Introduction
Nigerians love saving, it is part of our culture. According to Statista, over 120 million Nigerians had savings accounts as of 2021, which is still growing. Whether in kolo, on savings apps or in bank accounts, we always set aside money for one reason or another. Particularly, saving apps has made this culture easier and more satisfying. Since their advent in 2017, they have greatly impacted how we save and plan for our finances. One of these saving apps is Jollof+.
Jollof+ is one of the best saving apps out there and in this article, we explore reasons why you should have the Jollof+ app if you care about securing your financial future.
How Does Jollof+ Work?
Jollof+, powered by Baobab Microfinance Bank Nigeria is one of the foremost saving apps in Nigeria. Passionate about helping Nigerians cope with the current economic climate, they entered the market with a 21% net interest rate, that can help any Nigerian get value on their savings.
They also created saving options to help the saver have a satisfying and fulfilling experience. With Jolloflock, you can lock funds for some time and earn up to 21% net on your savings. You can save towards a goal with the Ajo+ option and get up to 16% net interest rate. You can even save for your children's needs with the Babybox saving feature. You earn up to 15.5% net interest on your savings and withdraw anytime without any breaking fee. Jollof+ allows you to automate your savings. You even get up to 10% by keeping money in your Jolloflex wallet.
With Jollof+, you can truly beat inflation.
Who Owns Jollof+ Savings App?
Jollof+ is an initiative by Baobab Microfinance Bank Nigeria. Baobab Microfinance Bank has been in the banking industry for over ten years and has received several accolades. Known for its innovation and fidelity in the banking space, Baobab brings that quality to Jollof+. You can visit any of the 34/35 bank branches and inquire about Jollof+. Although Baobab Microfinance Bank is a multinational, Jollof+ operates only in Nigeria.
Jollof+ is Approved by The CBN
One of the primary ways to ensure that a financial institution is safe is by checking if it is licensed by the relevant authorities in Nigeria. Jollof+ has the approval of the Central Bank Of Nigeria. It operates under the regulatory oversight of the Nigeria Deposit Insurance Corporation (NDIC). These regulatory bodies ensure that Jollof+ follows the standards and guidelines that protect the safety and security of your money and operates within the confines of the law.
Is Jollof+ Legit and Safe?
You can now trust Jollof+ to be your reliable partner in your journey towards financial empowerment and prosperity. Aside from being licensed and regulated, Jollof+ has obtained internationally recognized certifications in information security and business continuity.
The ISD/IEC 27001:2013 certification shows Jollof+'s commitment to safeguarding your personal and financial information against security threats and data breaches. Similarly, the ISO 22301:2019 certification validates Jollof+'s robust business continuity management system, ensuring uninterrupted service delivery and resilience in case of disruptions or emergencies.
Jollof+ Savings App is Transparent
This saving app is also transparent about services, terms and conditions. For instance, unlike many savings apps, there are no hidden charges on their interest rates. They offer up to 21% net interest per year, not for two years or more. You can find comprehensive information about services, terms, and conditions on the App or website.
Is My BVN Safe with Jollof+ app
Your BVN is safe with them and you can’t use the app without your BVN. The BVN is required to validate and protect your account.
What are Jollof+ Interest Rates?
You can make money when you save with Jollof+. With Jolloflock, you can earn up to 21% net interest on your savings while you earn 16.5% net interest on Ajo+. Babybox offers you a 15.5% net interest rate and keeping your money in your Jolloflex wallet earns it up to 10%. You can calculate the interest rate on your money using their website
Jollof+ Range of Products
Before going into the range of savings options that Jollof+ offers let’s take a look at opening an account on Jollof+
How To Create Account On Jollof+
Here is how to create an account on the Jollof+ Saving App:
Step1: Download the Jollof+ on your Apple Store or Play Store
Step 2: Signup by clicking on Create Account and following the prompts
Step 3: Enter your details
Step 4: Take a selfie
Step 5: Create a secure pin. And you are in.
Jolloflock
Jolloflock is a feature of Jollof+ that allows you to lock your money for a duration. You stand to earn up to 21% net interest on the locked savings depending on the timeframe. Although the locked money can't be accessed till the due date, you can withdraw the interest on your savings whenever you want. Jolloflock is perfect for saving for long-term goals like buying a new house or for Japa.
How does Jolloflock Work?
Jollof+ is a fixed savings that acts as a sub-account. Funds to be locked will be taken from your Jolloflex wallet. The minimum amount to be kept in your Jolloflock is N10,000. To get started with Jolloflock, you create a Jolloflock account. Do that with these steps:
Step 1. Open your Jollof+ app and click on savings
Step 2. Click on Jolloflock and then click create a Jolloflock plan
Step 3. Choose the plan name you like, and put the amount you want to lock
Step 4. Select a payback date and the interest rate will be displayed on your screen
Step 5. Click on Proceed
Step 6. Preview your savings and tap the button to acknowledge.
Step 7. Click on Create Fixed Savings and input your pin. You have locked your funds.
With Jolloflock, you earn up to 21% net interest on your savings. You can top up your Jolloflock and still earn a new interest rate depending on the number of days to the payback date.
Ajo+
Saving with Ajo+ is saving towards a goal or a target. Ajo+ is perfect for saving for house rent or a car. You can automate your savings from your account to Ajo+ monthly and you can even save with friends and family. Ajo+ helps you build the discipline to meet that target by charging a 40% breaking fee if you try withdrawing before the payback date. With up to 16.50%, you can achieve that financial goal irrespective of a price hike.
How to Save Towards a Target Using Ajo+
Create target savings using Ajo+ in these steps.
Step 1. Open your Jollof+ app and click on savings
Step 2. Click on Ajo+ and click on Create a target
Step 3. Input your Target name and target amount
Step 4. Set a payback date.
Step 5. Click on Proceed and your target savings have been created.
Babybox
If you plan to save for your children’s school fees or clothes, Babybox is perfect. With up to 15.50% net interest rate, you will save to meet all your child’s needs. The good thing about the Babybox feature is that you aren’t charged a breaking fee anytime you withdraw. According to Jollof+ team, this is to enable parents to meet any child’s need no matter the time, the need arises.
How To Save For Your Child Needs Using Babybox
Save for your child’s school fees or toys by create a Babybox account in these steps:
Step 1. Open your Jollof+ app and click on savings
Step 2. Click on Babybox and click on Create a Babybox
Step 3. Input your Babybox title and target amount
Step 4. Set savings frequency and set a payback date
Step 5. Click on Proceed And You have created Babybox Plan.
Jolloflex
Jolloflex is the wallet that houses your money as it enters your Jollof+ account. It is the account where you can move money from to the other saving features on Jollof+. You earn up to 10% net when you keep money on your Jolloflex wallet.
How To Fund Your Jolloflex Wallet
There are three ways you can fund your Jolloflex wallet. There are
- USSD – Click “Fund Wallet”, select the USSD option, Fill in the amount you want to add to your Jollof+ account, Select the bank you want to fund from and Dial the code that appears on your screen!
- Bank Transfer - Click “Fund Wallet”, select the Bank Transfer option, and transfer to the account number provided!
- Debit Card- Fund your Jolloflex wallet using your Debit Card in these easy steps
- Open your Jollof+ app and click on Fund your wallet.
- Select the fund with the debit card option
- Enter the amount you want
- Click on Add new debit card and proceed
- Fill in your card details
- Verify your card with N100 refundable holding tax. Your card is verified
- Enter your pin and you have funded your account.
How to Withdraw Money From Jolloflex
Withdrawing from your Jolloflex wallet is easy and straightforward.
- Log in to your Jollof+ app.
- Click on Withdraw and select the amount you wish to withdraw
- Select the bank and click on continue
- Set a security question
- Input your pin and the money goes to your bank account.