We have been talking a lot about fintech in the past few weeks; myghpay, Zeepay’s D4I, going cashless, and Ghanaian bank apps. The growing interest is not just happening in Ghana but also around the continent. As tech grows, it makes more sense to put our tech where our money is, literally. Last week, we took a look at the 3 Ghanaian finalists in the Ecobank Fintech Challenge, Invest Mobile, Inclusive, and DigiTeller. Today, we dive in on Invest Mobile.
As the name already gives away, Invest Mobile is a fintech startup which is looking to change the way individuals manage their investments. Currently, most investment institutions in Ghana would request that you go to their office to manage investment accounts, and this startup wants to change that.
The solution helps clients get access to financial investment solutions through their mobile phone with or without an internet connection. The app provides customers with several options to select either long or short term investment solutions through our app or via our USSD platform.
Primarily, the app allows users to the following use cases.
- Personal Investment
Invest Mobile simplifies personal investment solutions. Just deposit money into your mobile money account or Visa card and link it to your app.
- Group Investment
They make it easy for organisations to invest together. All you have to do is create a group investment and invite members to invest with you
Should you ever need cash before your maturity date, no need to cancel your investment, just apply for an instant loan.
Richard Duodu, the CEO of Nieltin Technologies, adds,
“The app intelligently integrates with the Mobile Money account of the subscriber and an agreed amount is deducted from the account daily, weekly or monthly and invested into financial investment solution on behalf of the customer. Investing small sums of money every day, using the power of compound interest, quickly adds up to build the wealth portfolio of our clients. Unlike other services, we make investment stress free.
He continues, “We have long and short term investment solutions that will meet your needs. Maturity period for our investment solutions is between 6 months and 10 years. The amazing part is that, should you ever be in need of cash during your investment period, you do not need to cancel your investment to get the money, all you need to do is request for an instant loan. The loan will be credited to your mobile money account in less than a minute.”
Currently, the team runs lean with 2 members. Richard Duodu serves as both CEO and CTO. He is responsible for software architecture and security. Yaw Ntow handles legal and business management, as the product has many phases that require legal interpretation and implementation.
The Invest Mobile team is yet to launch and poised to emerge winners of the Ecobank Fintech Challenge. This will help them to receive the necessary support from investors to make the product even more successful.
Have you seen any such ideas on the Ghanaian market? What are your thoughts? Share with us.
Also published on Medium.