How To Save Money On ALAT

How To Save Money On ALAT: Save With People, Reach Goals Faster

Several people have asked in person and searched on Google about how to save money on Alat? We have good news!.

You can now save money with people (friends, family, even those you barely know) on ALAT.

How To Save Money on Alat

This new feature is called Group Savings and it works in two ways:

1. Group Savings or Target Savings:

You can invite an unlimited number of friends to save with you toward a goal and earn up to 10% interest on whatever you save together. Whoever creates the group is the designated admin (like with WhatsApp groups) and the group’s savings are automatically deposited in the admin’s account.

2. Rotating Savings:

This is a smart take on the traditional collaborative savings scheme common in Nigeria (ajo in Yoruba, esusu in Igbo and adashe in Hausa). You can invite up to 11 people to save with you, with a different person receiving the group’s savings every month on a turn-by-turn basis.

When it’s your turn to collect, the savings will move to your account automatically. No interest is paid on what’s saved, but you can always stash the money you receive to earn up to 10% interest.

Ready to try out Group Savings? Of course, you are.

Step by Steps Guide To Save Money on Alat

Follow these steps to save money on Alat:

  1. Log in to the ALAT app.
  2. Tap Savings & Investments on the app menu and select the Group Savings option on your screen.
  3. Look for Rotating Savings and tap START SAVING.
  4. On the next screen, name your group, set a monthly contribution for members, decide how many members the group will have, and pick a start date.
  5. Once your group is created, you’ll be assigned a group code which you can share with anyone you’re inviting to join the group.

In case you do not see this feature on your App, simply update the ALAT app on your phone now, tap Goals & Savings on the menu, then round up some friends to save with.

Have a really, really good week.

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