A money lending organization licensed by the Oyo state government, Credit Assist Investment Limited is taking advantage of the Fourth Industrial Revolution driven by digital technology by launching ‘KoloMoni’, a standard secured digital banking web and mobile application, aimed at providing cutting edge services to customers.
The newly launched ‘KoloMoni’ will assist people especially small and medium entrepreneurs and those living in rural areas to have access to credit facilities.
“The application was designed to use modern technology in order to encourage savings and investment among Nigerians”, the Executive Director of Credit Assist, Mr. John Alamu explained.
Speaking further at the official launch of the ‘KoloMoni’, on Friday in Ibadan, the Oyo state capital, Alamu added that the firm believes that the application will tend to reshape the savings pattern of every Nigerian towards achieving their set goals through personal savings and reduce dependence on excessive borrowing.
Alamu said, “Credit Assist Investment Limited is delighted to announce the launch of ‘KoloMoni’, a standard secured web and mobile application using modern and convenient technology to encourage savings and investment in order to foster savings culture among Nigerians and set users on the road to financial freedom.
“Credit Assist believes ‘KoloMoni’ will reshape the savings pattern of every Nigerian towards achieving their set goals through personal savings and also to reduce dependence on excessive borrowing. ‘KoloMoni’ is an innovative and modernized version of the traditional ‘kolo’ (Piggy bank) and can be thought of as a digitized kolo for saving money.
“I am confident that ‘KoloMoni’ is a major way to reduce over-confidence on loans, which often leads to financial disequilibrium. With a wide array of savings plans available in ‘KoloMoni’ our customers will always have more money at their disposal to finance their set goals without sourcing for loans. Achieving financial freedom for our customers without deliberating loans was the driving force behind the development of ‘KoloMoni’.
“KoloMoni is designed for every Nigerian that has access to a smartphone and enables them to save periodically (daily, weekly or monthly). KoloMoni also has a large number of benefits for users. Savings on KoloMoni can attract interest rates as high as 15 per cent interest per annum. In addition, these savings are insured by the Nigerian Securities and Exchange Commission through Meristem Trustees.
“The app also provides a cash reward for every new valid user referred by existing customers. KoloMoni is available for download on Goggle Play store for Android users and Apple store for iPhone users.
“Credit Assist Investment Limited is a money lending organization licensed by the Oyo state government and an affiliate of the association of non-bank micro finance institutions in Nigeria (ANMFIN)”, he concluded.
Also speaking at the event, KoloMoni ambassador, Rita Balogun informed that the application was designed in order to provide financial assistance to people in the rural areas.
