MFB mobilises N1.3b savings 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 after it was launched.

This achievement highlights the product’s crucial role in promoting financial security for Nigerians amid rising inflation, the bank said. Launched in May 2024, Jollof+ is a product of Baobab Nigeria, a subsidiary of the French Multinational Baobab Group, which operates in over seven countries and is headquartered in Paris.

The app’s success is a testament to its user-friendly interface, competitive interest rates and rewarding user experience, making it a standout in Nigeria’s fintech landscape, the bank said.

“With over 15,500 users, Jollof+ has rapidly gained trust and popularity, showcasing the transparency and security the app provides. Licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), Jollof+ offers a safe and reliable platform for Nigerians to save and invest,” the bank said.

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 per cent 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.

“The product 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 per cent net interest per year, while Ajo+ helps users save towards goals like buying a car or paying rent, with a 16.5 per cent net interest. Even funds left in the Jolloflex wallet earn a 10 per cent net interest, and our Babybox feature supports saving for children’s future with a 15.5 per cent annual interest. We are thrilled to have earned the trust of Nigerians, as evidenced by the ₦1.3 billion saved within just 64 days.”