After just two years of development, online savings platform ADDaBIT has managed to attract the interest of financial services behemoth Sanlam. The basic premise is that users choose what they want for their children – education, gifts, etc – and ask friends and family to contribute whenever they are able. There are no penalties, monthly fees or minimum payments, and users earn a competitive rate of return on their investment.
Carl Roothman, CE of Retail at Sanlam Investments who understands the value of collaboration for meaningful and sustainable behaviour change in the savings habits of South Africans. Carl explains:
"We've made it possible to save any amount, from as little as R1, to help people achieve their own goals and contribute to the dreams of others. We have collaborated with South Africa's first proper simple, social, savings platform that does not have a minimum monthly contribution commitment or lump sum as well as reduced fees below that of any other Investment house in South Africa, so that we can truly show our commitment to uplifting our fellow South Africans being affected by our national savings crisis. All of this is possible by using one's everyday banking facilities."
ADDaBIT and Sanlam have teamed up in this unprecedented venture to offer a unique yet simplistic solution, to anyoneat any age and income bracket, without incurring monthly costs.
"ADDaBIT was built, not on feeling the pain of forcing yourself to save every month because it is the right thing to do, but involving those that take a personal interest in your dreams and aspirations, like family and friends. I want to see both children and adults alike, being able to afford what they want in the short term but also put away a bit for later. This is the foundational principle of ADDaBITa bit for now and a bit for later," explains Michael.
Michael is a serial entrepreneur who has established himself in a variety of sectors from telecommunications through to financial, IT and retail.
