South Africa, with one of the worst savings rates in the world, has more of a debt culture than a savings one.
The latest savings statistics make for grim reading.
The South African Savings Institute recently stated that the household savings rate had plunged from an already poor 0.4% of gross domestic product last July to negative 0.5% this year, effectively labelling this country as a nation of dis-savers.
Enter Jupiter, a savings based FinTech company with a focus to deliver a frictionless and enjoyable savings process through its app, which allows everyday South Africans to earn stable and positive real returns on their cash savings, with the ability to withdraw overnight.
“We have contracted with Allan Gray to aggregate savings and invest solely in their stable and meaningful yielding money market account – and use this yield to distribute a meaningful, above-inflation interest rate to our clients – starting from their first R1,” Jupiter Savings’ co-founder Avish Brijmohun, told TechFinancials on Wednesday.
Brijmohun have spent a decade in multiple roles and product houses in the Retail banking wing of FNB and the broader FirstRand Group. During which time he built up deep experience and skills in the savings; investment and rewards aspects of the banking sector.
He co-founded Jupiter Savings with Luke Jordan, who has 15 years experience in consulting (McKinsey); finance (World Bank) and technology (builder of the…