Baobab Nigeria’s newly launched savings app, Jollof+, has achieved a remarkable milestone, amassing over ₦1.3 billion in savings just 64 days after its launch. This success underscores the app’s significant role in promoting financial security for Nigerians amid rising inflation.
Launched in May 2024, Jollof+ is a product of Baobab Nigeria, a subsidiary of the French multinational Baobab Group, which operates in over seven countries and is headquartered in Paris. The app’s rapid success is attributed to its user-friendly interface, competitive interest rates, and rewarding user experience, positioning it as a standout in Nigeria’s burgeoning fintech sector.
With over 15,500 users, Jollof+ has swiftly garnered trust and popularity, offering a transparent and secure platform for Nigerians to save and invest. The app is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC), ensuring a reliable financial service for its users.
Babatunde Baruwa, Chief Innovation and Digital Strategy Officer at Baobab Nigeria highlighted the initial scepticism surrounding the app’s competitive 21.6% interest rate. “Like most fintech innovations, Jollof+ initially faced doubt, with many questioning the sustainability of our interest rates,” Baruwa remarked. “However, Baobab Nigeria’s strong foundation as a microfinance bank, with over a decade of experience in the Nigerian banking sector and 38 physical locations nationwide, has reassured users of our credibility.”
Baruwa further explained the app’s diverse features tailored to the financial needs of Nigerians. The Jolloflock feature, for instance, allows users to lock their savings and earn a 21.6% net interest annually, while Ajo+ enables goal-oriented savings with a 16.5% net interest rate. Additionally, funds in the Jolloflex wallet earn 10% interest, and the Babybox feature supports saving for children’s futures with a 15.5% annual interest. “We are thrilled to have earned the trust of Nigerians, as evidenced by the ₦1.3 billion saved within just 64 days,” Baruwa added.
Eric Ntumba, Acting Chief Executive Officer of Baobab Nigeria, emphasised the app’s mission to empower Nigerians during the current economic climate. “This initiative is part of Baobab’s transformative efforts. We believe that banking should no longer be a place you go to; instead, it should empower customers to manage their savings and investments independently. We look forward to more people enjoying Jollof+, which offers convenience, targeted savings options, and encourages good financial habits, especially among tech-savvy youth,” Ntumba stated.
Jollof+ is dedicated to helping users combat the effects of inflation by offering high-interest savings options. As inflation erodes the value of money, Jollof+ provides competitive interest rates that help users preserve and grow their purchasing power.
The Jollof+ app is available for download on both Google Play Store and the Apple Store. Built with the financial needs of Nigerians in mind, the app is designed to help users manage their money securely and effectively during this challenging economic period.
For more information about Jollof+ and its offerings, please visit www.jollofplus.ng or contact customer support at +2347000226222.
Jollof+ has quickly established itself as a key player in Nigeria’s fintech landscape, offering innovative solutions that meet the financial needs of its users. As the app continues to grow, it promises to play a crucial role in helping Nigerians achieve financial security and independence amidst economic challenges.