Insurers, tech firm seal pact to grow money market fund

Despite the growth in the savings and investment products in Nigeria, the country still records low mobilisation of savings and investments, a research by FSDH has shown.

The research stated that the ratio of gross national savings to the Gross Domestic Products in Nigeria was one of the lowest among some countries in the world.

In addition, with the impressive growth in the mutual fund in Nigeria in the last five years, the ratio of mutual fund assets to the GDP is estimated at 0.5 per cent.

For AXA Mansard Investments, its business is to provide top-notch savings and investment solutions to the public.

In partnership with Reach Technologies, the goal is to bring money market investments closer to the public and to make it easier to invest in.

To this end, the company’s MyAXA app, AXA Mansard’s Money Market Fund is now accessible through the Reach app.

The AXA Mansard Money Market Fund was identified as the ideal investment fund suitable for deployment on the App.

This means that users of the App, can now sign up to the money market fund within the application and access all services related to the fund including account monitoring, making payments and initiating liquidation requests.

The Chief Executive Officer, AXA Mansard Investments, Deji Tunde-Anjous, said developing a savings/investments culture is now much easier and achievable using the AXA Mansard Money Market Fund, now accessible using the app.

According to him, the Fund is a highly professionally managed and enables a subscriber to access a diversified portfolio of securities, and is also liquid – enabling a subscriber enter and exit conveniently.

Reach Technologies is a transaction informatics company that analyses and interprets Africa’s transaction data to make it valuable to individuals, communities, retailers and brands, while individuals in Nigeria, Ghana, Kenya and Qatar can track their spending, budget smart, get personalised finance tips and obtain small hassle-free loans.

The Chief Executive of Reach Technologies, JR Kanu, said: “We have admired the superior performance of AXA Mansard’s funds over the years as well as the professionals leading the company. Thus, when it was time to onboard a funds manager, AXA Mansard was a natural first fit.”