A new frontier has opened for investors in the African finance sector with the launch of I-invest, a mobile application that allows users purchase Treasury Bills (T-Bills) directly from their smartphones. Developed by Parthian Partners, a pan African inter-brokerage services firm in partnership with Sterling Bank Plc, I-invest enables both new and experienced investors match their investment maturities to their needs.
According to a statement, the 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 treasuryÂ bills.
Furthermore, it stated that the appeliminates 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,Â theÂ CEO, Parthian Partners,Â Oluseye Olusoga
Said:Â “I-invest extends the use of mobile technology beyond money transfers, utility bill payments and airtime purchases.
â€œIt broadens the choice of money market products available to new and experienced retail investors in the Nigerian money market to include treasuryÂ bills.
â€œPotential investors require only a smartphone with a functional mobile phone line and data subscription to use I-invest.â€
Olusoga added that I-Invest would appeal to NigeriansÂ looking to grow their savings through a diversified money market portfolio,Â but has hitherto encountered numerous challenges while attempting to do so.
â€œNow they can invest inÂ treasuryÂ bills irrespective of their location in Nigeria,â€ he added.
Additionally,Â theÂ Chief Marketing Officer, Sterling Bank,Â Ibidapo Martins said:Â â€œI-invest is a secure and convenient mobile app that deflates the elitist and upmarket status associated with investing in treasury bills.
â€œA 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.â€
He disclosed that the Bank chose to partner with Parthian Partners on I-invest because it was a long overdue financial solution that will benefit many Nigerians.
â€œIt 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 cultureâ€.
To start investing, users can select from the list of available securities, with a minimum amount ofÂ N100, 000Â and confirm transaction. Interest accrues daily, while the investment amount and interest will be credited to the customerâ€™s account on maturity.
â€œThe 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,â€ it added.