Launched in May 2024, Jollof+ is a product of Baobab Nigeria, a subsidiary of the French-based Baobab Group, which operates across seven countries and is licensed by the Central Bank of Nigeria and insured by the Nigeria Deposit Insurance Corporation, providing a platform for savings and investments.
“Baobab Nigeria’s recently launched savings app, Jollof+, has achieved a significant milestone, attracting over N1.3bn in savings just 64 days’ post-launch. This achievement highlights Jollof+’s crucial role in promoting financial security for Nigerians amid rising inflation,” it stated.
According to Baobab, the app’s success is attributed to its user-friendly design, competitive interest rates, and rewarding features, making it a standout player in Nigeria’s competitive fintech sector.
The Chief Innovation and Digital Strategy Officer at Baobab Nigeria, Babatunde Baruwa, stated, “Despite initial scepticism over our 21.6 per cent interest rate, Jollof+ has proven its sustainability. Backed by Baobab Nigeria’s solid foundation as a microfinance bank with over a decade of experience and 38 branches nationwide, users have been reassured of our credibility.”
He added that the app’s features were designed to meet the financial needs of Nigerians during challenging times.
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