Ever since FinTech made its entry into the Nigerian market, it has been growing steadily and Banks are now being sidelined gradually. They offer easy online payment processes, helping us save money without having to go to any bank, allow us get quick loans without collateral. Piggybank, cowryWise, susuAI, Reach are a few of the fintech companies helping us save money for a target.
Being financially disciplined can be very challenging especially when one is trying to save for a planned goal. Kolopay was launched with the aim of helping people solve these challenges.
Co-Founded by Ayoola Ogunlowo and Ifeoluwa Popoola, KoloPay is a mobile and web application that helps individuals save towards a planned goal over a period of time and helps users achieve their targets at amazing discounts.
Targets user want to achieve could be to purchase a car, home appliances, go on vacations, tuition fees, home furniture, etc. They are given discounts on these items as soon as they meet their savings targets. People could also save on kolopay for targets like house and office rents, business capital. Individuals enjoy up to 6% interest as incentive on every savings package.
Kolopay’s platform was designed to allow users sign in using their mobile phone numbers and a password. Users create their targets by naming the goals they want to save towards.
They are two main savings categories, EasySave; which allows users to save any amount of money at anytime. AUTOSAVE which allows users choose either daily, weekly or monthly savings plan.
Users can set their target budget using the open market price, set due date (the date they wish to withdraw their savings. Kolopay allows users save from multiple bank accounts using details on their ATM cards. According to Ayoola, KoloPay is safe and secure to use, all transactions are encrypted.
The ‘Share Target’ feature on the platform helps users get crowd fundings from family and friends through Facebook, WhatsApp, email, Instagram to meet their targets. “These family and friends don’t need to have KoloPay account before contributing.”
KoloPay mobile App is available on Play Store and you can access their website for a savings plan today.