L-R: Jessica Elebiyo, GED internal; Farouq Usman, MD, Gvest; Tonye Ajuboye, GM, Gvest; Edith Elekwachi, executive assistant, Gtext suites, and Bolanle Olalere, sales manager, Gtext suites, during the recent investors’ dinner held in Lagos.
…Targets 200,000 users by year end
Farouq Usman, managing director, Gvest, the cooperative arm of Gtext Holdings, has revealed that the digital cooperative aims to deepen financial inclusion by increasing the user base on its rebranded app from 2000 to 200, 000 by year end.
He made this known over the weekend, during the Gvest ‘Dinner with Investors,’ disclosing that the firm is set to relaunch its application in August to offer more convenience, confidence, and control to investors on the app.
According to him, investors on the current app could only track their investments, but the new Gvest app will allow cooperators/ investors to track, apply for loans, and also request for proof of funds.
“So, we have some people that want to travel out as cooperative members, but they don’t have that financial support to push them. So, we can give them statements as a cooperative. The cooperative is sponsoring to assist them to get their visas. So, these are little benefits we’re also ensuring that our cooperative members also enjoy when they invest with us,” Usman said.
According to him, the new AI embedded app will enable the cooperative to scale at a higher rate and make investment more accessible to other investors that are currently not part of the cooperative.
Usman also disclosed that the cooperative offers both Naira and dollars denominated investment portfolios to investors. According to him, some of its members are serial investors looking for new opportunities to invest in.
“So, in Naira you can invest from N5 million to as high as N1 billion, and get a return on investment between 14 to 26 percent every year. But if you are doing it in dollars, you can start from as low as $10,000 to as high as $1 million, between 7 to 14 percent per annum,’ Usman said.
