Denis Opudo
Kolopay Nigerian mobile app is one of the emerging mobile payment platforms that allow users to save money for plan goal over time. Subscribers can also obtain suitable discount packages which allow them to achieve the set targets. Furthermore, the initiative aids in mitigating challenges associated with financial indiscipline facing most small and medium entrepreneurs in the country.
Ayoola Ogunlowo together with Ifeoluwa founded the startup in Nigeria. Since the launch of Koloya initiative, banks and other financial institutions get sidelined for financial transaction services in the country. Other online payment platforms comprise of Reach, Piggybank, SusuAI, and CowryWise. The programs collectively allow users to save and obtain loans with no collateral requirement.
The goal of many startup users ranges from tuition fees, home appliances, vocations, car purchase, home furniture, mortgages among others. The startup provides the subscribers with discounts so long as minimum threshold attained. Long-term savings on the other hands fetch up to 6% interest.
According to Ayoola, the initiative allows applicants to use multiple accounts by ATM details. Additionally, users access the platform by login in the respective phone number and individual secret password. Moreover, the system recently integrated ‘share targets’ unique feature which allows crowdfunding strategies from friends and family members. The users obtain target funds via emails, Facebook, Instagram, WhatsApp just but to mention a few. Besides, subscribers obtain target budget through open market nominal prices.
