Parthian Partners, a pan African inter-brokerage services firm in partnership with Sterling Bank Plc has unveiled a new frontier for investors in the African finance sector with the launch of I-invest, a mobile application that allows users to purchase Treasury Bills (T-Bills) directly from their smartphones.
The first-of-its-kind investment app, I-invest enables both new and experienced investors to match their investment maturities to their needs.
The app levels the playing ground for new investors providing them with equal opportunities available to experienced and institutional investors to save money and improve their money market portfolios through Treasury Bills.
It eliminates entry barriers such as lack of education and information to make smart investment decisions and the ability to get a broker and/or time required to visit banks to fill forms for treasury bills.
Commenting on the app, Oluseye Olusoga, the chief executive officer of Parthian Partners, said: “I-invest extends the use of mobile technology beyond money transfers, utility bill payments, and airtime purchases. “It broadens the choice of money market products available to new and experienced retail investors in the Nigerian money market to include Treasury Bills. Potential investors require only a smartphone with a functional mobile phone line and data subscription to use I-invest.”
Olusoga added that I-Invest will appeal to the typical Nigerian who is looking to grow savings through a diversified money market portfolio but has numerous challenges in efforts to do so, assuring that it is now possible irrespective of location in Nigeria.
Also, Ibidapo Martins, the Chief Marketing Officer, Sterling Bank, said: “I-invest is a secure and convenient mobile app that deflates the elitist and upmarket status associated with investing in treasury bills.
“A first-time investor can download the app from the android app store, follow the step by step instructions to register and start investing within five minutes.”He disclosed that the Bank chose to partner with Parthian Partners on I-invest because it was a long overdue financial solution that will benefit many Nigerians.
“It was only right we collaborate with Parthian Partners on this innovative mobile solution that will save our customers the commute time required to get to a banking hall while also encouraging Nigerians at large to imbibe an investment culture”, he said. To start investing, users can select from the list of available securities, with a minimum amount of 100, 000 Naira and confirm the transaction. Interest accrues daily, while the investment amount and interest will be credited to the customer’s account on maturity.
The user-friendly interface of the application allows account holders to fund their account with a debit card or pay at any bank branch of their convenience for the account to be funded real time. Users can top up directly from their mobile banking platform.
Similarly, customers who choose to withdraw need to provide their bank details, enter the amount to be withdrawn and provide answers to their secret question while ensuring their KYC details are up to date. In the case of theft or loss of the users’ mobile device, the investment is not affected however customers are advised to install the application on another device, login and change their password settings.