Baobab’s Savings App Hits N1.3bn Funds in 64 Days

Baobab Nigeria’s recently launched savings app, Jollof+, has achieved a significant milestone, attracting over N1.3 billion in savings just 64 days’ post-launch, the company has said. “This achievement highlights Jollof+’s crucial role in promoting financial security for Nigerians amid rising inflation,” Baobab said in a statement.

Commenting on this remarkable achievement, the Chief Innovation and Digital Strategy Officer, Baobab Nigeria, Babatunde Baruwa, said, “Like most fintech innovations, Jollof+ initially faced doubt, with many questioning the sustainability of our 21.6% interest rate. However, Baobab Nigeria’s strong foundation as a microfinance bank with over a decade of experience in the Nigerian banking sector and 38 physical locations nationwide has reassured users of our credibility. So, are you safe financially? Yes, you are.”

He further elaborated on the app’s features, stating, “Jollof+ offers a range of digital financial solutions tailored to the needs of Nigerians during these challenging times. Our Jolloflock feature allows users to lock their savings and earn a 21.6% net interest per year, while Ajo+ helps users save towards goals like buying a car or paying rent, with a 16.5% net interest. Even funds left in the Jolloflex wallet earn a 10% net interest, and our Babybox feature supports saving for children’s future with a 15.5% annual interest. We are thrilled to have earned the trust of Nigerians, as evidenced by the ₦1.3 billion saved within just 64 days.”

Further speaking on this, the Acting Chief Executive Officer, Baobab Nigeria, Eric Ntumba, emphasised the app’s mission to support Nigerians in navigating the current economic period. “This initiative is part of Baobab’s transformative efforts, as we believe banking should no longer be a place you go to whenever you need to. The goal is to empower our customers to become their bankers, managing their savings and investments independently. We look forward to people enjoying Jollof+. It offers convenience, options for targeted savings, and good savings habits, especially for the tech-savvy youth. The interest earned can help combat inflation, making Jollof+ a valuable tool for financial management for ally.”