Fintech apps in Ghana sometimes can be a dime a dozen.
In the Ghana tech ecosystem, fintech apps tend to be focused more on payments where users are provided services to pay for utilities like airtime and data. There’s not much differentiation in the market, unfortunately. Thankfully, there are a few payment apps that offer different types of financing services.
The Achieve app from Petra is one of those financial apps trying to differentiate itself.
With the Achieve app, users are “nudged” to invest and save their money towards financial goals.
The app’s main feature is “DigiSave” which invests the user’s contribution into a Plus Income Fund, a regulated mutual fund managed by Blackstar Advisors and held with Stanbic Bank.
To deposit money to this account, you just “top up” using either your bank account (Bank Card) or use your mobile money account. Once you top up money to the “DigiSave” account, you can watch your money grow. The app also offers an explainer of what the investment terms mean if you’re not certain.
Saving Goals
Apart from making passive income with the Digisave feature, the app also has Saving Goals which allows users to save towards a goal specified by the user.
Once you set the amount that you want to save, the date you plan to achieve your savings goals, and the frequency of your deposits, the Achieve app will suggest how much you should deposit.
Personal Impressions
We’ve been using the Achieve app for a while and we have really good positive impressions. The KYC process is pretty straightforward and just requires some personal information plus some ID verifications.
Topping up funds is pretty straightforward as well. We had no issues using our mobile money wallet or Debit card to transfer funds.
Withdrawing funds from your account is not as instant, usually taking about 2 days (from our experience) before you receive the specified amount in your bank account or mobile money wallet.
The app recently added an “Express feature” which will have funds withdrawn on the same day for a fee.
In that age of crypto apps and NFTs where it seems most people want a quick payout, the Achieve app is a great prospect for saving and earning money through mutual funds. This app is perfect for young people in Ghana as the culture for saving is not as great as more people turn to betting apps and crypto to try and 3x their money.
The Ghana tech ecosystem doesn’t have a local stocks app (yet) and sometimes the banking sector can be slow in using tech to help young people invest and save money. But the Achieve app is a standout for helping users save towards their financial goals with an app that is well designed and has a great user experience.
The app is available on iOS and Google Playstore.
