Promoting Saving Habits in Nigeria with the BitMinutes Super Saver Program
BitMinutes, a blockchain and token technology company active in expanding financial inclusion in African countries, has announced the creation of a Super Saver program for Nigerians as a way to incentivize residents to embrace BitMinutes as a savings vehicle.
“The interest rate on entry-level savings accounts at financial institutions in Nigeria is notoriously low, hovering at around 4 percent” notes Tom Meredith, CEO of BitMinutes. “Meanwhile, inflation rages at 12 percent. We offer the citizens a better return in hopes that this will encourage people to try the BitMinutes app and our growing suite of financial services.”
BitMinutes will kick 2020 off with an introductory promotion in which Nigerians have the ability to buy BMTs and earn 1 percent monthly by holding them in the account, just as certificates of deposit (CDs) work in traditional banks. Account openers will have the choice of 30, 60, 90, 120 and 180-day terms for their special super savings accounts, with penalties for early withdrawal.
Nigerians can participate in this program by downloading the BitMinutes app to their Android mobile phone, or by visiting a member of the Trusted Agent Network (“TAN Agents”).
“The point is to encourage people to adopt the habit of accumulate savings and letting it earn compounded interest, as well as introduce people to the BitMinutes program, where the BMT token can be exchanged for airtime top-up, buy goods at participating merchants, and pay debts.”
BMT holders may also benefit from a rise in the naira/BMT exchange rate, as demand grows for the token. The price has risen to 8 naira per BMT since the program started early in 2019.
“There’s a planned price increase to 10 naira per BMT by March, in monthly half-naira steps,” said Meredith. “This is a one-time benefit for people who buy and hold BMTs prior to March.”
Participation in this promotion will be limited to the first 1,000 people who sign up via their BitMinutes mobile app after the program launches.
“This is a great way to induce trial of BitMinutes services and reward citizens for embracing the future as well as growing the business of TAN agents, who receive a commission from selling BitMinutes,” added Meredith. “This also supports our mission of serving the billions of unbanked people around the world by expanding affordable financial services into under-served communities.”
The national media has reported on BitMinutes’ growing potential in Africa and specifically with its TAN concept. More recently, Hackernoon highlighted BitMinutes’ technology in relation to its partnership with the cryptocurrency Akoin.