Savings app launches to help you make the most of your cash

segun akande

December 18, 2016 11:05 PM

The app lets you plan and make savings alone and in groups in ways similar to the Esusu scheme.

___5912464___https:______static.pulse.com.gh___webservice___escenic___binary___5912464___2016___12___18___22___Reach

REACH, an online savings app built to help people save up for their big life moments, and the very first of its kind in Nigeria, has just crossed 1,000 users and is marking the end of its beta phase.

Finance is a more communal activity than is commonly thought. However, as mass urbanisation has hit parts of Nigeria, traditional schemes like Esusu have disappeared. REACH was developed to reignite this custom. The platform is influenced by traditional concepts and powered by smart technology.

The company has closed on a small seed round of investment from private Nigerian and US investors. They are now looking to develop more vendor partnerships, and roll the platform into new areas.

Built in partnership with Zenith Bank, REACH has been in beta since July 2016. Since then, they’ve sealed a number of deals with vendors. Most notably, REACH users with a score of 300 and above enjoy a five percent discount when shopping at CityDia supermarkets in Lekki and Surulere.

REACH and FlyBoku.com have also partnered to offer users a discount of at least 2,000 naira off their flight bookings. These and other impressive deals are on the REACH benefits page.

The app is easy to use. Simply type how much you need to save, and when the amount should be complete. The app will generate the daily, weekly or monthly amount that needs to be deducted. Users can cancel their savings plans at any time and a full transfer of funds will be made.

REACH places high regard on security so users are limited to inviting 12 friends to be part of a particular group as is typical with the Esusu scheme. This helps to keep the community private and ensures that the group can only be joined by invitation.

REACH was designed and built in Lagos by a small team. It is founded by JR Kanu, a former Konga employee and alum of Stanford’s Graduate School of Business. Victoria Araromi, also a Stanford alum, serves as its COO.

The technology team comprises Funke Akinola, a 2016 graduate of Obafemi Awolowo University; Teyim Pila, a 2016 graduate of the American University of Nigeria; and Uzoma Orji, a final year student at University College London. Samuel Kanu, a first-year student of African Leadership University leads the social media efforts.

REACH is now available for download on the Google Play Store and the iOS App store.

segun akande