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.”

Adegoke Adegbami, managing director, Mainstreet Microfinance Bank, advised youths to cultivate the habit of saving.

“Everyone has access to money. Even if you don’t have earned income, you have the unearned income, but the one that requires conscious decision is the issue of savings,” he said.

“If you earn all the money in this world and you don’t have the habit of saving, you will still end up in poverty. So if DigiKolo is saying they want to bring back the old system, I think they are solving a big problem in society. I must add that the problem of saving is both an individual and a national problem because part of our problem in our society today is that even at the government level, we don’t save.

“We only learn to spend. And because we must continue to spend, that’s why we must continue to borrow.”

Oluwatobi Musa, managing partner, Elvani, said the essence of tech finance is to help banks to optimise transactions.

He said many companies are losing customers for not banking on technology in operations.

“The younger generations are smarter now, and they look at what they can gain from your product or services, Digikolo is doing so much on that, and we are happy to be a partner to digital space, he said.