The Nigerian financial market, yesterday, witnessed the birth of a new product, as an Ibadanbased financial institution, CreditAssist Investment Limited, launched a digitalised savings and investment product, known as KoloMoni.
The platform is a standard secured web and mobile application, which uses modern and convenient technology to encourage savings and investment in order to foster savings culture among Nigerians and set users on the road to financial freedom. Commenting on the product, executive director, CreditAssist Investment Limited, John Alamu, expressed confidence that the product 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 an innovative and modernised version of the traditional “Kolo ”, and can be thought of as a digitised kolo for saving money. “I am confident that Kolomoni is a major way to reduce over-dependence on loans, which often leads to financial disequilibrium. With a wide array of Savings Plans available on KoloMoni, our customers will always have more money at their disposal to finance their set goals without sourcing for loans. Achieving financial freedom for our customers without debilitating loans was the driving force behind the development of KoloMoni.