Tunde Saliu, the Managing Director, Reaprite Global Limited brings with him a wealth of experience as a Cyber Security and Systems Engineer. At the helms of affairs, he is a key player in creating a unique fintech solution for wealth creation and management that Reaprite offers its users. His vast experience and knowledge in the technology industry are the force behind the strong and promising partnerships setting the stage for the rapid growth at Reaprite. Alongside his roles as the Managing Director of Reaprite, he also oversees the engineering team in outlining the company’s technological vision and implementing technology strategies to meet the users’ needs amongst others.
The company is confident that under Saliu’s leadership, Reaprite as a fintech solution will excel at identifying profitable business opportunities for its users while ensuring adherence to the quality standard already associated with the brand. In this interview, Saliu explained how the platform allows users to grow their savings at ease. Excerpt:
Can you tell us about your company?
https://www.reaprite.com Reaprite is a digital financial services platform that connects users, to real-time savings and investment opportunities via Web, iOS, and Android applications. The focus is primarily on personal finance by offering savings and investment options that yield competitive returns to individuals while making the service efficient and easily accessible. In essence, Reaprite allows users to grow their savings at ease. In addition, Reaprite has a comprehensive KYC feature that verifies user’s information. Since the platform was launched in November 2020, it has been received with enthusiasm by the public and has acquired over 10,000+ users who have subscribed to the different saving plans offered by Reaprite listed here;
Reap Quick: A short-term saving option where users can choose a suitable savings duration of 90 days, 180days, 270 days, or 365 days at a 12.5% per annum.
Reap Plus: Medium-term saving option with a tenor of 180days, 270days, or 365days giving interest of 14% per annum.
Reap Max: For a longer saving tenor of 270 or 365 days. Savers can use this plan to obtain a 16% return on investment.
At what point did you begin to think of starting Reaprite?
Reaprite started from a place of adding value to people’s money and encouraging them to set aside some portion of their earnings towards achieving their future financial goals. While working with Agrorite we noticed that when users’ sponsorships reach maturity, and are paid out, they complain about the possibility of spending their funds before the next sponsorship cycle and possibly losing out on future competitive investment options. So we thought of developing a solution to address this challenge and eventually, Reaprite was birthed to put user’s money to work by creating a platform where people can save their unused funds while it incurs daily interest.
Reading through your corporate strategies, it is interesting to note that your company’s commitment is to empower people to do what’s best for their money and live a better life. Can you throw more lights on this?
We understand how important financial discipline is, and how it enables you to live and achieve your goals. On the other hand, you also want to have a good quality of life. This is where we come in, we encourage you to save towards your dream life while keeping up with the standard that makes your present life even better.
In terms of market shares, what are you aiming for, and what is the next phase for you?
Expanding beyond the shores of the country, hopefully becoming a household name and we aspire to come up with more profit-making ventures to encourage investments.
How many savers have been onboarded on the platform?
As of date, over 10,000+ users are using our platform to save.
There are many online savings platforms now, what sets Reaprite apart?
What is unique about Reaprite is that we take into account the different user’s financial capabilities, and we make it so flexible that no matter how small or huge your financial goals are, we have a plan that will suit your needs. With as low as N500, a saver can start a saving plan on our intuitive and user-friendly platform. We also pride ourselves on prompt customer support to our users.
It is surprising this day to see many fintech start-ups springing up. What competitive advantages does your company have against the banks?
Well, our wealth creation solutions are unique to us. We have created different plans that drive our users towards creating generational wealth as they carry on with their daily lives. Secondly, because we have a clear understanding of global trends as they affect the finance of everyday people, our investment portfolio has been designed to spread across agribusiness and real estate. Also, compared to banks, our overhead cost of running the business is relatively low so this gives us a good margin. These parameters and many more ensure we are always a step ahead in meeting our commitment to our users.
Generally, what would you say are the impact of Fintech on traditional banks in Nigeria?
It has been interesting to see how traditional banks are coming up with products to rival fintech offerings, especially to ensure customer retention. I would say that it has created an environment where every product developed either by the fintech or the traditional banks is more customer-centric. Because there are more options for the users to choose from, the standard has greatly improved all round.
Clearly, you and your team are thinking of the long term, so what is the plan in 5 to 10 years?
We plan to continue to be innovative in the product and services we offer to our savers in addressing their financial needs. Our long-term plan is to get to the stage where we are able to issue out Reaprite cards which users can easily use to make online purchases and withdrawals through any ATM. With this in mind, we see growth for our company, gaining a presence all across Nigeria and expanding to other African countries.