Why saving is the smartest thing to do in a pandemic – Kolopay

The world is an uncertain place, which can cause fear and even panic. When people panic, they make choices that are less than optimal but we can fight back against these urges. One of the best ways to feel a bit more in control is by saving money. Building up a stash of cash can give us choices when we feel like everything else is falling apart. At the very least, it can help us feel a little less anxious about one very important element of our lives.

Saving money right now also allows you more choices later on, as it gives you a back-up plan in case you need one.

Zach Holz

As places and activities shut down around us to protect us from the coronavirus, this presents us with a multifaceted opportunity. Less things to do gives us less things to spend our money on. Our behaviour is often dictated by our environment, and shopping is definitely one of those behaviors. Covid-19 has changed our environment, and for those with out-of-control spending habits, this can be a great opportunity to switch your behaviour to the more frugal side.

Instead of shopping, read a book, listen to a podcast or catch up on that Netflix show you’ve been meaning to see. Rather than going out to eat, cook for your family. To replace the gym and fitness classes, take a walk around the neighborhood, visit a park or go for a run. All of these behaviors will help you develop good habits whether there’s a pandemic or not, perhaps except for Netflix, but, hey, a little distraction won’t hurt you in these times.

Focusing on these free activities will not only help you now, but also in the future as you develop lasting habits that will make you happier, healthier and wealthier down the road. By breaking your shopping habit now, you can realise that happiness doesn’t have to come from swiping your credit card. Lasting happiness comes from pursuing your purpose, learning, exercising, appreciating your loved ones and enjoying art.

Saving money with kolopay.com right now also allows you more choices later on, as it gives you a back-up plan in case you need one. For me, I’m supposed to move to China in July to teach there for the next two years. All signs point to that still happening, as of today, but a niggling part of my mind is worried that with all this uncertainty, I won’t have that opportunity. So instead, I’m saving my cash.

I already have enough set aside to live off for one to three years, depending on where I spend my time. I won’t have to sell any of my investments, which have lost value due to the market’s recent volatility. While I don’t know that this will fix all my problems, it certainly helps me sleep better at night knowing that I’ll be OK for the foreseeable future.

The other great reason to save money right now is to take advantage of investment opportunities later. Stocks, bonds and real estate have been priced quite high in many markets around the world. After a panic sell-off, if you have a large cash position, you can be in a great place to invest when things are cheaper. As the old expression goes: “When there’s blood on the streets, buy property.” People who survived the last crash of 2008 are those that bought when the market was low and gained a huge amount in those following years.

While it’s important to stay informed on this rapidly developing situation, obsessing over it will only increase your anxieties. When you’re anxious, that’s where advertisers want you, because you’re not thinking clearly or logically. You’re more likely to buy their products, even if you don’t need it or can’t really afford it. That’s another reason to try to find activities that keep you from focusing exclusively on the dangers of an uncertain world.

Also, remember to be grateful. Your friends and family are hopefully still there for you. Food is still delicious. The sky is blue. Remembering these things can keep you from the darkness that can cause you to spend too much money in retail therapy.

Saving more money now can benefit us in multiple ways. Hunker down. Stay safe. Store your money securely with kolopay.com



Kolopay makes it to the top 22 Startups in Africa selected for the Startupbootcamp AfriTech Selection days in Cape Town

Twenty-two tech startups from 10 countries have been chosen to take part in the selection days to secure one of 10 spaces in the Cape Town-based Startupbootcamp AfriTech accelerator.

The corporate-backed, fintech-focused Startupbootcamp AfriTech returns for a third edition this year after previous cohorts in 2017 and 2018, taking place in conjunction with sponsors Old Mutual, RCS, BNP Paribas Personal Finance, Nedbank, PwC and Dentons.

After the Startupbootcamp team spent three months hosting events across the continent, 1,804 applications were received for the accelerator, up 80 per cent on last year. The top 22 startups have now been invited to attend the final selection days in Cape Town on July 10-11.

Seven of those teams hail from South Africa, namely sports tech startup 3DIMO, big data platform Convergenc3 Databotics, blockchain startup KURAI, merchant inventory sourcing app Last Mile for BoP, investtech startup Mshtarii, lending platform Rentoza, and digital receipting app Snapslip.

Another six are from Nigeria: anti-counterfeiting tool Chekkit, healthcare data platform Curacel Systems, credit service FriendsVow, property investment platform HouseAfrica, online savings platform KoloPay, and escrow service Vesicash.

Kenya is represented by money transfer service Asilimia and lending platform MarketForce, Uganda by investtech platform Cinnamon Clubs, Togo by SOS system Dashmake, Morocco by mobility startup Weego, Senegal by e-commerce platform Yobante Express, and Zimbabwe by crowdfarming startup YouFarm. UK-based Survey54 and US-based Xcellent Life complete the list.

During the final selection days, the startups will have the opportunity to present their pitches to high-profile corporate sponsors, investors, thought leaders and industry experts, and engage with mentors and sponsors.

The top 10 will be welcomed into the Cape Town-based accelerator programme, which kicks off in August and culminates in a demo day in November. Over the three-month period, the selected startups will have the opportunity to scale at speed and seal pilots and proof-of-concepts with the corporate sponsors of the programme and others.

“The startups that applied in 2019 were exceptionally impressive and are significantly later-stage, showing more market traction than applicants from previous years. What’s more, the talent originating out of different regions in the African continent is astounding,” said Motlhabane Koloi, legal and scouting manager for Startupbootcamp AfriTech.

Zachariah George, Startupbootcamp AfriTech’s co-founder and chief investment officer, said several of the 2017 and 2018 alumni startup had gone on to establish strategic commercial partnerships with leading institutions both within Africa and globally, helping them significantly in raising capital.

“There are high expectations for the applicants of the 2019 cohort, and if the calibre of the startups at this stage is any indication, this year’s programme promises to be a great success for the African tech and innovation ecosystem,” he said.


As reported by Disrupt Africa

Managing Family Finance



Bob came running into the house and called out, “Honey! Look at the new DVD player I bought!” His wife, Sarah, exited the kitchen and entered the living room with a frown on her face.

As Bob anxiously opened the DVD player and described all its features, Sarah became more and more aggravated. “We don’t have money to be buying DVD players,” she said.

“Of course we do, we’re getting our tax refund soon. Plus it was on sale. I’ve wanted one of these for so long. When I saw it in the electronics store I just couldn’t wait to buy it.”

“We were supposed to save our tax refund towards a down payment on a house!”

“There’s no way we’re ever going to have enough money for a down payment. So why not enjoy the money now? Plus, think of all the movies we can watch together.”

Sarah became flooded with emotion and yelled at Bob, “How could you be so selfish!”

“Me?! Selfish?! I bought this DVD player for both of us! Why are you always such a tightwad?”

Do you and your spouse argue frequently about money? Do you disagree on how to spend or save your paycheck? Does paying the bills escalate into an argument with your spouse that isn’t related to money at all? Do you wish your spouse wasn’t such a “tightwad” or an impulsive buyer?

Money management is critical to the success and happiness of any relationship, including your marriage.

The Family: A Proclamation to the Worldstates that parents have a sacred duty to provide for their children’s physical needs. Money management is a key to a happy family. Beyond physical survival, a family’s emotional survival depends on financial stability and tranquility.

Money can enhance or destroy your marriage and can lead to mistrust, name-calling, selfishness, dishonesty, and even divorce. Research examining the causes of family financial problems shows that money problems are caused by a lack of financial understanding, personal behavior problems, and relationship problems.

Personal Financial Behavior

Although some financial problems are simply caused by poor financial understanding resulting in unwise decisions, research suggests that most financial problems are caused by non-financial, behavior problems such as:

  • Impulse buying
  • Excessive materialism
  • Preoccupation with social image
  • Using money to control others
  • Addictive behavior

Scholars have identified several factors that drive financial behavior, including emotions, personality, and an individual’s attitude toward money.

Money is closely connected to our emotions. Have you spent money on others to control them? Perhaps you have acquired debt to buy gifts and relieve feelings of guilt because you neglected someone? Or have you gone on a shopping spree to overcome sadness or loneliness?

Our personalities also affect our financial behavior. A wife who is carefree and values spontaneity may resist financial planning, budgeting, and saving. On the other hand, a husband who values order, control, and authority may resist spending money on anything but “absolute necessities”; he may also have difficulty sharing financial control with his wife.

Your financial behavior is also influenced by your attitude toward money, which is partly determined by your childhood. Money can symbolize feelings like control, fear, guilt, or abandonment. Do you resist discussing financial matters with your spouse because your parents argued about it frequently when you were young? Did your spouse grow up in an affluent family and, consequently, does not understand the need to budget and save? Do you need to have a new car to feel confident and superior to your neighbors?

Relationships and Financial Behavior

In addition to you and your spouse’s individual financial behavior, your relationship has a tremendous impact on your money. Researchers have identified the following qualities of a marriage that affect financial security:

  • Communication
  • Emotional intimacy
  • Mutual respect and communication
  • Trust and love

If your relationship is plagued by mistrust, poor communication, selfishness, disrespect, or manipulation, you may be likely to have money problems. Some of the relationship issues that can cause financial distress include the following:

  • Poor communication
  • Control and manipulation of others
  • Ill-defined roles
  • Selfishness
  • Disrespect
  • Mistrust


Effective communication about family finances and goals is critical to money management. Do you know your spouse’s attitude toward money? Do you know and understand his or her financial goals? Do you talk to your spouse before making a large purchase? Do you consult with your spouse about how to spend “extra” money like tax refunds, gifts, or bonuses?

Emotional Intimacy

Do you understand your spouse’s feelings toward money? Do you understand why money matters make your wife anxious? Do you understand that your husband is motivated to save money for a rainy day because his family had money problems when he was a child?

Mutual Respect and Consideration

Do you use money to control your spouse? Do you go on shopping sprees and exceed the family budget because you are angry at your husband? Do you respect your wife’s desire to save money for new curtains-or your husband’s desire to save money for a trip to Hawaii? Do you consider your spouse’s feelings before making financial decisions?

Trust and Love

Do you and your spouse trust that you have each other’s best interests at heart? Do you communicate openly with your wife about your financial income or do you hide some of your money so she won’t spend it?

From their research, scholars have provided insights and recommendations to help families manage their finances more effectively. These recommendations are based mostly on changing behaviors and attitudes. They include learning to distinguish between needs and wants, communicating openly and honestly about family finances, using a budget or financial plan, and understanding the connection between money and family relationships.

Ideas for Managing Your Finances More Effectively

Seek Understanding

  • Be aware that each individual has different values, standards, and goals that influence his or her view of money and its uses.
  • Understand the family financial rules that existed in your spouse’s family of origin and how they affect his or her financial perspective.
  • Communicate openly and lovingly with your spouse about your family financial patterns. Assess your family financial rules and decide which ones you want to keep and which ones you want to change.
  • Increase your financial understanding and skills by using community resources like libraries, schools, and seminars.
  • Consider the motivation behind your financial habits. Do you spend money to “keep up with the Joneses” or improve your social image? Do you spend money to buy the love and affection of others? Do you control the family money too much because you do not trust your spouse?
  • Plan a family activity to teach all family members about the family finances. For example, cash your paycheck and show your children how the money is allocated to various expenses and savings programs.

Change your Financial Behavior

  • Manage your money with a written budget.
  • Make a list defining each spouse’s financial roles and responsibilities.
  • Make purchases that are appropriate to your income level.
  • Make a list separating your basic needs from your wants. Keep expenses constant even when your income increases.
  • Give family members some allowance to spend how they choose without being accountable to anyone.

Cut Expenses

  • Avoid impulse buying. Make a shopping list and stick to it. Don’t carry credit cards or checkbooks. Set time delays or waiting periods before making large purchases.
  • Establish a limit to the amount of money either spouse can spend before consulting his or her partner. This limit will vary according to the life-stage of the couple; it may be $100-200 for an established couple and only $20 for newlyweds.
  • Share the purchase and use of expensive items. For example, buy a snow blower with your neighbors, or purchase a cabin or boat with your family.
  • Calculate hidden and indirect costs associated with a purchase.
  • Set up a thirty-day menu to plan and save on grocery purchases.
  • Eliminate debt and interest payments. Use an accelerated payment or fold-down plan for debt reduction. Avoid using credit for things you do not need.

Prepare for the Future

  • Establish an emergency savings fund of at least three months’ income. If the family has only one breadwinner, consider having savings of six months’ income.
  • Review medical, life, and property insurance policies to make sure they fit your circumstances.



Extract from BYU Forever Families.

Written by Susan Sheldon

Practical Ways to Save Money

Saving is never an easy venture, it is rather a very difficult task. In fact, it is a lot easier and  pleasurable to spend  because the world around us is designed to make us spend even on  things we don’t need.


Saving is a skill you keep learning and  platforms like koloPay makes it  easier to save. With easy-to-use, well designed applications and different  incentives such as high interests on saving or discounts on goals you’re saving towards, one is certainly more encouraged to save  more.

This post is an extract from Dave Ramsey’s ‘the-secret-to-saving-money’ blog post enumerating few ways to save more ;

 Practical Ways to Save Money

Imagine how your life would change if you suddenly had money left in your monthly budget. What would you do with that cash over time? Beef up your emergency fund? Pay off your car? Finally take the vacation you’ve always dreamed of?

It can happen! Just take stock of your spending and identify areas where you can save. When you make a few tweaks to your expenses, you could be surprised at how much money you have left in your budget.

1. Get rid of your debt.

Monthly debt payments are the biggest obstacle to saving money. It robs you of your income! So, get rid of that debt. The fastest way to pay off debt is with the debt snowball method. This is where you pay off your debts in order from smallest to largest. It sounds intense, but it’s more about behavior change than numbers. Once your income isn’t tied up in monthly debt payments, you can finally use it to make progress toward your savings goals.

2. Cut down on groceries.

Most ‘budgeters’ are shocked to find out how much they’re actually spending at the grocery store each month. Save money on groceries by planning out your meals each week and taking inventory of your pantry before you head to the store. This will help prevent you from overspending and wasting food. And think about cutting back on snacks and junk food that can send you over your budget!

3. Cancel subscriptions and memberships.

Chances are, you’re paying for multiple subscriptions like Netflix, Spotify, gym memberships, trendy subscription boxes, or Amazon Prime. Cancel any subscriptions you don’t use regularly. If you really miss one, subscribe again—but only if it fits into your new budget.

4. Buy generic.

In most cases, the only thing that’s better about brand-name products is the marketing. Generic medication, staple food items, cleaning supplies, and paper products cost far less than their brand-name, marked-up competitors.

5. Spend extra or unexpected income wisely.

When you get a work bonus, inheritance or tax refund, put it to good use. You’ll be better off using those funds to pay off your student loans or credit card balance than stashing it away. If you’re debt-free, use those extras to build up your emergency fund.

Bonus tip: If you regularly receive large tax refunds, adjust your paycheck withholding so that you bring home more money in your paycheck each month.

6. Automate your savings.

Save money without thinking about it. Set up your bank account to automatically transfer funds from your checking account into a savings account every month. Or, set up your direct deposit to automatically transfer 10% of each paycheck into your savings account.


The sixth nugget is a good place to close and it is  basically addressed by the Autosave feature on the koloPay app, it allows you set auto-debit on your ATM card to your kolopay account. AutoSave allows you save a fixed amount of money daily, weekly or monthly.



How to use Kolopay

One of best things about Kolopay is that it is very easy to use. From its design to carefully placed help texts, you’ll have it running in a matter of minutes. But should it happen that you are still having troubles setting up an account or creating a goal, below is a step-by-step guide to how Kolopay works.

Step 1: Create an account.

Step 2: Create a goal.



Step 3: Fill out the checkout form by entering your card details.

Step 4: Recieve message on success.

Step 5: View your goal.

In addition to all creating and viewing goals, you can also

View transactions

Share with family and friends to earn koloCoins which can be later converted to cash and added to a target.

Add your card once to avoid entering card details every time you want to create a goal.

Read FAQs for more information.

Kolopay makes Digest Next50 African Startups

Digest Africa NEXT50

Impulse buying/unplanned spending and easy access to saved funds have stopped millions of people from achieving their planned goals. KoloPay, on the other hand, is a cashless mobile and web application that enables you to achieve your target savings over a period of time and offers discounts on the good and services customers are saving towards.


kolopay.com was selected as one of the startups to watch in 2019.

Itanna Accelerator Experience by Isaac Omonayin

If I were to christen the 6th of August, I would undoubtedly call it the “Ignition Day”. This is because the 6th of August 2018 was the beginning of an amazing, intriguing and exposing experience for me and my entire team.

The journey started on the most interesting note. The structure that houses Itanna is a mind-blowing paradox. An old building that looks like an abandoned warehouse from the outside  but as soon as you step in, you enter one of the most colorful, lit, and exquisite co-working spaces you will find anywhere. The Itanna structure truly reflects its name; and the ambiance oozes excellence.

Itanna provides an avenue to meet some of the industry’s leading founders and CEOs that we look up to, and presents them in their realest form. Something we’ve noticed about all the CEOs that have had a session with us is that they come to us in their truest and most honest state; sharing stories of their successes, failures and naivety from their journeys in business and entrepreneurship. One such story is the best I have heard, and it’s of Mitchell Elegbe – CEO of one the fastest growing tech companies in Nigeria. He shared with the Itanna Cohort at one of the sessions how he and his co-founder were engrossed by the passion to see their vision grow that they forgot to keep a share in the company they founded for themselves. I remember getting home after that session asking myself all through the night If I am driven by half the passion these guys had.


And yes, that’s what Itanna does for us as a team. After one of the sessions with the Itanna Business Development Team, we (KoloPay) decided to work all weekend in the facility because the Business Development team illuminated the points we needed to improve on. It was basically the spark we needed to make us restless enough to work on what needed fixing. These little weaknesses in our business model were not obvious to us; but with the help of Itanna,

The Monday morning meetings that are held every fortnight have also been revealing, as they open me up to how uniquely intelligent members of the other startups in the Cohort are. The various approaches to solutions suggested to challenges shared are nothing short of amazing. The session is referred to as our BONDING session but I jokingly call it ‘Family Meeting’ maybe because of the round seating formation we take during these sessions or because we all try to find a solution to the challenge any one of us is having.


For sure, our business isn’t the same as it was before we stepped into Itanna few weeks ago. Our technology isn’t the same, and our communication isn’t either. We have benefitted from the immeasurable human and other resources available at Itanna. We have amazing testimonials from our customers about how improved our system is.

By the way, I must add how badly I get beaten at fuzzball by everybody in the Cohort.. The Fuzzball game would have been one of my best memories of my time at Itanna, but I have suffered so badly at the hands of everyone I’ve played with,  that I have resigned myself to only watching or maybe running the commentary for those playing.

Do you want to guess who the undefeated champion is?


What is kolopay

” One of the smartest things that you can ever do for yourself is to develop the habit of saving part of your salary, every single paycheck. Individuals, families and even societies are stable and prosperous to the degree to which they have high savings rates. Savings today are what guarantee the security and the possibilities of tomorrow.”

But saving is not exactly an easy habit to cultivate especially considering our economic realities in Nigeria and Africa as a whole.

The World Bank rates Nigeria as one of the countries with poorest saving culture (16%) even below Liberia. That figure is not a surprise considering the financial pressure that is on an average Nigerian. Countless bills to be paid on limited income. Though I believe Saving is a cultural practice for a Nigerian but the economic hardship might have stripped us of. I remember when growing up, mothers gave their kids money and expect them to at least save a portion of it. Mothers will ask you days later how much you saved from the sum she gave you days ago.

The word ‘Kolo’ is a Yoruba word which refers to a saving box.  Back in the days, parents tried to teach their young children to save by making or buying them a Kolo.  it is from this root that KoloPay picked her name.

Kolopay provides users a platform that helps you think of yourself first in your finance. That amazing feeling you get knowing that you have at least saved something for yourself before expenses take hold of your income, that’s what kolopay gives you.

On Kolopay you have the freedom to name the goal which you are saving towards and also the period you wabt to save for to achieve the goal

With the Autosave feature, you activate a standing order on your debit card or bank account for a regularly debit of a particular amount to be saved on your KoloPay account at a frequency (Daily, Weekly or Monthly) you prefer  with this feature you are sure

The SaveNow feature is for you if you want to save anytime you have

When you LOCK your account on KoloPay, it guarantees a 6%pa on your saved amount

On Kolopay,there are merchants who provide possible goals (goods and services e.g. Home appliances, events planners, vacations) you could be saving at amazing discounted prices.

KoloPay basically has one major goal which is helping you achieve your goals.

To signup on KoloPay, download the KoloPay app on google playstore or visit kolopay.com