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KoloPay is a subsidiary of My Kolo-Tech Innovations Limited. The service, formerly known as MyKolo, was launched in 2017 as a solution to a personal savings problem. Prior to starting Kolopay, the co-founder Ayoola Ogunlowo had challenges with saving money. In his words:
“I am a regular victim of impulse buying and unplanned spending which always disrupts my budgets on important targets I need to achieve. I needed a platform that will enable me lock my savings till the date it will be needed to execute my target. Also, I needed the flexibility to top up my savings at any time and any day. So, bank deposit accounts couldn’t solve my problem. So, I thought of creating and customizing a mobile application that will be rigid to enable discipline of savings and also flexible enough to help me make a transfer to the vendor or merchants that offer my targets on at due dates.”The goal was to make the procedure completely cashless and smooth. This would eliminate the need for ATMs, unnecessary transfers, and USSD transfers.
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How KoloPay Stands OutNot only is KoloPay a convenient and secure platform for saving money, but it also gives rewards in the form of interest and discounts to people saving for specific goals. There is currently no platform that builds a savings platform and provides consumers with deals and discounts.
How Does KoloPay WorkThe KoloPay mobile application is available on Play Store and the web application can be accessed through the website. You can register by inputting your phone number and a password. Once registered, you will be prompted to create your target which can be done by naming the goals you want to save towards. KoloPay provides two options for saving money, namely EasySave which allows you to save any amount at any time, and AutoSave which allows you to save daily, weekly, or monthly. You’ll also be giving the option of setting your target budget based on current market prices, as well as setting the date you wish you withdraw your money or purchase the item you’re saving for. Featured Image Source: KoloPay App – Linkedin
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