FandK Savings: Save and Invest In Nigeria

Have you ever thought of how you could digitaly save you money without having to use OSUSU or coorperatives around? A solution to this is saving with F&K Savings.

You can save your extra income or target any goal or plans and earn even earn interest for save locking your money with this digital savings company.

Let me take you through some important things you need to know about savings and also, all you need to know about F&K savings.

fandk savings review
Image Source: F&K Blog

What is Saving?

Saving as the name implies is income that is not utilized. There are several methods of saving which include, setting aside some inflow of cash either in an investment fund, pension or deposit account. Saving could likewise be the reduction of consumptions like costs reduction. As far as individual budget is concerned, saving can also be seen as lower risk money storage. This is seen in the difference between investment account where the risk factors are higher than deposit account. Economically, saving refers to an income of any sort that is not utilized or consumed just immediately.

N/B: Income is not an automatic characteristic of saving.

Also note that Saving and Savings do not exactly mean the same thing as saving is simply keeping ones income while savings refers to an act of reducing ones asset’s costs.

The understanding of both variables is key to determining which one is best to do at any given time.

In various settings, there can be inconspicuous contrasts in what isconsidered as saving. For instance, the piece of an individual’s pay that is spent on contract credit head reimbursements is not spent on present utilization and is in this manner saving by the above definition, despite the fact that individuals don’t generally consider reimbursing an advance as saving. Be that as it may, in the United States’ estimation of the numbers behind its gross public item (that is, the National Income and Product Accounts), individual interest installments are not treated as “saving” except if the organizations and individuals who get them save them.

The identification as well as the understanding of saving is firmly rooted with actual speculation, in that the previous gives a wellspring of assets to the last mentioned. By not utilizing ones income in the purchasing of labor and products, it is feasible for assets to rather be contributed by being utilized to deliver fixed capital, like manufacturing plants and hardware. Saving can along these lines be essential to build the measure of fixed capital accessible, which adds to financial development.

These notwithstanding, expanded saving doesn’t generally relate to expanded investment. In a scenario where reserve funds are not saved into a monetary institution like a bank, there is no possibility for those investment funds to be reused as speculation by business. This implies that saving might be increased without expanding investment, potentially causing a deficiency of interest (a stack up of inventories, a cut-back of creation, business, and pay, and accordingly a downturn) instead of to financial development. Temporarily, if saving falls beneath speculation, it can prompt a development of total interest and a financial expansion. In the long haul if saving falls underneath speculation it at last diminishes venture and cheapens future development. Future development is made conceivable by previous present utilization to build venture. Nonetheless, savings not stored into a monetary go-between sum to an (premium free) credit to the public authority or national bank, who can reuse this advance.

In a crude horticultural economy, investment funds may appear as keeping down the best of the corn collected as seed corn for the following planting season. On the off chance that the entire yield were burned-through the economy would change over to chasing and assembling the following season.

What are the Benefits of Savings?

With the idea of personal budget in mind, the demonstration of saving compares to ostensible preservation of cash for sometime later. An account meant for deposits paying revenue is normally used to hold money for future requirements, for example a just-in-case account, to make a capital buy things like house, cars and even to go on vacation or to provide for another person (pay tax, bills and for the children and so on).

What are the Differences Between Deposit and Investment?

Amid individual budget, cash used to buy stocks, put in a speculation asset or used to purchase any resourceful asset where there is a component of capital risk is considered as an investment. This qualification is significant as the risk of investment can cause a loss of capital when an investment is acknowledged not normal for cash saving(s). Money investment accounts are considered to have negligible danger. In the US, all banks are needed to have store protection, normally gave by the Federal Deposit Insurance Corporation or FDIC. In outrageous cases, failure or disappointment of the bank can make deposited funds to be lost as it occurred toward the beginning of the Great Depression. The FDIC has kept that from happening from that point onward.

In many examples, the terms savings and saving are utilized conversely. For instance, many accounts meant for deposits are named as investment accounts by banks for the purpose of promotion and marketing. As a dependable guideline, once money is utilized in buying asset that is well expected to in time appreciate in value but may also be influenced by the value of the market then it is an investment. “contributed” in real.

F&K Savings

Any society’s financial Security is guaranteed only when savings is made a priority. In Nigeria the concept of practicing saving is not a new phenomenon as it has been in practice over the years. In times past, the Nigerian way of saving took the form of contribution and OSUSU which could not relieve debt in totality nor fund new innovations and enterprises.

Before the Advent of more digitalized banking system, piggybank was widely used in saving.

Banks were introduced as another way of saving (even though it was seen as a new innovation) and could not also garner enough profit for the saver but rather took from the little saving made by the saver and it turned to be a way of gifting your hard earned money to banks to do business with it.

This notwithstanding, the culture of savings in Nigeria and Africa as a whole has been poor from time immemorial which is caused partly by the low standard of living in the continent and goes at greater lengths to discourage the majority part of the population from saving.

With this in mind, the future seems blurry but not until 2017 when PWC came up with a FinTech report gotten from the survey conducted by them. The report states that in the next five years, customers ranging to about 62 percent will make use of Mobile App in the access of their services. This has brought a relieve to the FinTech industry and many Softwares and mobile applications has been developed to manage and store money thereby encouraging savings.

It is in this light that a Fellow of the Corporate Finance Institute based in Ibadan by name Folarin Adeboye teams up with a group of developers in the software industry to come up with a Finance software and App called F&K Savings which came in 2017.

What is F&K Savings?

This is a non-discriminatory finance saving platform with the sole aim of acting as a financial manager in the aid savings for futuristic purposes. The mobile version of the F&K Software aids great minds both young and old in the investment, saving and ventures so deemed profitable for the now and futuristic purposes.

Starting up an investment and saving venture with F&K Savings is second to none in speed and account management.

You will agree with me that today’s world is ruled by innovative Technologies (and this is done by incorporating technological gadgets like phones, laptops and so on) which favours the young minds the more while leaving the older generation to battle in the analogue way of non tech-savvy mentality; well, there is good news to this effect. F&K Savings have bridged this gap and has given an equal opportunity to create wealth by creating means to carry them along.

Are you wowed? Read on!

F&K Savings have physical agents whose duty is to link up with those without access to Internet or the mobile software platform. An account is created which acts as their personal account number in the platform. To add to this, every user of F&K Savings is entitled to notifications both by email and SMS and of course a savings card. As soon as a customer is versatile with the nitty-gritty of using and managing his or her personal account by his or her seld, then the work of the agent is terminated. While still in active service, the agent gets money in cash from the user (offline user) and on behalf of the user, deposit the money into the user’s account which will be shown in the history of the user’s savings.

Who Owns F&K Savings?

fandk founders
Kwami and Folarin

F&K Savings is designed specifically for the savings and management of investments and it was Launched in the year,2017 by a group of software developers named who is headed by Folarin Adeboye, Femi Sitsofe Kwami as the CIO and Damilare Abiodun as the CTO. These three are the brain behind the prolific saving platform F&K Savings.

How Long Does F&K Savings Investment Lasts?

In terms of the time range for the investment, there is a model for the subscription of F&K Savings and a user is allowed to make choices at his or her convenience. The user will have the liberty to chose from the list of choices available on the time range list will be provided upon registration.

Does F&K Savings Give Financial Advice To Clients?

One of the benefits of enrolling with F&K Savings is that of financial advice and counseling given by the brand’s financial experts. They are fully aware that not so many persons can utilize their or recognize good investments and have taken it upon themselves to educate, advise and guide you into making the right choice of investment that will, in turn, yield great returns.

What Are the Challenges Faced by F&K Savings?

In recent times, people are eager to fix their monies in get-rich-quick platforms as well as Ponzi schemes which has become prevalent as the day goes by and this has made it hard to convince persons who might have in one way or the other got scammed or know someone who has suffered such fate.

Prior to our launching in 2017, this prompted us to embark on marathon sensitization workshops to rid our identified prospective clients of the importance of distinguishing Ponzi scheme from legit saving of which we were to bring their way. This, however, earned us a good turn up as we were able to garner over Two thousand online and offline users having operated for just half a year.

Despite the fact that the population of the unbankable users were and still reached with their use of friendly agents, F&K Savings have garnered many users through the use of referrals which has given much benefits and bonuses to users who through them, others join F&K Savings.

Successes and the Way Forward

Over the last few years, F&K Savings platform as a business model has been proven to be user-friendly and has been considerably favorable to both low-income and high-income earners in Nigeria. The network has recorded subscribers and agents ranging to a whopping number of 50 agents and 17,000 subscribers and has encroached its tentacles to diverse States of the Federation like Kwara, Osun, Ogun, Ondo, and Oyo States.

Annual interest rates of about 8 percent have been increasingly added to the savings platform while leaving the users with the charge of $0.28 which is an equivalent of N100 only. (That is, if a subscriber wants to save in a six-month saving plan, he saves $48.60 which is an equivalent of N20,000, the customer will have a 4 percent as his or her interest and will be cashing out N124…200 as his or her final profit.

Isn’t this awesome?

Why You Should Save and Invest with F&K Savings

F&K Savings offer a wide variety of customer packages that are seldomly seen elsewhere. They have a constant 24/7 support team that are ready to answer your questions and enquiries and solve some technical issues arising from the platform if there is any. This is also a platform that is highly digital, which means you can access them from any part of Nigeria without necessarily meeting one on one with their agent.

How To Get Started With F&K Savings?

Getting started with F&K savings is very easy. All you need to do is visit their website and register an account.

make sure to use valid user detials when registering your account.

How To Create a Goal or Plan To Save Into?

After account creation, login to your dashboard and click on create plan.

Fill in your plan details by setting a name, target amount, start date and maturity date.

Then, add your bank card for auto saving.

How To Add Bank Account For Withdrawal?

From your dashboard, click on menu => Profile => Bank account Settings.

Enter your correct bank account details and submit.

How to Withdraw From Your Savings Plan

After your plan has matured, you can withdraw your saved money directly to your bank account.

Login to your dashboard and click on your matured plan. Click on withdraw and enter the amount you wish to withdraw from your plan, then submit.

Your money will be sent you your bank account immediately.

You can check out other reliable savings and investments apps in our category.

About the Author: CyberHope

Personal Blogger who loves playing around with gadgets and making reviews on them. Also, Hope is not left out in the online money-making world. He shares tips on how to make money online.

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