KoloPay is an e-commerce platform founded by the duo of Ifeoluwa Popoola and Ayoola Ogunnowo in December, 2017. Besides being an operative e-commerce store for individuals to make seamless purchases, KoloPay aims to remove the barriers associated with the saving of funds.

The founders of KoloPay hope that through the reliable savings offering of the platform, more people will be encouraged to commit savings towards certain goals.

Prettily, KoloPay has stood its ground even in the heat of stiff competition with popular counterparts such as Cowrywise, Reach and Piggybank.

Reading this article further, you’ll find out how KoloPay works as well as the other essential things you may want to know about the e-commerce store.

How Does KoloPay Work?

KoloPay works as a secure online platform that makes it convenient for committed individuals to save funds towards specific goals/targets. The platform offers a mobile app as well as a web-based system for interested individuals to access its savings options.

Basically, KoloPay offers two savings options namely AutoSave and EasySave. With AutoSave, KoloPay users have the choice of specifying their savings plans which could be any of monthly, weekly and daily plans. In the second place, EasySave is designed to help KoloPay users save funds whenever they wish to do so.

On one hand, EasySave allows you to save funds into your KoloPay account when it pleases you and on the other hand, there’s no limit to the amount of money you can save.

KoloPay’s Interest Rate

Savings on KoloPay yield as high as a 6% interest rate and this will likely increase people’s propensity to save. Also with KoloPay, one is free to save from several bank accounts. This is to say that you can integrate all of your local bank accounts for withdrawing funds into your KoloPay account.

The E-Commerce Feature of KoloPay

While KoloPay is substantially famed as a savings-centred platform, it’s quite fascinating that the platform is majorly concerned with e-commerce. Being one of the attractive aspects of KoloPay, this e-commerce feature will encourage you to make the most out of KoloPay. With KoloPay, you can easily plan your savings in line with the open market price of your target (i.e., the service/product you’re saving money towards). To the effect of this savings plan, you can then fix a withdrawal date.

On due dates, KoloPay savings are released to their respective owners and in the course of this, various products and services are made available at discounted prices.

How Does KoloPay Make Money?

KoloPay operates not only as an online savings platform but also as an e-commerce avenue for the sale of products and services. Through its offering of online savings, KoloPay assists people’s vision of saving substantially towards specific goals. In the second place, KoloPay allows for the sale of products/services on its platform, hence being the platform’s source of revenue.

Ayoola, who is a co-founder of KoloPay, announced in 2018 that KoloPay had amassed revenue as much as #8 million since its establishment. Also in 2018, it was revealed that KoloPay was aiming to register 200,000 active members in less than one year.

KoloPay’s Share Target

KoloPay offers “Share Target” which is a beneficial feature that facilitates crowdfunding. Simply, Share Target lets you share an invite to the social media profiles of your friends and/or relatives so as to get crowdfunding from them. By this crowdfunding, you’re appealing to such people to support you with funds needed for meeting your target.

Conclusion

Hopefully, you have had an insightful review of KoloPay. While the platform is considered reliable for online savings towards certain goals, it is also a pleasant avenue for making online purchases.