Nigerian web and mobile platform Save & Buy has developed a financial planning system for use in online shopping, to enable users to save up online for coveted items.
HumanIPO reported recently that Save & Buy has been selected as one of ten companies to form part of VC4Africa’s September Cohort, a three-month business development programme which also provides access to an investor network.
Based on the experience of low-income consumers in Nigeria, for whom credit options are often unavailable, Save & Buy hopes to fill a gap in the e-commerce market by offering a savings product which enables users to pre-plan online purchases and save money towards them.
“The Save & Buy process makes it easy to create and manage a payment schedule that fits into any budget, anywhere, anytime,” Hugo Obi, co-founder and chief executive officer (CEO) of Save & Buy, told HumanIPO.
“Save & Buy provides a means of payment for items through e-commerce channels, rather than being a channel itself. It allows consumers to save towards the products, conveniently and securely. Essentially providing a smart, debt-free way to plan and pay for online purchases.”
The company works alongside established e-commerce outlets to offer customers these payment and savings options. Obi said the benefit to online stores of using the Save & Buy service is the ability to outsource payment issues to an efficient and cheap partner.
“Indeed, retailers could offer savings services to consumers in-house, but partnering with Save & Buy is cheaper and quicker. Furthermore, by outsourcing this service to Save & Buy, online retailers are able to focus on other important aspects of their operations,” he said.
“We are the first player to connect the online retail market to savings.”
Save & Buy will be launching its product at DEMO Africa 2013, and will soon launch a B2B package.
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