Let’s protest against financial indiscipline

It’s hard to believe it’s already been five months since we launched Kolo. But we’re grateful you’re alive to read our email. Your continued support has been our driving force, and we’re thrilled to share some exciting updates and important financial insights with you.

What’s popping in the finance space? 📰

💰 Interest Rate Hike 

The Central Bank of Nigeria (CBN) has raised the interest rate to 26.75% in order to tackle inflation. This decision affects borrowing costs, savings rates, and overall economic growth. For those with running loans, it’s important to read through your loan agreements carefully and think about refinancing if better options are available. And for savers, if you thought your savings were earning you a lot, think again! 🤑. 

💸 Minimum wage bill: 

The Nigerian Senate has approved a new minimum wage of N70,000 💃. There’s not much to say here. But remember, as you celebrate this increase this, remember to apply all financial management tips to reduce waste and increase profit. 💵

📊 The Government has used our savings to service debts

We wish the Federal Government uses Kolo to manage the federal accounts if not we may not be in this mess 😢

Nigeria’s debt service costs have taken a hefty 74% of government revenue 🫠. Everyone needs to work to prioritize debt reduction strategies – credit is important but can be addictive if not controlled. Some strategies include refinancing high-interest debt, negotiating better terms, or increasing revenue streams to manage debt more effectively. Let’s hope there’s a budget-friendly plan in the works! 📉

There’s a lot more happening in the Nigerian financial space. Remember to always stay updated! 🌟

What’s new with Kolo? 🤩

Remember this?

We’ve been hard at work making Kolo better and we’re excited to announce that we’ve launched a new feature to enhance your experience. 

With Kolo, you can now securely share your financial data with tested and trusted organizations. This connection allows you access a host of financial services personalized to your financial needs.

Here’s what you stand to gain

🤝 Seamless data sharing: 

Connect your bank accounts and financial statements and authorize trusted organizations to access your financial information. This makes it easier for organizations to provide personalized services based on your financial data across all banks all at once. 

⚠️ Note

Whenever an organization requests access to your financial data, you’ll be able to review the organization and the permissions they are asking for. You have 100% control over who has access to your data. Make sure to grant permissions to only organizations that you trust. You have the right to delete a connected app.

Regularly review the organizations you’ve granted access to and manage permissions as required. 

We strongly believe this feature will greatly improve your Kolo experience by providing you with more personalized and streamlined services.

Got any more questions, concerns or suggestions?

Don’t hesitate to send us an email at [email protected]. Our team is always here to help and ensure you have the best experience with Kolo. We’ll be more than happy to hear from you! Looking forward to spending this August with you!

Cheers to better financial management 🥂