In his quest to help Nigerians grow and preserve their wealth, Savyt (pronounced ‘Save + It), a fintech start-up, has launched its savings offerings.
Savyt is a savings and investment platform leveraging technology to help Nigerians increase their wealth by connecting them to high yield savings and investment opportunities.
With a savings rate in Nigeria currently estimated at 23% according to the World Bank and a 10-year average inflation rate of 12%, Nigerians are constantly on the lookout for investment opportunities that can improve their returns and protect their portfolio from inflation and currency devaluation. Savyt aims to facilitate this process.
Commenting on the launch, Muyiwa Babarinde, Head of Marketing and Growth at Savyt, highlighted how rising inflation continues to erode Nigerians’ purchasing power and deplete savings.
“Over the years, the persistent rise in inflation indicates that Nigerian savers and investors are not getting adequate returns on their investments on an inflation-adjusted basis, thus reducing the wealth per capita of the wealth of Niger. the middle class even with increasing levels of local currency income ”. “The Nigerian middle class is simply not saving enough,” he said. “At Savyt, we focus on improving economic mobility through a better national savings rate and finding more profitable investments for our subscribers. Savyt offers alternative savings and investment options where users can set personal goals, save for themselves and earn up to 15% per year ”.
“Through our goal-oriented ‘Target Savings’ and ‘Fixed Investments’ (Hold, Accelerate and Elevate) plans, our users can improve the value of their portfolio. By providing Nigerians with investment products that help their capital appreciate, we can help unleash more value and ensure upward economic mobility ”, he added.
At Savyt, users can create an account, create a savings plan with as little as N50 and allow recurring deposits through its “Autosave” feature, in minutes.
With Autosave, users can automatically save funds at a frequency they are comfortable with – daily, weekly or monthly.
Client funds are invested in low to medium risk financial instruments, transactions are processed by a PCI DSS complaint processor and all deposits are held by our partner banks and insured by the Nigeria Deposit Insurance Commission (NDIC)
Savyt is in beta and has partnered with an approved financial institution to provide its services in Nigeria.
The platform is currently available through a web application and you can start a secure and profitable financial journey on www.savyt.com by creating an account and creating a savings and investment plan.