Baobab Savings service is one of the best choices for investors who are willing to invest their money, making it work for them with valuable returns over a fixed period of time.
Baobab is a financial company that deals with the financial development of individuals, micro and small enterprises (MSMEs) in Africa including Nigeria, and also in Asia country as China.
The aim of the financial company is to improve the financial potentials of individual and small business owners alike while making it easier for them to grow with a touch of help.
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About Baobab Savings
Baobab Savings service is an incredible service that allows you to save your money and earn valuable interests, unlike banks that pay less.
With the Baobab savings service, you easily invest your money and make it work for you while you sleep. Baobab also offers a loan service that you can apply for by clicking on Apply for BAOBAB Loan.
Benefits of Baobab Savings Service:
When you use the Baobab Savings services you will enjoy the below:
- No interest payable, no management or deposit fees
- You can make transactions near your location
- Interest rate up to 100% depending on the duration
Baobab Savings Requirements:
Below is the list of requirements you need to meet to use the Baobab Savings service:
- Must have the capital to invest
- Must be of age 18 years or above
Baobab Savings Categories:
The Baobab Savings services offer three (3) categories to invest and earn interest on your investment. You can easily choose one of the Savings services based on your capital for investment.
Below is the list of Baobab Savings services:
- Ajo Savings Account
- Fixed Deposit Account
- Savings Plan
Ajo Savings Account
This Savings category can help you invest your money for the duration of 3 months, 6 months, 9 months, and 12 months with the interest of 6% – 100% depending on the duration.
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Fixed Deposit Account
This Savings category can help you invest your money for a minimum duration of 30 days and a maximum of 360 days with the interest depending on the amount invested and maturity period (Note: It is negotiable).
Saving Plan
This Savings category can help you invest your money for the minimum duration of 6 months, and a maximum of 36 months with an interest of 10% (Note: N5,000 minimum deposit amount).
How to Invest in the Baobab Savings Service
- Visit the Baobab website portal
- Scroll down the page
- Click on the Start Now button
- Fill out the form and click Submit
Then wait for a call from customer support for more information on how to proceed.
Other Baobab Services
E-Channels (Baobab Fast)
BAOBAB FAST is an instant transfer solution that enables customers to transfer funds from their Baobab account to other Bank accounts by visiting any of the Baobab Banks branches.
Transaction Limit
The limit per transaction is 10,000,000 Naira
Getting started
Visit any Baobab branch
Request for transfer form and fill in details
The fund is transferred immediately to any bank of your choice
Baobab Debit Card
This card can be used for bills payment and payments at the shop.
Debit card Uses:
- Withdrawal & Transfers
- Payments at shop or ATM
- Balance Enquiry
Benefits of Baobab Debit Card:
- Can be used all over Nigeria
- Secured
- Convenient
- Reduce the risk of carrying cash around
PayDirect
Make deposits on any Baobab accounts
from any commercial bank
To make your deposits on your Baobab account stress-free
Visit any commercial bank branch
Give the Baobab NUBAN number of the account
Make your deposit
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Benefits of PayDirect:
- Secured
- Fast
- Convenient
- No need for activation
- Available all over Nigeria
Baobab Mobile Codes (USSD)
Pay bills & make transactions swiftly from your mobile phone
Activate your Mobile code at your branch for use
Pay bills and make transactions by simply dialing the below Baobab mobile codes:
- Balance Enquiry: *723*348*0#
- Funds Transfer: *723*348*account number*amount#
- Airtime Recharge for self: *723*348*amount#
- Airtime Recharge for others: *723*348*phone number*amount#
- Bill Payment self e.g DSTV: *723*348*biller code*amount#
- Bill Payment 3rd party e.g IBEDC: *723*348*biller code*customer id*amount#
(IBEDC)
Benefits of Baobab Mobile Codes:
- Secured platform
- No internet connection required
- Online real-time
- Available all over Nigeria
Baobab Mobile Application
- First, download the app via Google Play Store or iOS Store. You can then use it to:
- Check your balance
- Track your account activity in real-time
- Get your TAKA loan instantly
- View your loan schedule
- Keep in touch with them
Frequently Asked Questions (F.A.Qs) on Baobab Savings
Below are some frequently asked questions on the Baobab Savings services:
WHAT ARE THE REQUIREMENTS FOR ACCOUNT OPENING?
A valid ID card, and a minimum balance of N1,000.
WHICH OF THE IDS IS ACCEPTED FOR REGISTRATION?
National ID card, International Passport, Driver’s license, permanent voter’s card, etc. that is currently active not expired.
WHAT ARE THE INTEREST RATES ON TERM DEPOSITS?
The interest rate depends on the amount and maturity period. It is negotiable depending on some factors.
WHAT IS THE MINIMUM DEPOSIT AMOUNT?
The minimum amount you can deposit or invest is N50, 000.
WHAT IS THE MINIMUM DEPOSIT DURATION?
The minimum duration for investment is 30 days
IN CASE I NEED URGENT CASH, CAN I LIQUIDATE IT?
Yes, you can but you may be charged on your interest depending on your payment method.
HOW DO I RECEIVE MY INTEREST?
The interest rate can be paid into your account monthly or upon maturity.
Conclusion
The Baobab Savings service is profitable depending on your deposit, it is easy to use in case you haven’t in any platform before.
It is user-friendly and be used based on your agreement with the company, you decide how you put your money to work.
