Nigerians Johnson and Godwin Azeke innovate savings services to benefit those with little income

Nigerians Johnson and Godwin Azeke innovate savings services to benefit those with little income

(Ecofin Agency) – Experts in technology-based risk analysis, Johnson and Godwin Azeke, 2 Nigerian entrepreneurs, have set up a system formalizing the savings goals of people with little income. This gives them access to resources that can be used for profitable investments.

SAVEBETA, which from its expression in the pidgin language can be translated into French as “Better saving”, is a product of Beta Analytics Limited. Present on a website and a telephone application, it offers employees, students, entrepreneurs, SMEs and individuals savings solutions to finance future projects.

Savings per se are not new to the financial sector in Nigeria. However, not everyone engages in it and Godwin Azeke, one of the co-founders and Managing Director of Beta Analytics, noticed this when he was doing his paid national service with the company Nigeria Breweries. This version of things is confirmed by Johnson Azeke, the company’s other co-founder and chief operating officer.

The main reason behind starting our project was that we found that some people who have an income were still struggling to pay their rents. They had to be taught how to organize and prioritize the management of this revenue. SAVEBETA provides them with solutions “said the latter in an interview with the Technext website.

There is no information on the business model of the company. But in view of the training profile of its two promoters, we can hypothesize that their actual activity is that of investment, on profitable opportunities in the short term. Their clients are in a category of economic players who need money at short notice. The expertise of the two SAVEBETA developers in the analysis of financial risks associated with technology allows them to mobilize the money given to them and return it thereafter with interest rates that can reach 15% per year.

The culture of savings is not shared by everyone in Nigeria. Beta Analytics therefore started by making its potential customers aware of the advantages of savings. The company has also created various products that allow each person to find the formula best suited to their savings goals. Likewise, it has facilitated the conditions for accessing funds, which are in principle available at any time.

Because clients have a term savings contract, they can also take out urgent loans that are secured by their savings. Finally, the project at the beginning was negatively impacted by field agents who did not return the sums promised to the clients. Beta Analytics has fixed this by strengthening the technology. The company now claims at least a thousand customers in its portfolio.

Over the next few years, SAVEBETA plans to set up in several African countries and develop several other financial services. ” We have a very solid business plan at SAVEBETA. In five years, we want to be present in at least three African countries and become a household name that people will want to rely on when it comes to savings. said Johnson Azeke. Remember that the latter and his partner are looking for financing that will support their start-up. On a Youtube video, they can be seen applying for a Google Black Entrepreneurship Award.

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