Faizel Patel, Radio Islam News - 12-07-2018
A former head of digital innovation at Discovery Health say a new smartphone app he has developed is the simplest and easiest way to invest in South Africa.
Known as Franc, the new smartphone app was launched by Dr.Thomas Brennan to encourage stokvel members to save by investing in the money market.
Franc has been billed as South Africa’s lowest cost investment platform.
Access to Franc is free for the first six months; thereafter the membership fee is R5 per month. But members can get another six months free for every friend they invite who becomes a member in the first free six months. Besides the membership fee, there are no other fees or deductions.
Speaking to Radio Islam, Brenan says he developed the app to making investments simpler.
“I just saw that a major opportunity in South Africa, given that South Africa actually has very low savings rates.”
Brenan says Franc is a digital stokvel.
“We want to create a community and if people help Franc grow, they can effectively access very high performing funds at the lowest cost in the country.”
According to Brenan, with Franc, FICA is painless. All you need to do is provide your ID number, upload proof of ID and proof of your address, take a selfie and you’re done.
Brenan says because Franc is a stokvel, you need to be invited to join. Sign up by going to franc.app on your phone and Franc will match you with someone you know.