Investment mobile application (App), which allows users to purchase Treasury Bills (T-Bills) directly from their smartphones has recorded over 70,000 downloads on Apple App Store, and Google Play Store in less than 10 months of its entry into the market, according to a statement in Lagos.
The App, known as i-Invest, was swiftly embraced by investors, who had been yearning for a fast and convenient means to access investment products in a secure manner using technology. Today, millions of customers are able to perform most of their banking transactions from the comfort of their homes.
Developed by Parthian Partners, a pan-African inter-brokerage services firm, in partnership with Sterling Bank Plc, the i-Invest App provides a level playing ground for investors regardless of status or category.
The developers said equal opportunities now exist for working-class or retiring people and pensioners as well as experienced and institutional investors to save money, and improve their money market portfolios through T-bills.
A 36 years old teacher, Mr. Remi Oduntan, who could not hide his excitement at the discovery of the i-Invest App last month, said: “I have been conducting most, if not all, of my banking transactions through the App that I downloaded on my android phone. The only reason why I still visit the banking hall occasionally is in respect of my investments in treasury bills.”
The i-Invest App, which is supported on both Android and iOS platforms aims to encourage users to build a savings and investment culture. It provides access to an array of T-bill investments that assists investors to match their investment maturities to their need.
In addition to the low risk profile of Treasury bill investments, the capacity of the i-Invest App to bring such opportunity to the mobile devices of everyone who is interested in it makes it quite attractive to potential investors. It also eliminates the entry barriers posed by exorbitant minimum investment amounts typically in millions which existed before the introduction of the platform. With the i-Invest App, anyone with a minimum of a N100,000 is free to invest in T-bills.
Once the i-Invest App is downloaded for free, the first step is to register using a valid identification number, BVN and a valid phone number. The app is available to every Nigerian that has a BVN number as well as a smart mobile device.Remarkably, the i-Invest app enjoys support at the highest levels and is currently under the purview of the Nigerian Securities and Exchange Commission (SEC).
In addition, all securities purchased on the platform is held in safe custody by a licensed securities custodian which in effect protects investments made by clients. Users are also able to know the exact state of affairs with their investments at all times. All that is needed is for the user to log in and view the details. The App interface is certainly user-friendly and self-explanatory.