Post Image
  Formerly known as MyKolo, KoloPay was launched in 2017 to eliminate the hurdles people face when attempting to save towards planned goals. KoloPay is a subsidiary of My Kolo-Tech Innovations Limited.
Read more about App of the week

Meet The App

KoloPay provides two saving options known as EasySave, which allows users to save any amount of money at any time, and Autosave, which allows you to save daily, weekly, or monthly. The app requires users to sign in using their phone numbers. Users can then create their targets/goals and enter their card details, link at least one bank account to their target. Although KoloPay has major competitors such as Piggybank, Cowrywise, and Reach, it offers unique services such as allowing users to save using multiple bank accounts and offering 6% interest on their savings. KoloPay also has an eCommerce feature that lets users create budgets that align with the open market price of the product. Users get discounts on these products and services when they redeem savings delivered to them on due dates. With the “share target” feature, users can access crowdfunding from family and friends via an invite, which can be shared on social media platforms.
Sign up to the Connect Nigeria daily newsletter

KoloPay Interest Rates

Users get an annual 6% interest rate on each target budget they set. The app requires users to make their withdrawals after 30 days or interest may not accrue.

What You Should Know About Accessing Savings

KoloPay’s policies for accessing funds include: –         You can withdraw funds in your account as long as you have over N3000. –         You can submit requests for disbursement of any amount from your Credit Balance through the App. However, this can only occur once per calendar month. KoloPay is currently only available for android devices. Click on the link below to download the app. play.google.com Featured Image Source: Entrepreneur Platform
Got something you want to read about on our platform? Contact us: editor@connectnigeria.com
You might also like:
This article was first published on 31st July 2021

samuelokoruwa

My name is Samuel Okoruwa. I am an ardent researcher, reading is life and writing is fun.

Comments (0)

Leave a Reply

Your email address will not be published. Required fields are marked *