How Nigerians are becoming smarter with savings: The Reaprite Story
“Do not save what is left after spending but spend what is left after saving” is a popular quote by Warren Buffett, who is the most successful investor in the world with an estimated net worth of over $105.2 billion, making him the tenth wealthiest person in the world. This quote rings true in this age, and will, in the next.
Today people save and invest for several reasons amongst which are to enhance their standard of living, take advantage of a rare business opportunity, and arguably, the most predominant, to prepare for unforeseen circumstances.
According to a report by the Bill and Melinda Gates Foundation, three out of four people do not have access to a bank account as of 2009. It is safe to assume that based on the proliferation of banks and the growing technological penetration in Nigeria those odds have since fared better. But it is important that every single Nigerian has access to financial services that can improve their saving culture and standard of living viz-a-viz eliminating wastage, impulse buying, and lack of accountability. Also, improving those odds will create an avenue for bridging the rich-poor disparity and herald an age of financial inclusion. Reaprite is a digital solution created to tip the balance so that Nigerians can become smart in their savings and investment journey.
Reaprite Global Limited is a financial services institution that has set out to help Nigerians cultivate the habit of saving smartly for their goals. Since the launch of its platform, over 14,000 users have benefited from her services. Reaprite is not just building a savings platform but a community of smart saver who are committed to attaining financial freedom.
Through one of Reaprite’s savings plans – Personal Target, Nigerians can begin to save for specific financial goals irrespective of the size of the goal; a car, a house, a master’s degree, children’s school fees and so on. This plan offers users flexibility by allowing them to customise the plan to meet their specific financial goal. A good example is setting a plan for your proposed vacation, which means that you will determine the amount needed to cover your vacation expenses and also determine a convenient amount, frequency and how long it will take to save up the required amount, this way, individuals do not become financially overwhelmed, but rather plan effectively. Likewise, a group of people might want to save collectively. Reaprite encourages community-saving amongst its users through the Reap Village plan. Individuals can join saving villages and save alongside other users feeding off each other’s drive and encouraging the saving habit with the potential to earn up to 12% per annum interest on their savings. This community-saving is in tandem with the Reaprite’s mission statement. Making the most of your savings also means subscribing to a high interest savings plan and, interestingly, Respite offers double digit interest on all her savings plans ranging up to 16 per cent per annum.
As we approach the end of 2021, it is important to take inventory of how the year has been economically. Holding ourselves accountable is key, especially when it comes to important matters like our financial wellness. The pandemic came and challenged us all, making it even more important to budget wisely and build financial wellness. As a company, we are reflecting on how we have helped foster a good financial lifestyle through the use of our solutions to create a lasting and better financial health for Nigerians.
Furthermore, in line with the Central Bank of Nigeria’s financial inclusion target, and to promote the saving culture which means that individuals and businesses have access to useful and affordable financial products and services that meet their needs through transactions, payments, savings, credit and insurance delivered in a sustainable and responsible way. Managing Director, Reaprite, Tunde Saliu, said that “part of our future efforts will be to deliver easily accessible financial service products to the unbanked population in a bid to close the gap between the banked and the unbanked. This will also improve the standard of day-to-day living of Nigerians and help families and businesses plan for the future and emergencies.”
Saliu also noted, “one of our milestones for 2021 was celebrating Reaprite anniversary on November 29, 2021, which was another means of reflecting on our journey so far and restating our commitment to ensuring that we continue to deliver value to our users in a safe, simplified and smart way.
The new year certainly looks promising as we have innovative products and features lined up to meet our user’s needs”. Visit www.reaprite.com to learn more about Reaprite and its offerings.