Microvest enables users to save, invest, and grow their financial assets
Microvest enables users to save, invest, and grow their financial assets
Although Nigerians' general desire to spend in response to the country's dire economic situation continues to be strong, the country's saving culture is becoming more developed. This is partly due to the fact that Fintech platforms have made the process easier to complete with the click of a button.
One of the most significant consequences of the COVID-19 epidemic was that Nigerians learned to be more frugal with their spending, which one of several factors was contributing to the rise in the use of electronic savings platforms.
Using a mobile app, Micovest, a financial business advisory and investment platform, has launched a savings and investment platform that will enable financial growth for its users by encouraging saving habits and reorganizing the barriers that Nigerians encounter when saving for capital projects.
A savings platform, the App, which is available for download from both the Apple App Store and the Google Play Store, enables consumers to save and invest money wisely while also earning a return on their investment.
Apart from encouraging users to save in a straightforward and dependable manner, the company claims to offer solutions that are tailored to each individual's specific circumstances. In this way, it claims to be distinguishable between itself and other fintech savings platforms.
What is the intended functionality of the platform?
User-friendly savings plans, money-saving strategies, and periodic funding of their wallets are all made possible through Microvest, which can be funded from any of their bank accounts.
Additionally, the company provides a mechanism for users to be rewarded for their ongoing savings efforts by offering competitive and valuable interest-bearing rewards to those who participate. According to the company, "it is critical to put your savings into something productive."
Its financial projections
The savings products offered by Microvest, like those of every other Fintech company, allow customers to tailor their savings strategies to their specific needs.
MISAFE is a revolving savings account that allows users to fund their wallets while also developing a strategy. Withdrawals can be made by users at any time, and funds can be transferred to any bank account of their choice through the platform.
Due to the fact that it encourages users to save toward a specific goal while also rewarding them for their discipline, the MITARGET is somewhat fixed in its nature. Users will be able to access their funds on the specified date. A fee would be charged for withdrawals made prior to the specified date.
MILOCK is a platform-based strategy that is similar to others. In the company's opinion, this plan helps users to resist the temptation to tamper with their funds by storing them in a secure vault. Access would be granted to the user only after he or she has reached the age of majority.
Another feature promoted by the company is its MISOCIAL savings plan, which allows users to leverage social relationships in order to achieve collective savings goals. According to the company, it is not only about creating a product, but also about building a community of people who will grow alongside one another.
"It is about discipline, family, network, and connections between people who are all working toward a common goal, among other things. As we continue to grow organically, we will broaden our product offerings to include more of these items "According to the COO.
There are currently more than 200 active users
In November 2021, Microvest officially launched its commercial operations, following a four-year conceptualization period by the company's co-founders.
Company founders Ayodeji B. Monehin and Oladele E. Olaleru are still on the board of directors, with Robert K. Okiyi serving as Chief Operating Officer.
Microvest had its application available on the Google Play store prior to the commercial launch, and the company estimates that it had approximately 200 active subscribers, with 80 percent of them completing transactions.
According to the company, it has optimized its interface in response to user feedback in order to make it as user-friendly as it possibly can be. In his explanation, the COO stated that "we've discovered that no human being is wired to desire anything other than ease and convenience."
Customers' requests will be taken into consideration as the company continues to develop new features, it claims. Furthermore, it intends to make upgrades as frequently as its customers request.
Pricing
Microvest, according to the company, is currently available for no charge to any and all users. There are no fees associated with the platform's registration or sign-up processes. Users can gain access to the app by downloading it, registering with it, funding their wallet, and creating a plan with the information they have.
However, the fees that are currently in effect are those that are mandated by law for bank transfers and payment gateways. Instead of depriving customers, the company asserts that it would prefer to reward them for their efforts to save money.
