Nigeria: myStash automatizes the savings process

By : Adoni Conrad Quenum

Date : mercredi, 28 septembre 2022 15:58

Last updated : mercredi, 28 septembre 2022 16:04

In Africa, the volume of funds attracted by fintech startups is growing rapidly. Those startups come up with alternative solutions to address some of the pressing challenges faced by businesses and individuals.

myStash is a fintech solution developed by an eponymous Nigerian startup, founded in 2021. It automatizes the savings process, allowing users to save a preset percentage of their earnings and expenses.

Through its web and mobile apps (the mobile app is available for Android and iPhone users), users can manage their finances and set the percentage of expenses and earnings to save. To do that, they must first register by providing personal information, then link their bank cards to their myStash accounts. 

The startup assures that the process is secure and it has no access to sensitive information. On its website, it claims that it has helped over 25,000 customers and hundreds of businesses “make better money moves by helping them save bit by bit in Naira or Dollars.”  

The startup also offers a 5-12% interest on the amounts saved. In addition, it enables users to receive part of their salaries in US dollars. Its services are free. This year, it is among the 43 African startups selected for the Social and Business Camp sponsored by the French Development Agency to help startups get themselves known to potential investors for their growth. 

Adoni Conrad Quenum


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