Sterling Bank has launched a new mobile application known as I-invest, a mobile application that allows users purchase Treasury Bills (T-Bills) directly from their smartphones, in a bid to encourage people to build a savings and investment culture.
The new application is supported on both Android and IOS devices and was developed by Parthian Partners, a pan African inter-brokerage services firm in partnership with Sterling Bank, I-invest enables both new and experienced investors to match their investment maturities to their needs.
In a statement, the companies said: “The first-of-its-kind investment 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”.
The application 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.”
The CEO of Parthian Partners, Oluseye Olusoga while commenting on the application 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.”
He also added that I-Invest will appeal to the typical Nigerian who is looking to grow their savings through a diversified money market portfolio but has hitherto encountered numerous challenges while attempting to do so. Now they can invest in Treasury Bills irrespective of their location in Nigeria.
The Chief Marketing Officer of Sterling Bank, Mr. Dapo Martins 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.”
The new application will provide customers access an array of treasury bill investments to enable them to match their investment maturities with their needs. Some advantages of the application include saving time for the customer instead of chasing his account officer around or waiting in the bank. Also, any other bank customers can access the offerings through the application. Mr. Martins also explained that for potential customers to register, they need to have a BVN number, valid phone number, utility bill and a valid means of identification such as driver’s license or national identity card or international passport.