17 November 2016
But what if there was a way for his family to pool together for his 'laptop fund' – including his aunt and uncle miles away in the UK? And if any money is left after he cashed in just enough to realise his dream, that stays invested and may even fund his first programming course a few years later. This is exactly what Sanlam Investments and start-up social savings platform ADDaBIT made possible when they joined forces to facilitate social saving for brighter futures.
Says Carl Roothman, CE of Retail at Sanlam Investments, 'There is a savings crisis in South Africa and part of the problem is the misconception that one needs a lot of money to invest. By teaming up with ADDaBIT, we've made it possible to save any amount, from as little as R1, to help people achieve their own goals and contribute to that of others. And they can do this by using their everyday banking facilities.'
ADDaBIT is the brainchild of Michael Griffin, who was inspired when hearing Steve Jobs talk about how he looked at yet another pile of unused, neglected toys and thinking of the money wasted on the purchase of these well-meaning gifts - and what that money could have done for his children in the future. Michael is highly experienced in creating fit-for-market products and services. A few of his previous roles include CEO for Porsche Design Retail Stores; MD of Ashbury Satcom; and co-founder of Wealth Creators, a free entrepreneurial education program for schools, to mention a few.
'I want to enable smart, simple, social saving for brighter futures around the world,' says Griffin. 'It's time to challenge the way people think about gifting and saving and encourage the philosophy of some for now and some for later.' As Griffin explains, 'There is great value in Granny being able to allocate a portion of her birthday budget for each of her grandchildren to a product that they desperately want now and an experience or a need to come in many years from now.'
The collaboration between Sanlam Investments and ADDaBIT kicked off early in November 2016. 'This alliance is a meeting of minds to make savings more accessible to all South Africans,' says Roothman. 'Sanlam Investments' mission is to improve lives and ADDaBIT aspires to creating a change for brighter futures around the world through social savings. ADDaBIT has the ability to provide broader-based access to investments and therefore is the perfect platform for doing social good.'
The two businesses are also in alignment in terms of making savings transparent, simple and empowering for each individual. They allow friends and family to contribute towards an ADDaBIT saving fund as and when they feel like it, hence the name 'ADDaBIT'. There is also no termination date for any fund – it remains active until you redeem the fund. This collaboration is about making dreams a reality, and some dreams may take longer than others to realise.
Griffin says, 'ADDaBIT is proud to partner with a credible, strong and proudly South African brand such as Sanlam and make their investment management expertise available to future investors.' Those interested in social saving can visit www.addabit.com.