Digital Space Capital launches DigiKolo app to deepen financial inclusion


Digital Space Capital, a fintech firm, has launched DigitKolo, an online savings app to deepen financial inclusion.

The launching took place at its head office in Ikoyi, Lagos, recently — a year after its initial launch.

Olubukola Abitoye, chief executive officer (CEO), Digital Space Capital, said the product now comes with new features like biometric login, the flexibility of savings, and automated deposits.

.“This was borne out of concern for the country and the economy at large, two years ago.

“If you can recall, 25 to 30 years ago, the culture of saving was present. When people gave us gifts, the next thing that comes to mind is to save them inside the kolo – a muddy or wooden craft where money is accumulated, until festive seasons,” Abitoye said.

“But all of a sudden, we lost it. If a young kid gets a hold of money today, the next thing is they want to buy airtime, data to play games.”

She said there was a need to personally cultivate the habit of saving because if this is not done on an individual level, it will be difficult at a corporate level.

“We currently have a download of 3,812, and we have over 80 percent active users, and we didn’t put a rest in our oars because the world is moving and the way the world is going, everybody wants something flexible and seamless.”

Asked why DigiKolo is different from other saving apps, Abitoye said the company is not only bridging the gaps in financial inclusion, it is creating future opportunities for market women and those in rural areas.

“We also designed a pension system in the app. Like for those market women that are not pensionable, we have designed something for them. So that by the time they are saving they are also preparing for the future. So it is not just workers that have a pension at the end of the day,“ she added.

“So by January, we are opening up in Ibadan and Abeokuta at the same time. It is something we focused on. We have come up with fantastic ways of making it work for them and make them be part of this.”

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