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There is a new mobile app on the iOS Store and Google Play Store that was specifically designed to encourage Nigerians to save their money and earn higher interests. The app was designed by Furst Salvo Limited, a global business advisory and investment company that also operates in Nigeria.

How it works: The app works in a way that it encourages people to save easily and smartly, whilst enabling them to earn “lucrative interest payment on savings of between 10-15% per annum”.

According to a press statement seen by Nairametrics, the company said it is working in partnership with Xslnce Micro Finance Bank on this project, in compliance with CBN’s regulations on banking.

READ: Zenith Bank launches high interest-yielding savings account]

Marketing Director, Furst Salvo, Omawumi Jeyema, said that the company understands how the Nigerian economy often makes it difficult for people to save money for important future events such as buying lands or starting a business. It is in view of this recognition that it came up with the saving app which it claims is reliable.

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“As a socially responsible organization, over the years, we have remained committed to providing reliable financial solutions to Nigerians, to make life easier for all and ensure peace of mind that would guarantee a feeling of satisfaction and fulfillment.”

Below are the key features of the app:

  • Nigerians will be able to access their full savings while using the app.
  • They can get “enviable” interests as high as 10-15% per annum.
  • Saving can either be weekly or monthly.
  • Savers can start with as little as N100.

In the meantime, the company hopes to continually develop the app in order to ensure that not only are savings seamless, but that Nigerians are guaranteed more value for their savings. According to Omawumi;

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“We are consistently active in this regard as our technical team works round the clock to ensure the Salvo savings application meets global standard and guarantees ease of process.”

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Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

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