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From worry to ease: How FundBae is helping young Nigerians meet their money goals

FundBae strives to make money management, both practical and emotionally fulfilling.

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In Nigeria today, data show that individuals have a high propensity to consume but a low tendency to save. High consumption simply means low savings and investments, which might be a function of the country’s economy typified by low incomes or poor salaries but could also be a reflection of a culture that doesn’t save or invest. Yet, low income should not be a reason not to save because savings and investments have the capacity to increase the quality of life, reduce risk and increase financial security.

In this context, FundBae simply provides savings and wealth management services targeted to the mass affluent and millennials via a well-designed, intuitive app. FundBae offers an easy-to-use application that offers flexible saving and higher interest rates on their savings offering up to 15% interest per annum relative to a traditional bank account.

Launched in November 2020, the money app has recorded over 7,500 users with over N200 million in transaction value. Users can simultaneously save, invest, and access loans at the most competitive interest rates.

The app empowers the users to maximize their happiness by saving, spending, and investing with their goals in mind.

Users have control over how much they save and earn depending on plans they opt for; a user can save and get interest paid every day that is easily accessible anytime. A user does not necessarily need to wait till maturity before accessing both interest and capital.

In a report released by the National Bureau of Statistics (NBS) titled “2019 Poverty and Inequality in Nigeria”, it states that 40 percent of Nigeria’s population, or almost 83 million people live below the country’s poverty line of 137,430 Naira ($381. 75) per year. It means that lots of Nigerians live below the poverty line not just because they have low incomes or poor salaries, but perhaps the inability to imbibe a savings and investment culture.

Co-Founder, Sola Adeyinka, CFA stated that FundBae was born out of a passion for helping individuals achieve their financial goals, efficiently and seamlessly. In his words, “We started FundBae, which is a holistic and integrated goal-based experience that serves the financial life of our customers over the short, medium, and long term. We understand the struggles our customers face, and for this reason that is why the FundBae experience empowers our customers with services, resources to help them find fulfilment and happiness with their finances. FundBae is about more than just taking charge of your money – it’s your plan for money happiness and financial goals”.

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How Does FundBae Work?

Flexibility is a critical factor for FundBae. That is why the platforms allow the users to explore and choose from the available plans. The company has developed Android and iOS versions making it easily accessible for any user on any device usage. An individual can subscribe to any of the following plans:

  • FlexBae – a flexible savings account where a user earns interest on loose funds in as little as 24 hours, interests are paid daily, which is accessible freely within a specific duration. In this plan, users can access their interest from 8 am-4 pm on working days. The interest rate on the FlexBae plan is up to 12% per annum.
  • VaultLite – this plan enables a user to save consistently towards a particular financial goal. The interest rate for a user Vault account is up to 10% per annum.
  • VaultPlus – a fixed savings option that allows you to earn higher interest per annum. A user can decide to save for 3- 6 months or 2 years. The interest rate on your vault plus is up to 15% per annum. Interests are paid upfront.
  • Save2B – this is a savings plan where a user earns a high-interest rate and qualify for a loan of up to 200% of your savings after consistent savings for six months.

Looking Forward

FundBae strives to make money management, both practical and emotionally fulfilling. The challenge for many individuals is to break up their budgets into weekly allocations and develop a plan within their means and leave them feeling their needs are met. The FundBae founders are more focused on building a customer-centric product where users experience a modern banking experience based on goal setting and saving effortless, motivating, and even a little fun.

The Chief Operating Officer, Femi Darabidan, stated that “FundBae focuses on users to do more of what helps them master their money. “We will help achieve their goals by creating more personalized tools and experiences on the app for individual financial growth.”

The founders also stated that their target is to grow financial literacy for middle-class individuals and the millennials. To them, this will play a significant role in helping the users make reliable financial decisions. “We will create lots of avenues that will increase the financial literacy of our existing customers. We believe an individual can do their best to prepare for the future by getting their finances in order, no matter how much or how little they make.” Femi stated.

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Money is personal, so FundBae is too. What are your goals? FundBae will help you save for near-term goals and invest for those further in the future also saving for all the wonderful things you want to experience.

For more details about FundBae, visit www.fundbae.ng

FundBae is also available on Play store and App Store, and on all social media @fundbaeng

NM Partners represent articles published in paid partnerships with corporate organisations. They include press releases, targeted content, and other forms of corporate communications on behalf of our Paid Partners.

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    Leadway Pensure PFA bags Customer Service Excellence award at Africa Brands Awards 2021

    Leadway Pensure’s award reaffirms its commitment over the years to giving its clients amazing experiences beyond the call of duty.

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    Leadway Pensure PFA Limited, Nigeria’s foremost pension funds administrator, has been recognized as the most admired pension brand in Nigeria following its emergence as the winner of the Customer Excellence Award at the 2021 edition of the Africa Brands Awards.

    The prestigious African Brands Awards was created over a decade ago to promote innovation and creativity amongst African brands across different industries. The emergence of Leadway Pensure as the winner of the Customer Service Excellence award in the pension category reaffirms the brand’s customer-centricity and its commitment over the years to giving its clients amazing experiences beyond the call of duty. The recognition comes at a crucial period in the pensions industry with the opening of the transfer window which allows customers move their retirement savings account from their existing PFA to another.

    Still on the recognition, the Managing Director, Leadway Pensure PFA Limited, Mrs. Ronke Adedeji, stated that receiving the award was a testament to how the brand had treated its clients and the positive perception it had been able to create in the larger society. According to her, “Our clients are at the center of everything we do, hence, we are constantly innovating and finding new ways to better their experiences with us. We continue to blaze the trail in the industry by finding simple and smarter channels to deliver our services; and optimizing our processes. We are a firm believer that if truly we must assist our clients to get more out of life, we must also continuously explore effective and efficient ways of delivering pension services.”

    Mrs. Adedeji hinted that the company invested heavily in digital channels aimed at easing tracking, reporting, and communicating with its clients. “In addition to our long-standing heritage of excellence and competitive returns on investments, we prioritize accessibility for our clients by launching online channels to connect with them. Some of the online channels include our Online Enrolment Portal that allows users to remotely open a Retirement Savings Account (RSA) and get their RSA PIN instantly, our Mobile App, Interactive SMS, Pensure Online (p-Online), SureCal (Pensure Calculator), amongst others. We are unwavering in our promise to all existing and potential clients to continuously offer pension plans and experiences that surpass their expectations,” Mrs. Adedeji said.

    It is important to note that the company also recently received the ISO 27001 certification, a globally coveted standards certification that recognizes commitment to the highest standards of information data security management.

    Leadway Pensure has, over the years, shown itself as one of the leading PFA’s in Nigeria. It continues to advance the PFA industry by devising unique ways to service the ecosystem and deliver value to all stakeholders. Leadway Pensure is one of the most capitalized PFA’s in Nigeria with an authorized share capital of N2.0 Billion. Our shareholder’s fund is in excess of N7.0 Billion, unimpaired by losses.

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    ITA partners NEPC to launch first E-Lab Innova training for agribusinesses in Nigeria

    The E-Lab Innova is an educational training program for the agri-food sector in Nigeria.

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    As part of its commitment to boost trade relationships with Nigeria, the Italian Trade Agency, a governmental agency that supports the business development, partnerships and collaborations between Italian companies and their local counterparts, has launched the first E-Lab Innova in Nigeria. The E-Lab Innova is an educational training program for the agri-food sector in Nigeria which will be implemented in collaboration with the Nigerian Export Promotion Commission (NEPC) alongside other Italian partners, such as MACFRUT, a leading exhibition for the agribusiness industry.

    The training is aimed at increasing the technical and managerial skills of Nigerian agri-food companies in order to support their access to EU markets and foster business partnerships with Italian companies. Participants which were selected with the support of NEPC are CEOs of high-potential companies active in the production of foods such as mango, pineapple, shea nuts and groundnuts. The programme is scheduled to hold for the duration of five weeks and will be implemented in three phases: a preliminary assessment to analyze the technical and management training requirements, company potential and profile design; 2-week webinar training classes focused on key internalization topics and a 5-days study tour in Italy, which will include Macfrut exhibition.

    Giving his opening remark at the event held to flag off the training, the Italian Trade Agency Director for West Africa, Dr. Alessandro Gerbino said, “Nigeria remains a strategic point for engagement between the agency and other countries across West Africa. The E-Lab Innova holds prospects for Nigerian companies to be imparted on the knowledge and technicalities of their counterparts abroad whilst also paving the way for collaborations between Italian and Nigerian agribusinesses.”

    “It is a pleasure to see the collaboration between the Italian Trade Agency (ITA) and the Nigerian Export Promotion Council (NEPC), to develop the capacity of agribusinesses and aid their integration into the value chain of European Union markets. We remain committed to supporting the government’s plan to create more jobs through the agrofood industry and ensure that these businesses have the right skillset to grow, sustain their operations and contribute to the growth of Nigeria’s economy,” Dr. Gerbino added.

    In her keynote address, Uduak Etokowoh, Deputy Director, International Export Offices, Nigerian Export Promotion Council (NEPC), said, “the council constantly seeks out collaborations like this to strengthen trade relations across the world. The European Union (EU) is one of the largest markets for agribusiness, however, challenges such as logistics and inability to meet market needs pose a threat to growth opportunities. In adjusting to the new normal of virtual engagements, we are extremely delighted to partner the ITA to deliver this virtual training in support of wealth creation for the economy and to enhance seamless penetration to the EU markets for Nigerian agribusinesses”.

    13 agribusinesses across Nigeria took part in the first training session including United Agro Cooperative Society Limited, Cobrend Trading and more; the programme will involve nearly 40 Nigerian companies in total. Since the launch of Lab Innova in Africa, over 140 companies across Ghana, Angola, Mozambique, Uganda and Ethiopia have successfully gone through the training programme, with study tours and exhibitions held in Italy.

    About the Italian Trade Agency in Nigeria

    ITA – Italian Trade Agency is the Governmental agency that supports the business development of Italian companies abroad and promotes the attraction of foreign investment in Italy. With a motivated and modern organization and a widespread network of overseas offices, ITA provides information, assistance, consulting, promotion and training to Italian small and medium-sized businesses.

    The agency is committed to establishing strong contact with Nigeria with a major focus on industrial technologies that address the growth pattern Nigeria has adopted in several areas, so to add value to local natural resources and raw materials.

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    Using the most modern multi-channel promotion and communication tools, it acts to assert the excellence of Made in Italy in the world. ITA operates in 70 countries under the Italian Embassy.

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