Oluseye Ojo, Ibadan
The traditional way of using ‘kolo’ (Piggybank) to develop saving culture in Yorubaland has been digitised by a group known as CreditAssist Investment Limited, to reduce poverty in the country.
Executive Director of the financial institution, Mr. John Alamu, disclosed this at the official launch of digitised version of ‘kolo’ that is known as ‘KoloMoni’ at Davies Hotel, Old Bodija, Ibadan, Oyo State capital yesterday.
According to him, CreditAssist believes KoloMoni will reshape the saving pattern of every Nigerian towards achieving their set goals through personal savings and also reduce dependence on excessive borrowing.
“KoloMoni is a standard secured web and mobile application using modern and convenient technology to encourage savings and investment in order to foster saving culture among Nigerians and set users on the road to financial freedom,” he noted. “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 rate for as high as 15 per cent interest per annum.”
These savings, he informed, are insured by the Nigerian Securities and Exchange Commissions through Meristem Trustees.