Nigeria’s premier microlender, MKOBO Microfinance Bank has introduced a new digital savings solution that allows customers to save specifically for festive periods. The solution, called FestiveSave also allows customers earn up to 10% bonus on their savings. Users will cash out both principal and the bonus as a lump sum at maturity.
At the moment, FestiveSave allows users to save for Nigeria’s biggest festivals including Christmas, Eid Kabir, Easter, and Eid Fitr. Each of these festivals comes as a package for which users can subscribe to. Speaking at the launch of the product in Lagos on Tuesday, Chief Executive Officer of MKOBO Microfinance Bank, Habeeb Adeokun said,
“We came up with FestiveSave because we realized how festive periods have become integral parts of our lives, but can sometimes be an expensive and stressful time if we are unprepared. While they may seem far off, planning and saving as early as possible can take the pressure off your wallet in the months to come. It’s often a good idea to set up a savings account specifically for the festive season with an automatic payment going into it every payday to help you save, and that’s where FestiveSave comes handy.”
He added: “With FestiveSave, you won’t have to borrow money, you’ll come home relaxed; & not restless with money worries when the festive season comes.”
All the four packages allow users to determine a regular savings amount, start date and how often to save with withdrawal usually set between 4 to 2 weeks before the festive day. An important feature of FestiveSave is its security features, it is built with bank-grade security at its core. Its payment processor is PCI-DSS compliant for the security of user’s payment information.
New users can start saving by creating an account with FestiveSave and setting up a user profile. They can then select a preferred FestiveSave plan and decide how much they want to save and how often. Currently, only the monthly option is available with more options to be added soon. To facilitate recurring savings into the account, users would have to link their ATM/Debit Card to their accounts. They can then watch their money grow monthly and withdraw their funds a few days before the festive celebration.
“There is no gainsaying the fact that through FestiveSave, our customers can begin to take the first major step to have hassle-free festive celebrations. Saving up for a major project ahead, including the festive period is usually a smart personal finance decision and that is why we believe this product will resonate with millions of Nigerians,” said MKOBO’s Product Manager, David Arogundade.