High-interest naira savings from Baobab Microfinance Bank — lock, target, kids, or flexible plans, NDIC-insured.
All plans 4
PlanTypeRate p.a.LockMinEarly exit
JolloflexFEATURED
flexible
10%nominal, gross
None
₦1,000
none
JollofLock30–59mo 14.85%60–89mo 16.2%90–119mo 18%120–179mo 18.9%180–269mo 19.8%270–364mo 20.7%365–730mo 21.6%
locked
up to 21.6%rate varies by tenure — see laddernominal, gross
1–365 days
₦10,000
no early withdrawal option
Ajo+
target
16.5%nominal, gross
Fixed term
₦0
you may break an Ajo+ savings only TWICE — 1st break forfeits 40% of interest earned on that savings; 2nd break forfeits 100% (all interest). Framed as discipline. (This is a graduated interest-forfeit, distinct from the generic 2.5% off-date fee.)
BabyBox
target
15.5%nominal, gross
Until a set date
₦5
not available
Each tracked plan is tested with its own real-money deposit and ranks separately on the board. Untracked plans show the app's own advertised rate.
Best for
Disciplined high-interest naira saving across goals — a lump-sum lock paying up to 21.6% upfront, goal-based Ajo+, a kids' trust-fund (BabyBox), or flexible everyday saving. Backed by an established CBN-licensed MFB.
Not great for
Investing (no funds/stocks/FX) or spending (savings-only — the balance can't be used for purchases or transfers). Anyone expecting truly penalty-free instant access should note the T&C's 2.5% fee for withdrawing outside the published free-withdrawal dates.
Pros
- +High headline rates across goal types — up to 21.6% p.a. on JollofLock, paid UPFRONT at lock; plus target, kids and flexible options
- +Established, regulated backer — Baobab MFB (since 2010), CBN-licensed, NDIC-insured, ISO 27001 + 22301 certified
- +Low entry and automation — save from ₦500 (Ajo+), automated daily/weekly/monthly contributions
Cons
- –Savings-only — no investing and no spending/transfers; the balance can't be used for anything but saving and withdrawal
- –Withdrawing outside the published free-withdrawal dates costs a 2.5% penalty (per T&C) — note this is in tension with Jolloflex's "withdraw anytime without penalties" marketing [verify which applies to Jolloflex]
- –Rates are indicative and variable (T&C); the "up to" headlines (21.6% / 16.5% / 10%) likely depend on tenure/amount tiers set in-app
Our honest take
Jollof+ is the savings app of Baobab Microfinance Bank — an established, regulated, NDIC-insured backer, which matters for trust. Its draw is genuinely high headline rates across four goal types, headlined by JollofLock's up-to-21.6% paid upfront. Two honest caveats: it's savings-only (you can't invest or spend from it), and the T&C charges 2.5% to withdraw outside set free-withdrawal dates — worth weighing against products like OWealth that are freely accessible. Confirm the in-app tenure/amount tiers behind the "up to" figures before treating the headline as your rate.