Goal Savings – Bolingo

Q: How do I sign up for Bolingo Goal Savings?

To enroll: Visit the Bolingo website (www.bolingo.com.ng) . Complete a digital subscription form with your personal details, occupation and income frequency. Define your savings goal (e.g., purpose, target amount, timeline). Choose a deposit method (manual or automatic) and link a payment source (e.g., mobile money, bank account). Start saving and track progress via report link or mobile app.

Q: What deposit options are available?

Manual Deposits: Save any amount at your convenience (e.g., daily cash from sales). Automatic Contributions: Set recurring transfers (daily, weekly, or monthly). For example, a bike rider might auto-save ₦500 daily. No minimum deposit is required, making it ideal for irregular earners.

Q: How does the interest rate work?

Interest rates range from 5% to 15% per annum , depending on: Tenure: Longer goals (12+ months) earn higher rates. Consistency: Regular deposits may qualify for bonus interest. Goal Size: Larger targets may unlock tiered rates. Interest is compounded monthly/quarterly and added to your savings.

Bolingo Goal Savings

Fill Subscription Form Helping daily earners in the informal sector to achive their financial goals with ease.

Our Solution

Save Flexibly. Earn Up to 15% Return of Your Savings. Crush Your Financial Goals!

Bolingo Goal Savings is a tailored financial product designed to empower daily earners in the informal sector such as Traders, POS agents, Bike (okada) riders, Keke drivers, Food vendors and Tax collectors (Agberos) to achieve their short to medium term financial objectives.

This product combines flexibility, goal-oriented savings and competitive interest earnings to help users build disciplined savings habits, even with irregular income streams. Bolingo Goal Savings addresses the unique challenges faced by informal workers, such as inconsistent cash flow and limited access to formal banking services by offering a structured yet adaptable way to save for specific goals like rent, vacations, emergency funds or business investments.

How Bolingo Goal Savings Works

Goal Creation and Personalization

Define Your Objective: Users start by setting a specific savings goal (e.g., ₦1,000,000 for rent in 12 months, ₦2,000,000 for a vacation, or ₦500,000 emergency fund).
Target Date and Amount: Specify the target amount and desired timeline, which the platform uses to recommend savings milestones.

Flexible Deposit Options

Manual Deposits: Users can save ad-hoc amounts at their convenience, ideal for those with daily or irregular earnings (e.g., depositing daily sales from a food stall).
Automatic Contributions: Set up recurring transfers (daily, weekly, or monthly) to automate savings. For instance, a bike rider might auto-save ₦1,000 daily from their earnings.

Interest Earnings

Competitive Returns: Savings earn interest between 5% to 15% per annum, depending on:
- Tenure: Longer savings periods (e.g., 12+ months) typically yield higher rates.
- Savings Consistency: Regular deposits may qualify users for bonus interest rates.
- Goal Size: Larger targets might unlock tiered interest benefits.
Interest Calculation: Compounded monthly or quarterly, accruing over time to grow the savings pot.

Early Withdrawals (With Penalty)

Accessibility: Users can withdraw funds before the target date in emergencies.
Penalty Structure: A 20% fee on the interest earned (not the principal) is charged for early withdrawals. For example, if ₦50,000 interest has accrued, a ₦10,000 fee applies, leaving ₦40,000 interest plus the original savings.

Read Less Read More

Subscription Process and Key Benefits of Bolingo Goal Savings

Bolingo Goal Savings Subscription Process

Step 1: Visit the Bolingo Investment Experts website and complete a digital subscription form, providing personal details, occupation, and income frequency.
Step 2: Customize your savings goal (purpose, amount, timeline).
Step 3: Choose a deposit method (manual or automatic) and link a payment source (e.g., mobile money, bank account).
Step 4: Track progress via available Bolingo platforms, which enable subscribers to monitor savings growth, interest earned, and milestones.

Key Benefits for Informal Sector Workers

Financial Discipline: Encourages consistent savings habits without rigid structures.
Adaptability: Aligns with irregular income patterns common in informal work.
Emergency Access: Funds remain accessible (with a minor penalty), balancing commitment and flexibility.
Growth Potential: Interest earnings outperform traditional savings accounts, accelerating goal achievement.

Top 10 FAQs on Lock Savings

Who is eligible to subscribe to Bolingo Goal Savings?

The product is specifically designed for daily earners in Nigeria’s informal sector, including POS agents, bike (okada) riders, keke drivers, food vendors, tax collectors, and similar occupations. It caters to individuals with daily income streams who need flexible, goal-oriented savings solutions.

How do I sign up for Bolingo Goal Savings?

To enroll:

Visit the Bolingo website (www.bolingo.com.ng).
Complete a digital subscription form with your personal details, occupation and income frequency.
Define your savings goal (e.g., purpose, target amount, timeline).
Choose a deposit method (manual or automatic) and link a payment source (e.g., mobile money, bank account).
Start saving and track progress via report link or mobile app.

Can I adjust my savings goal after creating it?

Yes! You can modify your goal’s target amount, timeline, or purpose at any time on the Bolingo platform. This flexibility ensures your plan adapts to life changes or income fluctuations.

What deposit options are available?

Manual Deposits: Save any amount at your convenience (e.g., daily cash from sales).
Automatic Contributions: Set recurring transfers (daily, weekly, or monthly). For example, a bike rider might auto-save ₦500 daily.

No minimum deposit is required, making it ideal for irregular earners.

How does the interest rate work?

Interest rates range from 5% to 15% per annum, depending on:

Tenure: Longer goals (12+ months) earn higher rates.
Consistency: Regular deposits may qualify for bonus interest.
Goal Size: Larger targets may unlock tiered rates.

Interest is compounded monthly/quarterly and added to your savings.

What happens if I withdraw funds before my target date?

Early withdrawals are allowed but incur a 10% penalty on the interest earned (not your principal). For example, if you’ve earned ₦20,000 in interest, a ₦2,000 fee applies. Your original savings + remaining interest (₦18,000) are paid out.

How secure is my money with Bolingo?

Funds are protected through:

Regulatory Compliance: Operations adhere to Nigerian financial regulations.
Encryption: Bank-grade security for transactions and data.
Partner Institutions: Savings are held in licensed, insured financial institutions.

Can I track my savings progress?

Yes! The Bolingo dashboard displays:

Real-time savings growth.
Accrued interest.
Milestones toward your goal.
Notifications for missed deposits or goal adjustments.
Accessible via mobile or desktop.

Is there a penalty for missing a deposit?

No. Bolingo prioritizes flexibility, you can skip deposits without penalties. However, consistent savings maximize interest earnings and help you reach goals faster.

How is the interest paid out?

Interest is calculated daily, compounded monthly/quarterly, and credited to your savings balance. Upon reaching your goal’s target date, you receive:

Full principal amount.
Accrued interest (minus penalties, if applicable).
Funds are disbursed to your linked bank account or mobile wallet.

Couldn’t find your answer? Ask a question