Seeking to tap into Africa’s informal savings groups the Nigerian investment startup Piggybank.ng closed $1.1M in seed funding and announced a new product — Smart Target, which offers a more secure and higher return option for Esusu or Ajo group savings clubs common across West Africa.
Founded in 2016, Piggybank.ng offers online savings plans — primarily to low and middle income Nigerians — for deposits of small amounts on a daily, weekly, monthly, or annual basis. There are no upfront fees.
Savers earn interest rates of between 6 to 10 percent, depending on the type and duration of investment, Piggybank.ng’s Somto Ifezue told TechCrunch in Lagos with co-founders Odunayo Eweniyi and Joshua Chibueze.
Users need an account with one of PiggyBank.ng’s …read more
Source: Tech Crunch