In its 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 grow wealth by connecting them to high-yielding savings and investment opportunities.
With savings rate in Nigeria currently estimated at 23% according to the World Bank, and the country’s 10-year average inflation rate standing at 12%, Nigerians are constantly in search of investment opportunities that can improve their returns and protect their portfolio from inflation and currency devaluation. Savyt aims to make this process easier.
Commenting on the launch, Muyiwa Babarinde, Savyt’s head of marketing & growth 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 for their investments on an inflation-adjusted basis, thereby reducing per capita wealth of the middle class wealth even with rising local currency income levels”. “ The Nigerian middle class is also simply not saving enough” he said. “At Savyt, we are focused on improving economic mobility through an improved national savings rate and finding better yielding investments for our subscribers. Savyt provides alternative savings & investment options where users can set personal goals, save towards them and earn up to 15%, per annum”.
“With our goal-focused ‘target savings’ and ‘fixed investments’ (Maintain, Accelerate & 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 unlock more value and ensure upward economic mobility”, he added.
On Savyt, users can set up an account, create a savings plan with as low as N50 and enable recurring deposits through its ‘Autosave’ function, in a matter of minutes.
With Autosave, users can automatically save funds at a frequency they are comfortable with, either daily, weekly or monthly.
Customers 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 Nigeria Deposit Insurance Commission (NDIC)
Savyt has been in beta and it has partnered with a licensed financial institution to provide its services in Nigeria.
The platform is currently available via web app, and you can kickstart a secure and profitable financial journey on www.savyt.com by setting up an account and creating a savings & investment plan.