A Nigerian fintech startup, PennyTree, has launched Penn Rules, a financial service that makes financial discipline seamless and fun for its users.
Penn Rules allows users to integrate savings habits with their lifestyle, thereby, demonstrating that lifestyle and finance are not mutually exclusive. With Penn Rules, users are able to save as they earn, save as they spend, save as they live and save as they interact in the digital village without second guessing.
The idea to build a gamified digital financial lifestyle product was born out of the zeal shared by two friends, Ayo Ogunlowo and Adeleke Awotayo Ayeni, to not just democratize but gamify the way people save by making it a part of their lifestyle.
In a statement, yesterday, released to the press, PennyTree’s Co-founder and President, Ogunlowo said: “We are currently at a level where savings and wealth building are characterised by setting debit reminders and locking funds away in digital vaults. We are making this more fun and enjoyable by building an affinitive ecosystem; creating a clan of financially savvy customers who would automate wealth as they live their lives.”
He explained that while the application is now available on the iOS/Playstore for download, PennyTree launches in a controlled format. This, he said, is to ensure that early adopters experience the gamified digital lifestyle platform in its early stage (Minimum Viable Product), giving feedback while continuously improving.
“This is in a bid to ensure we understand our customers, implement feedback, roll out new features and scale our architecture to accommodate a bigger customer base,” Ogunlowo said.
On security of funds and cyberattacks, Ogunlowo revealed that PennyTree is in partnership with reliable and trusted platforms such as Flutterwave, Verifyme and Africa’s Talking to leverage their technology.
“We have partnered with PCIDSS level 1 compliant payment processor for security of funds and all our business partners are regulated in their respective industries. We also have a strategic partnership which avails us an Microfinance Bank licence as a savings and collections company,” he added.
