A firm, Credit Assist Investment Limited, has launched a standard secured web and mobile application, KoloMoni.
The app is to assist people, especially small and medium scale entrepreneurs, and those living in rural areas to have access to credit facilities.
The Executive Director of Credit Assist, Mr. John Alamu, said the application was designed to use modern technology in order to encourage savings and investment among Nigerians.
Alamu, while speaking at the launch of the application in Ibadan, the Oyo State capital, said the firm believed that the application, KoloMoni would tend to reshape the savings pattern of every Nigerians towards achieving their set goals through personal savings and reduce dependence on excessive borrowing.
He added that the firm was a money lending organisation licensed by the Oyo State government and an affiliate of the Association of Non-Bank Micro Finance Institutions in Nigeria, ANMFIN.
He said, “Credit Assist Investment Limited is delighted to announce the launch of KoloMoni, a standard secured web and mobile application using modern and convenient technology to encourage savings and investment in order to foster savings culture among Nigerians and set users on the road to financial freedom.
“Credit Assist believes KoloMoni will reshape the savings pattern of every Nigerian towards achieving their set goals through personal savings and also to reduce dependence on excessive borrowing. KoloMoni is an innovative and modernized version of the traditional “kolo (aka Piggybank)” and can be thought of as a digitized kolo for saving money.
“I am confident that KoloMoni is a major way to reduce over-confidence on loans, which often leads to financial disequilibrium. With a wide array of savings plans available in KoloMoni, our customers will always have more money at their disposal to finance their set goals without sourcing for loans. Achieving financial freedom for our customers without deliberating loans was the driving force behind the development of KoloMoni.
“KoloMoni is designed for every Nigerian that has access to a smartphone and enables them to save periodically (daily, weekly or monthly). KoloMoni also has a large number of benefits for users. Savings on KoloMoni can attract interest rates as high as 15 per cent interest per annum. In addition, these savings are insured by the Nigerian Securities and Exchange Commission through Meristem Trustees.
“The app also provides a cash reward for every new valid user referred by existing customers. KoloMoni is available for download on Goggle Play store for Android users and Apple store for iPhone users.
“Credit Assist Investment Limited is a money lending organisation licensed by the Oyo State government and an affiliate of the association of non-bank micro finance institutions in Nigeria, ANMFIN.”
