Eyowo is known and loved for being that brand which is committed to the growth of those who desire access, independence, and connectedness in their finance and everyday life. The quest for a better life and encompassing growth remains a dominant trait in the entrepreneurial DNA of most Africans.
We first launched our savings feature in October 2019 and it became an instant hit amongst our customers. At the time, the catch for most people wasn’t just the industry-leading rate but also the ease in saving and the exciting savings options on the table.
While Eyowo allows for peer-to-peer transactions, bill payments, bank transfers, overdrafts, loans and so much more, it is becoming increasingly clear that most of our customers are as keen to save as they are to spend.
For Titilope, a Lagos based banker who got introduced to Eyowo by her friend, she is slowly building confidence in her relationship with money since she started using the app. She says she is currently saving towards her wedding on Eyowo.
“I found out about Eyowo through a friend. I find Eyowo simple and easy to work with; I’m not stressed, I’m not filling forms, I can just easily save my money and categorize my funds, different names and all.
“Eyowo helped me to save a large amount of money for a period of time and I didn’t have to touch it every time. I’m currently saving towards my wedding with Eyowo and I really hope it happens,” Titilope stated while wearing a broad smile.
In April 2020, we decided to make some changes on all existing savings plans. This decision was made as we all came to terms with the realities of the Coronavirus pandemic. This business decision and the updates that followed led to the introduction of a new plan – the Flex Safe. This brought the number of savings plans on Eyowo to three (3); Fixed, Recurring, and Flex plans:
FIXED: For this plan, customers can fix lump sums upfront. One can set aside some money for at least thirty (30) days and get up to thirteen percent (13%) interest per annum.
RECURRING: For this plan, customers can automate the crediting of their safes periodically. Each recurring safe runs for at least three (3) months before maturity. The interest rate currently stands at eleven percent (11%) per annum and is payable only at maturity.
FLEX: This plan allows customers to add funds automatically over a period or fix a lump sum at once. For this plan, there’s no penalty for withdrawing from your safe before the set maturity date. The interest rate for Eyowo Flex Safe is five percent (5%) per annum. For this plan, interest is only paid upon the maturity of the safe.
For most customers, our savings plans cater to their various needs. While some strictly use just one plan, others use multiple plans.
For Mrs Njoku, a teacher and school proprietress, she got introduced to Eyowo by an acquaintance and then decided to try it out. Eyowo’s interest rate and security features drew her closer to the product. She eventually got to save using the Fixed savings plan and that singular effort helped set her on the path to financial discipline.
“Someone explained Eyowo to me and I decided to give it a trial, I tried it and I loved it. I chose Eyowo because I needed a place where my money can be safe and where I can get a better interest.
“The best thing about saving with Eyowo is that the plan I had didn’t allow me to take my money till a particular period, so it actually disciplined me. Saving on Eyowo helped me meet up with my target in record time,” Mrs Njoku recounted.
While we have noticed that some customers save towards hangouts, dates, trips and the rainy days, some others also save towards financially intensive projects like school fees, migration, cars, and rent.
For 30-year-old Abuja-based animator Odera, Eyowo’s Flex Safe does it for him. So far, he has been able to save for his rent on Eyowo. In the past, he had also saved up for his wedding on Eyowo.
“I found out about Eyowo through some of my colleagues. I am typically a curious cat and I like to try things out. When I tried Eyowo, it was simple to use and took the technicalities of savings out of the way and just allowed me to save.
“For me, the Flex and Fixed Safes are great but Flex is more for me because it helps me partition out my money and gives me a better spending culture generally. For the Fixed Safe, I love the interest rate. So, I often open multiple Fixed Safes for the same goal because I’m greedy and I like to get all the interest I can possibly get. So far, I have been able to save for my rent and I was able to save for my wedding too. I also save for appliances in the house and renovation work on Eyowo,” he said.
At Eyowo, we care about financial inclusion and that means we want a lot more people to have access to quality financial products and services. We are not just satisfied with bridging existing gaps, we want to turn dreams into reality through simplified offerings.
For existing customers, we want to ensure the product is easier to use, more accessible and even more reliable. We hope to deepen our solution to address all their financial needs and bring them closer to a state of financial wellness.