How Mykolo is helping Nigerians save towards their goals and rewarding them for saving.

How Mykolo is helping Nigerians save towards their goals and rewarding them for saving.

Today on Startupbuz’s #InnovativeStartup Series, our team met with Ayoola Ogunlowo, the Co-founder of Mykolo, a fast growing tech startup helping Nigerians to save towards their goals as well as providing its users with incentives for saving.

He shares with us how he is working with his team to achieve the milestone of helping a minimum of 1 million people achieve their financial goals through savings in the next 24 months.

A solution to put an end to poor saving culture among Nigerians and help them achieve their financial goals:
MyKolo, a mobile and web application financial saving platform is one innovative technology startup changing the narrative of poor saving culture in Nigeria. Mykolo is helping people save towards planned goals and targets over a period of time. The team officially Launched a pilot test on the 2nd of August, 2017 and within two months they have processed over N2 million worth of transactions and currently has 185 active users.
Mykolo helps its user achieve their saving goals at amazing discounts while encouraging a saving culture. These goals could be cars, home appliances, vacation, home furniture, projects etc.
According to its Co-founder, Ayoola Ogunlowo, one of the pain-point Mykolo seeks to address is the lack of discipline by people to stay true to their saving plans/goals. In his words:
The discipline of staying true to saving plans is essential to achieving goals, this is why MyKolo as a platform promotes the culture of savings and controls the temptation of impulse buying and unplanned spending.
Putting context to the problem Mykolo is solving and the need for a dedicated financial saving platform, Ayoola explained that multiple innovative solutions by banks such as ATM card withdrawals, POS purchases, USSD money transfer codes etc. threatens money saved in savings account for planned goals as it gives quick access to cash and gives room for impulse buying and unplanned spending.
This, according to him is why Mykolo team came up with a simple innovative solution to help people lock savings for planned goals for a set period of time, restrict easy access in order to maintain the discipline to achieve the planned target and also help them get their targets at unbeatable deals/discounts.

 

Benefits/reward of using Mykolo solution:
Beside helping people to save towards  their goals, Mykolo also reward them for saving. Users get to enjoy up to 50% discounts on the targets/goals they are saving towards and also get 6% interest on their savings (for those that lock their savings for a minimum of 1 month).
This is novel compared to traditional saving model in bank accounts where money saved is constantly greeted with unnecessary bank charges/deductions with little or no interest. With its rewarding model,  Mykolo helps people to save more and even surpass their goals/expectations.

 

A solution designed for simplicity & flexibility:
Subscribing for the services of Mykolo is as simple as filling a short signup form on Mykolo website using your phone number or downloading its easy and user-friendly mobile app on the Google play store here.
Users can then set their targets and start saving using details of their ATM cards. To avoid entering these details every time, users can automatically link the bank account using details on their ATM cards. Users can link as many bank account as possible and save towards multiple targets.
Mykolo is a flexible platform that gives users the option of saving daily, weekly, monthly and whenever they desire.
Mykolo features

Crowdfunding for a goal or project just got easier:
Another unique feature that stands it out is the ability to crowdfund for a project or goal. This feature allows those that need fund for a particular need to request fund from family and friends. For example,  a user that needs support to save towards his/her wedding ceremony can use the SHARE button to share the target with his family members and close friends to contribute. They do not need to have MyKolo account before they can contribute.

 

Mykolo’s future projection:
 Mykolo’s target is to help a minimum of 1 million people achieve their goals through savings in the next 24 months. This is a vision the team is so passionate about and they putting in every effort to achieve same.

 

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