We live in a time where everything is mostly done online, including things like savings and investments that normally would have been carried out traditionally using banks and other financial institutions.
Savyt which is pronounced as ‘save-it’ is a fintech startup that has taken it upon itself to provide services that will enable Nigerians to be able to save and invest, and also provide them with returns on their savings and investments. Savyt is a platform that uses technology to provide traditional bank services of savings and investments for people and assures people of continual and increased returns. Savyt acts as a middle man and brings investors to investment opportunities that they normally would not get access to, and if they did, it would not be an easy process.
The current state of Nigeria’s economy puts Nigerians at the constant search for investment opportunities and this information is not readily available. Savyt wants to bring this ‘esoteric’ information to all and sundry, and has promised to make the whole process convenient and easy to navigate.
Savyt recently launched and during its launch the Head of Marketing and Growth elucidated how the increasing rate of inflation continues to be an impediment to the purchasing power of Nigerians and how this in turn translates to reduced savings. Specifically he said, ‘Over the years, the persistent rise in the consumer price index indicates that Nigerians are spending more, thereby reducing the purchasing power of the average consumer. At Savyt, we are focused on improving economic mobility through an improved national savings rate. Savyt provides alternative savings and investment options where users can set personal goals, save towards them and earn up to 15 percent per annum’.
The Head of Marketing and Growth went on to say that, ‘with our goal-focused target savings and fixed investment 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 economic mobility’.
Users can create a savings plans with as low as ₦50 and set recurrent deposits using the Autosave feature. All deposits are processed by a PCI DSS complaint processor and held by partner banks. Savyt is available via web and app and all that is needed to be done to access the platform is create an account.
Savyt joins the likes of PiggyVest (which is arguably the king amongst startups that provides savings and investment opportunities) in the market of providing savings and investment opportunities. Will Savyt be a better platform that other already existing platforms because of its 15 percent returns? We all will get to find out soon enough.