…Partners with Interswitch, GTBank, FBN Insurance, others.
A Lagos based indigenous technology firm, Nuture Technology Service Limited has launched Moneybag.ng which is an online savings platform that brings convenience and transparency to the way people save.
The product which was unveiled to the media in Lagos on Monday, was described as an innovation that is set to gain popularity amongst Nigerians based on its expected high uptake. According to the Chief Executive Officer of Nuture Technology, Mr Uchenna Okezie, “saving is an activity that is crucial to the financial independence of any individual and with Moneybag.ng, we have created a customized savings solution that is flexible for everyday use and transparent for comprehension”.
Moneybag.ng is an online financial services platform that can be used by anyone regardless of age or profession with features such as savings, investments (“Baglocker” which helps you lock away funds for a set period with 9-13.5% per annum interest) and loans. It also has a lifestyle feature known as “Cliquebag” designed to help friends save together.
Okezie further stated, “a lot of you are already aware of the efforts we have put in over the past 10 months to be able to get to where we are today and be ready to move forward with this exciting new venture. We are all cognizant of the current economic difficulties Nigerians face. That is why right from when we started developing Moneybag.ng, our goal has always been to add value to the savings culture of the Nigerian society as we noticed that a lot of people find it difficult to save money owing to numerous reasons”.
In his remarks, The Chief Operating officer of the company, Mr. Lanre Fadayomi made it clear that low inclusivity and limited user-friendly financial service options were identified as the main difficulties why people found it hard to save and that this was a critical motivating factor when Nuture Technology decided to create an easy way people could save regardless of their age, background or qualification.
Fadayomi also said, “Majority of what we do is transaction based so it required us to be customer centric with the types of savings plans Moneybag.ng offers. We also had to focus on a user experience that was easy to understand and interact with the needs of our customers while looking for ways to help customers better appreciate the product. We then infused lifestyle, investments and discipline in saving to help get customers interacting with the product.”
In its efforts to creating Moneybag.ng, Nuture Technologies partnered with some giants of the financial sector towards ensuring a full integration for Moneybag.ng across the various financial services. The lists of partners include, Interswitch, GTbank, First Bank, Moneyline, Primera Micro-Finance and others. The launch event which held on Monday the 8th of July 2019 at the D’Podium International Event Centre in Lagos also witnessed the unveiling of former Big Brother Nigeria 2018 Housemate, Omololu Somuyiwa as Moneybag.ng’s brand ambassador.