Baobab Microfinance Bank has launched its digital savings offering, the Jollof+ app, which allows customers to earn up to 24 per cent on their savings and hedge against high inflation.

The product is aimed at growing the savings habit of Nigerians and promoting financial inclusion.

At the launch of the product in Lagos on Monday, the acting CEO of the bank, Eric Ntumba, described the Jollof+ app as a cutting-edge savings application aimed at mitigating the negative impact of inflation on savings.

Inflation in the country has continued to rise, reaching 33.69 per cent in April.

“Jollof+ helps users combat inflation by providing high-interest savings options. With the inflation rate affecting the value of savings, Jollof+ offers a competitive interest rate that helps users protect their purchasing power even in the face of inflation.”

According to him, customers can get up to 24 per cent interest on their savings, which he said is currently the highest offering in the Nigerian market.

He said the product provides individuals and families with easy access to financial growth and security.

He noted that the offerings, which range from Jollof Flex, JollofLock, Ajo+ and Babybox, ensure that customers can manage their financial activities seamlessly while tracking the progress of their savings habits.
Explaining the offerings, Ntumba said the JollofLock allows users to lock their funds for a specified period, earning a higher interest rate compared to a regular savings account.

The offering, which pays interest upfront, helps users maximise returns by committing their savings for fixed durations.

The Ajo+ is a target savings feature that allows users to save individually or as a group towards achieving a goal while earning up to 18.33 per cent.

Users of the app can also save for their children’s future through the Babybox feature, earning up to 17.22 per cent interest rate.