How Bankly is Redefining Savings for Everyday People

August 10, 2023
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2 min read

You know how they say opposites attract? Well, that's the perfect way to describe the friendship between myself and Susan, my lifelong 'Partner-in-Crime'. Susan and I couldn't be more different in our personalities, and that contrast has remained constant throughout our nearly two-decade friendship.

While I tend to embrace a carefree and spontaneous attitude, Susan is the epitome of a calm, meticulous individual. She has an incredible eye for detail and an innate sense of organization.

Despite our contrasting traits, Susan and I share a common passion for saving money. We often discuss various ways to manage our finances, and our latest challenge was particularly significant – planning and saving for her mother's upcoming 50th birthday celebration. The family had decided to mark this significant milestone with a special event. However, as much as her siblings were eager to contribute for the occasion, she had the burden of managing these contributions responsibly.

She contemplated revisiting "Ajo", an age-old communal savings tradition. This local savings method held the promise of a convenient way to pool money for the celebration. However, she knew from experience that the method had its flaws, and fraud was common. Introducing her siblings to an “Ajo” group was risky. If someone went away with their contributions, it could cause conflict between herself and her siblings. She had to find another way.

Susan's pursuit of a solution led her to Bankly Microfinance Bank. They offered a Group Savings feature on the Bankly app that modernized the traditional "Ajo". It was like a bridge that connected the communal spirit of saving with the convenience of digital tools. With this feature, Susan could confidently rally her siblings to save towards the upcoming family event.

Bankly's Group Savings feature is an innovative approach to communal savings that creates transparency and accountability. It combines accessibility, user-friendly interface, and emphasis on transparency to give people like Susan a way out when they need to save for important needs.

The Group Savings feature also offers a competitive annual interest rate of 15% accrued daily, providing an opportunity for steady, continuous growth over time.

That’s not all. Users can set savings schedules, target amounts, and maturity dates for their group savings plan, fostering a sense of financial unity and shared responsibility. To create even more transparency, the Group Savings feature is equipped to provide members with instant notifications for deposits and withdrawals, ensuring everyone stays informed, which helps to give comfort to contributors and build trust within the group.

True to its mission, Bankly Microfinance Bank is dedicated to reshaping the financial landscape and empowering individuals like Susan through product features that cater to everyday financial challenges. They are transforming the notion of savings from a chore, to a lifestyle that helps people achieve personal, family, and business growth.

For more information about the Bankly Group Savings Feature, please click here to watch the demo video, or visit bankly.ng.

This article is a Brand Press post. Brand Press is a paid service for brands that want to reach Techpoint Africa’s audience directly. Techpoint Africa’s editorial team doesn’t write Brand Press content. To promote your brand via Brand Press, please email business@techpoint.africa

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