Nigerian Fintech, Microvest unveils digital app for savings, investment

Nigerian Fintech, Microvest unveils digital app for savings, investment

Nigerian Fintech, Microvest, has unveiled its app to boost the savings and investment culture in Nigerians.

According to the Chief Operating Officer, Microvest, Rob Okiyi, says during a press briefing in Lagos: “We chose to play in the fintech space because the future of banking is digital. We’re already living in the future. We basically want to provide a credible alternative platform for people to save and invest.

Following the launch of the savings and investment mobile app, Microvest says it is helping users to clearly define their vision of financial growth. The Fintech company says the goal of Microvest and its existence is to provide to the public an alternative and credible platform for them to save and grow their funds.

Mr Okiyi adds: “Most people have savings with conventional banks, but we’re providing a platform where you can save and earn interest towards a particular goal, and instead of having money deducted from your account, you are rewarded for saving. We’re encouraging financial discipline while giving people an opportunity to grow with us.”

According to him, the firm is a registered and licensed cooperative in Lagos State and regulated by the Directorate of Cooperative Services.

The reality is that while everyone’s reason for saving might vary, there’s a common goal which is financial discipline. Without a solid plan, it makes it harder to save money or cover important purchases and capital projects. This is where savings and investment platforms like Microvest come in.

The app, which can be downloaded from the Google Play store, targets the everyday Nigerian. Microvest offers products that are tailored to meet the specific needs of users. For instance, its saving options come in three variants: MiSafe, MiTarget and MiLock. “Each of these options come with different interest rates, which means the higher your funds and duration, the higher the interest rate,” Okiyi explained.

MiSafe is the most flexible savings plan where users can fund their wallets and create a plan with as little as ₦1,000. It allows withdrawals anytime and also gives users the opportunity to transfer funds to any bank account. MiSafe has an interest rate of 10.5% p.a

MiTarget as the name implies, helps you to achieve your financial target. You are required to set a maturity date with a minimum of 90days. This plan, which is for a particular goal, has an interest rate set at about 12% p.a

MiLock is an upgrade to MiTarget which allows you to save towards a particular goal. The funds are locked in a vault without access. This option helps you avoid the temptation of having to break the funds before the time of maturity. MiLock has different variants with rates up to 14% p.a

In addition to these products, Microvest is heavily invested in building a community of people who will grow together and impact their world. Its MiSocial plan is a social community where users can interact, make posts, and view trending topics. One of many characteristics that sets it apart from other fintech savings platforms.

The company boasts of a strategic and impressive customer experience. Ahead of its launch, Microvest started testing the platform with the help of various tech professionals. This was very helpful in terms of feedback, with a focus on making the interface very friendly as well. “We focus a lot on the customer experience as against the usual. We are transcending from just ‘customer service’ to ensuring customer experience is prioritized,” said Okiyi.

Microvest’s approach is to be sustainable and consistent while ensuring to remain competitiveness. This is why the company recently partnered with Meristem trustees, which has a track record spanning over 16 years. “The fintech space has disrupted traditional banking which gives us the opportunity to make partnerships to become stronger,” said Okiyi.

Okiyi also added that this will give users the assurance that Microvest shares the core values of a trusted company such as Meristem. “Openness, trustworthiness, and integrity are what we provide to customers,” he said.

In uncertain times where the African economy has witnessed inflation and the cost of living on the rise, the company hopes to see players in the industry as people they should collaborate with.

Before its commercial launch, Microvest had its app on the Google Play store with about 200 active subscribers, with 80% of them having actively consummated transactions, according to the company.

In November 2021, Microvest was commercially launched after four years of conceptualizing by its co-founders. One of which, is Oladele E. Olaleru, who doubles as the Chief Technology Officer (CTO) while Robert Okiyi drives the strategy and company operations as the Chief Operating Officer (COO).

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