An innovative personal money management tool with a split savings strategy that handles saves automatically, Rhapsody Finance‘s most current savings product, RHAPSAVE, was just released.
An innovative tool for managing personal finances is RHAPSAVE. The most typical way for Nigerians to amass wealth is to save money and avoid debt.
The problem with this strategy is that savings are built up without a clear plan in mind; as a result, when unforeseen events occur, these savings start to disappear.
Money is typically spent just as quickly as it is acquired because the majority of people lead active lives and need food, transportation, etc.
However, people frequently have one sizable savings account they can access whenever they need money.
Some people lack the self-control and consistency necessary to create sound financial plans, while others can’t even bring themselves to set money aside for savings. Individuals who make financial plans have a better chance of keeping more of their money, achieving their monetary objectives, creating a more effective budget, adding to their wealth, and maintaining a financially sound way of life. Rhapsody Finance’s team has taken all of these considerations into account when developing the one-of-a-kind RHAPSAVE wallet, an automated financial planning, saving, and investment tool.
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How Rhapsody Finance’s Rhapsave benefits users
When users put money into their RHAPSAVE wallets, the wallet works in such a way that it automatically allocates portions of the users’ savings for spending, investing, and saving again. Customers do not need to be concerned about manually allocating funds because they can easily automate their financial planning thanks to this technology.
Customers are required to predetermine, in percentage form, how much of their budget they will allocate to this plan before they can use it. This means, for instance, that a user can choose to set savings at 20%, investment at 20%, rent at 10%, etc., depending on their preferences. And once this preliminary configuration has been finished, the user could therefore fund the RHAPSAVE wallet, and this wallet will automatically execute the user’s financial plan by allocating their savings to the various slots that are available.
This technology, which is the first of its kind in the world, eliminates the stress and opportunities for temptation that are associated with managing one’s financial resources. Users are able to improve their financial planning and ultimately achieve freedom from their financial obligations.
A user can lock their savings as investments for extended periods of time, earning up to 20% per year in interest earnings, in addition to getting a financial plan and saving money. This method of saving permanently restricts access until a due date, which enables individuals to maintain their discipline throughout the process. In addition, users are able to access their own financial records and view a history of their spending; functions such as these, in conjunction with an automated financial method, help users develop better financial habits.
Benefits of banking with Rhapsody Finance
Rhapsody Finance has a long tradition of developing one-of-a-kind, cutting-edge solutions that are specifically crafted to meet the requirements of individual customers. This online bank was established in the year 2020 by Alex Dada, who serves as the CEO, and Ibukun Fagbeyiro, who serves as the Chief Marketing Officer. The bank’s primary focus was initially on simplifying the process of obtaining loans. They diagnose the issues that individuals are having obtaining loans and work to improve their access to credit.
Rhapsody Finance also provides the option to make investments in fixed deposits, save money on a periodic basis, obtain microloans, payroll loans, and pay bills, amongst other financial services. RHAPSAVE’s newest feature broadens the scope of the company’s offerings in the field of personal finance, thereby providing customers with increased financial control and enhanced capabilities for managing their finances.
Rhapsody is planning to raise $2 million in a seed round in order to expand its operations while also growing its product and engineering teams.