Nigerians are currently facing a tough economic crisis. According to the National Bureau of Statistics, the rate of inflation went up to 19.64 percent in July 2022, from 15.60 in

January 2022. Despite several attempts to contain the situation, such as the Central Bank of Nigeria jerking up the Monetary Policy Rate (MPR) from 11.5% to 13% in May and then to 14% in July, the inflation seems to be defying efforts at allaying its effects on the masses.

As expected, the impact of this is that market prices of consumer goods and services have been on a steady rise, with no respite in sight anytime soon. The same is the case for imported raw materials, industrial goods and import tariffs. For instance, a pack of noodles which sold for N2,400 as at August 2021 is now almost 100% up to around N3,500. A bag of rice has gone up 81.25% from N26,000 in October 2021 to N32,000 in August 2022.

It might seem there is nothing anyone can do anymore to protect their money from losing its buying power. While some experts would advise such a smart move as saving one’s naira in dollars so as to hedge it against inflation, the money still ends up not doing much with the rate of inflation.

This is one major concern that Reaprite is helping to solve with its competitive interest savings options that afford Nigerians the luxury of guarding their money against loss of value. The platform which was launched in 2020 with about 5,000 new users in its first month alone, has enabled many people to fulfil their financial goals despite the harsh economic environment.

According to Chukwuemeka Omeje, a Lagos-based ICT security consultant, “Reaprite has enabled me to save me towards a certification exam, a quarterly commitment I make, and a personal project I had hoped to execute for a long time.” Sam Adebayo, an Ilorin-based technology professional said he was also able to set up his workstation using Reapgoal, a savings plan that generates up to 12% interest.

Many other users have similar stories of what they have been able to achieve through the platform which allows users to earn 12 – 16% interest per annum. “Our motivation is to see the average Nigerian being able to pursue their dreams despite the rising inflation which would otherwise have rendered them incapacitated”, said Tunde Saliu, Managing Director.

The savings application is run by a team of young vibrant individuals who are unanimously pursuing the singular mission of helping Nigerians fulfil their goals through wealth creation. Having diversified investments in agriculture, real estate, foods and other viable portfolios, the company is restoring people’s confidence in maintaining a savings culture.