Liberty has updated their app that enables customers to save and invest.
Stash allows users to put away small amounts every day, which adds up over time. The spare change is now invested in South Africa’s biggest companies and will grow with them as they grow. Users can also link the Stash app to fitness application and earn 5 cents for every time they workout. When Stash was first launched, it was a Minimum Viable Product (MVP).
Glenn Grimley, Chief Specialist: Ecosystem Products at Liberty says, “Our aim was to launch an investment App with just enough features to satisfy early customers in order to gather their feedback. This feedback drives new development, functionality and usability of Stash and Liberty is able to co-create a better proposition with our customers.”
The initial value proposition used your bank’s transactional SMSs to detect every swipe of your debit, credit or cheque card. It used this data to then round up the purchase value to the nearest R10 and collected the spare change, which was invested in a tax-free savings account. However, changes to Google’s global privacy policy have prevented the App from being able to detect SMSs, which resulted in changes being made to the way the app determines how much money customers choose to invest.
Grimley explains, “In addition to adhering to South African legislative privacy rules and Google’s new privacy policies, we also paid close attention to feedback from Stash customers. People wanted to see how much they were investing and how their investment performed over time. Our customers also wanted new ways to determine when to invest while having full control over how much they stashed each month. We’ve listened to our customers’ feedback, building new functionality off the back of it and reskinned the App to provide a user-friendly and effective User Interface (UI).”
To access the money users can cash out the money on the same linked bank card from which the contributions are made.
“Stash allows customers to have full control over how much they invest every day. Each feature can be paused, stopped and re-started directly in the App at any time. No changes to debit orders, frustrating calls to your bank or forms to fill out.” explains Grimley.
Stash is classified as a tax-free investment account. Users can contribute up to R33,000 per year and up to R500,000 over a lifetime into this tax-free investment.
“Downloading Stash is easy. You can find it on the Apple AppStore or get it on Google Play. Signing up to Stash takes less than 90 seconds. There are no forms, no fees and no tax. You have full control over how much you stash. Stash makes investing as easy as possible for you,” Grimley concludes.
Edited by Fundisiwe Maseko
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