Rhapsody finance, a digital bank , has recently launched its latest savings product RHAPSAVE, a first-of-its-kind personal finance management tool with, split savings method that handles savings automatically.
To build wealth, Nigerians typically like to save and avoid debt. The problem with this method is that these savings are put together without a plan so as emergencies arise these savings start to diminish. People tend to have one bulk savings account where they go when they need money and because most people live actively, requiring food, transportation, etc. money is often spent just as quickly as it’s acquired.
Some people do not have the discipline and consistency required to make financial plans and some people do not even remember to save. Making financial plans helps individuals to retain money, achieve financial goals, budget better, grow wealth, and live a healthy financial lifestyle. Taking these factors into account, the team at Rhapsody Finance has come up with the unique automated financial planning, saving and investment tool, RHAPSAVE wallet.
How RHAPSAVE wallet works is that when users save money it automatically divides their savings into pre-allocated slots to save, spend, and invest. With this technology, customers can easily automate and plan their finances without having to worry about manual allocation. To use this plan, customers have to predetermine their financial appropriation in percentages. What this means for example is that a user can decide to set savings at 20%, investment at 20% ,rent at 10%etc. And once this pre-setting is completed, the user can then fund the RHAPSAVE wallet and this wallet automatically executes their financial plan by dividing their savings into the allocated slots.
This split savings technology is the first of its kind in the world and it takes away the burden and temptations that come with handling finances . It allows users to plan their finances better and attain financial freedom. Besides getting a financial plan, and saving, users can also lock their savings as investments for extended periods with up to 20% p.a interest earnings. This savings method restricts access permanently until a due date and this helps individuals stay disciplined. Users can also pull up their financial records and trace their spending history, functions like these in addition to an automated financial method make for better financial habits.
Rhapsody Finance has a history of creating unique innovative solutions tailored to customer needs. Founded in 2020, by Alex Dada (CEO), and Ibukun Fagbeyiro (CMO), this digital bank initially started by making loans more accessible. They identify the loan problems of individuals and help them get better access to loans. Rhapsody Finance also offers fixed deposit investments, periodic savings, microloans, payroll loans, bill payments, and other financial services. This latest addition of RHAPSAVE expands their personal finance product offerings and gives their customers more financial control and better management of finances.
Rhapsody is looking to raise $2 million seed round to grow its products and engineering team and also expand its operations
To join Rhapsody and use this unique savings plan, download the Android app here, and the ios app here.or visit www.rhapsodyfinance.com for more information
