Introducing Penn Rules
The traditional way of saving has been democratised in Africa but it can be gamified and that is exactly what we are doing with the PennyTree ecosystem and the Penn Rules features.
What are Penn Rules?
Penn Rules is a first of its kind digital lifestyle product in Africa by PennyTree. It allows users to integrate savings habits with their lifestyle, thereby, demonstrating that lifestyle and finance are not mutually exclusive. With Penn Rules, users are able to save as they earn, save as they spend, save as they live and save as they interact in the digital village without second guessing.
Imagine a world where you can create your own savings rules and integrate these rules with lifestyle friendly features such as “Hey PennyTree, save X amount of money each time I request an uber/bolt ride or save X each time I do Y”, PennyTree automatically saves and grow your money as you live your life.
On PennyTree app 1.0 as released on the 1st of December 2021, you can set rules to do the following;
Pay and Save;
Save anytime you make payments on PennyTree — This means you can set a rule that ensures you save X amount of money whenever you pay a particular type of bill or all types of bill and you can save x % of the total amount spent in paying a certain bill or all types of bill. Click here for a list of the types of bill you can pay on PennyTree
Transfer and Save;
Save anytime you make a Penn Wallet transfer — One of the many features on PennyTree is being able to send funds from your Penn Wallet to another PennyTree user’s Penn Wallet i.e. wallet to wallet transfer, with zero charges. This feature makes it possible to send funds to friends and family without having to pay bank charges. All you need to do this is a user’s unique user ID which can be found on a PennyTree user’s profile.
Transfer and save is a rule you can set on PennyTree which ensures that any time you decide to make someone smile or transact an exchange via the Penn Wallet to Penn Wallet transfer feature, you save x amount of money or a set percentage of the amount transferred towards a specific goal or a set duration of time
Receive and save:
Are you always in luck? Do people constantly make you smile by sending you funds? Then this rule is for you. Save anytime you receive money from a PennyTree user. You can set a rule to save x amount of money each time you receive money from a Penn User or x% of the amount received from a Penn User.
More Penn Rules
Other rules are expected to follow the next update of the PennyTree application on playstore and also the launch of PennyTree on iOS. Rules that will be integrated with your activities on other apps in the digital village such as instagram, youtube, uber, Bolt, etc.
To get all these and more, visit our website — www.mypennytree.com