Baobab Nigeria Unveils Jollof+: A New Savings App to Boost Financial Well-being

In an effort to enhance the financial well-being of Nigerians, Baobab Nigeria has launched an innovative savings application called Jollof+. This new platform is designed to help users save efficiently while earning competitive interest rates, catering to individuals, families, and groups. The goal of Jollof+ is to foster a strong savings culture and mitigate the effects of inflation on people’s funds.

Jollof+ offers four distinct savings options, each tailored to different financial goals and preferences:

1. Jolloflock: Ideal for medium- to long-term savings, Jolloflock allows users to lock their funds and earn an upfront net interest rate of 21.6% per annum. This time deposit option is perfect for those looking to achieve significant savings over time.
2. Ajo+: This option is designed for target savings, enabling groups or individuals to save towards specific goals. Ajo+ offers a maximum net interest rate of 16.5% per annum, making it suitable for collective savings efforts.
3. BabyBox: Targeted at parents preparing for their children’s future expenses, such as education, BabyBox provides a maximum net interest rate of 15.5% per annum. This option helps parents save systematically for upcoming financial needs.
4. Jolloflex: For those who prefer flexibility, Jolloflex allows users to save and access their funds at any time, offering a net interest rate of 10% per annum. Unlike the other options, Jolloflex is not a timed deposit, giving users more control over their savings.

Baobab Nigeria emphasizes that all interest rates on Jolloflock, Ajo+, and BabyBox are net rates, with no hidden charges or taxes, enhancing their appeal. Jolloflex, being a flexible account, also offers transparent net interest rates.

At the product launch, Eric Ntumba, the acting CEO of Baobab Nigeria, highlighted that Jollof+ provides users with the highest interest rates available in the Nigerian market. Adesola Adegbite, the Product Manager, demonstrated the user interface, registration process, and the know-your-customer (KYC) verification process, ensuring compliance with regulatory requirements and industry standards.

Addressing security concerns, the Baobab Nigeria team assured users that the platform employs best practices in application development and incorporates necessary checks to prevent any security breaches, ensuring the safety of customers’ funds.

Jollof+ stands out as a comprehensive solution for Nigerians looking to optimize their savings with high-interest returns while maintaining ease of access and robust security.