Business

Lagos unveils first Treasury Bills App

Published

8 years ago

May 21, 2018

By Chioma Obinagwam

Lagos scored another first on the global innovation scene last weekend with the launch of I-invest, a mobile Treasury Bills (T-Bills) investment app. I-invest is a software application developed by Parthian Partners, a pan African inter-brokerage services firm in partnership with Nigeria’s leading commercial bank, Sterling Bank Plc.

The first-of-its-kind investment app levels the playing ground for new investors in the money market providing them with equal opportunities available to experienced and institutional investors to improve their 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, CEO, 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 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.

On his part, Ibidapo Martins, Chief Marketing Officer, Sterling Bank Plc 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 partnered 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”.

To start investing, users can select from the list of available securities, with a minimum amount of 100, 000 Naira and confirm 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 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.