Eric Ntumba, Acting CEO of Baobab Nigeria, emphasizes the app’s convenience, options for targeted savings, and promotion of good savings habits.
Users trust Jollof+ due to its licensing by the Central Bank of Nigeria, insurance by the Nigeria Deposit Insurance Corporation, and backing by Baobab Nigeria, a microfinance bank with over a decade of experience. This ensures that users’ savings are secure and insured, providing an added layer of protection.
The rapid growth of Jollof+ suggests a bright future for digital savings solutions in Nigeria. As more people seek effective ways to save money, apps like Jollof+ will play a crucial role in promoting financial security and stability. With its innovative features, competitive interest rates, and secure platform, Jollof+ is poised to revolutionize the savings landscape in Nigeria.
Interested users can download Jollof+ from the Google Play Store or Apple Store and visit (link unavailable) for more information. As Nigeria’s fintech landscape continues to evolve, Jollof+ stands out as a promising solution for those looking to save money effectively in challenging economic times.
