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Steve Agbota and Chinonye Anuforo
The Nurture Technology Services Limited has introduced an app known as MoneyBag into financial space in order to encourage culture of savings as well as drive financial inclusion in the country.
Speaking at the official launch of the product, the Managing Director of the company, Mr. Uchenna Okezie, said that it is understood that many people want to save but some don’t have discipline to save, which is why the company came up with moneybag.ng to help such people.
To ensure the security of the product, Okezie said that MoneyBag partners with other financial institutions, including FBN General Insurance, Guaranty Trust Bank and Primera Microfinance Bank. He also said that the company is introducing USSD service into MoneyBag to ensure that every Nigerian use moneybag as a way of getting everybody into financial inclusion process.
He added: “The whole essence of MoneyBag is to ensure that you can have something to look back to, sort out issues like annual rent and other personal needs. Most time, people will be going about looking for how to pay their rent bailout and when looking at their income, you will see that they can actually afford the rent but they have not overtime consequently saved up for the 12 months rent.
“So this can happen conveniently on MoneyBag because you have this debt set for you until you meet the target and when you meet the targeting date, you can now withdraw. So the whole essence of you having moneybag account is for you to safe and keep for the rainy day.”
He said there is no age bracket in moneybag so far one can use mobile phone and Internet, adding that MoneyBag is meant for those who have accessible income especially those who are working and they don’t have capacity to save and keep spending their income on expenses.
