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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

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    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

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    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

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    Flutterwave gets Switching and Processing licence from CBN

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    Google Expands its Digital Wallet to South Africa

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    FCCPC Orders Drawdown of Online Credit Companies

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    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

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    Flutterwave debunks Alleged Reports of Hacked Accounts

    Flutterwave debunks Alleged Reports of Hacked Accounts

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Jumba raises $4.5 Million Pre-seed to Expand the supply of Construction materials in Kenya.

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PICTDA announces Resumption Date for Code Plateau Cohort

    PICTDA announces Resumption Date for Code Plateau Cohort

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

    Releaf secures $3.3 million Pre-series A funding to improve its Food Processing Technology

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    Nigeria’s Cash Swap Policy: Goals versus Results

    Nigeria’s Cash Swap Policy: Goals versus Results

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    Six Things that could Shape the Northern Nigerian Tech Ecosystem in 2023

    5 Exciting Things That Happened in the Nigerian Tech Ecosystem

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    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    SmallSmall to Expand to Jos following a $3 Million Seed Raise

    The Increase in Data Prices is a Big Challenge for Remote Workers in Nigeria

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

    How Tobiloba Olusola is making Electronic Health Records Accessible to Patients

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    Binance now accepts Naira Deposits and Withdrawals

    Cardano Accelerator Adaverse Invests in Afriguild’s Mission to Onboard Africans Into Web3

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    Is Africa Ready to Operate a Digital Monetary Policy?

    Is Africa Ready to Operate a Digital Monetary Policy?

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    What Binance and TikTok Star, Khaby Lame’s Partnership mean for Crypto and Web3 Adoption

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    Bundle Launches Web App to Give Users More Accessibility to Crypto

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    CBN prohibits Foreign Banks from Offering Banking Services

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    Flutterwave adds Google Pay to its Payment Options for African Businesses

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

    After Receiving Switching and Processing Licence from CBN, Flutterwave includes eNaira to its Payment Options

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    Flutterwave gets Switching and Processing licence from CBN

    Google Expands its Digital Wallet to South Africa

    Google Expands its Digital Wallet to South Africa

    FCCPC Orders Drawdown of Online Credit Companies

    FCCPC Orders Drawdown of Online Credit Companies

  • START UPS
    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    WorkPay raises $2.7million Pre-series A Funding to Expand its Services across Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    Naked secures $17 Million Series B to Expand its Digital Insurance Company in Africa

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    PressOne Africa raises $600,000 Pre-seed Funding to Support Entrepreneurs

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    ThriveAgric selected West African Winners of the AYuTe Africa Challenge, receiving $1 million.

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Yebo Fresh raises $4.5 million to Supply Fresh Food in South Africa

    Sky.Garden survives Shutdown, gets New Owners

    Sky.Garden survives Shutdown, gets New Owners

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Home FINANCE

3 Free Banking Apps Helping Nigerian Entrepreneurs Save and Grow Money

by Shalom Oyero
February 3, 2022
in FINANCE
Reading Time: 7 mins read
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3 Free Banking Apps Helping Nigerian Entrepreneurs Save and Grow Money
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Financial institutions and entrepreneurs have an intertwined relationship.

This means that as entrepreneurs compete for customers, financial institutions on the other hand aim to provide entrepreneurs with more security and convenience to store and grow their money. 

Thus, traditional banks have been facing stiff competition from fast-rising digital banks because they have emerged with convenience and consumer demand for more efficient ways to complete financial transactions outside of traditional branches.

In November 2021, electronic transactions in Nigeria, both mobile and USSD increased by 48% to stand at N21.8 trillion compared to the  N18.84 trillion recorded in the previous year, according to data from Vanguards results on  electronic transaction data on the Nigeria Interbank Settlement System (NIBSS).

These numbers are a result of the fact that digital banking no longer stands as just a series of transactions, but a way of life adopted by the country’s youth, most of whom have grown up using the Internet, computers and mobile phones.

Therefore, with the increasing adoption of technology for an easier life, many business owners are looking for convenient ways to save with guarantees of their benefits.

Also, with more than 40 million small businesses in Nigeria that are somewhat unbanked, and with banks requesting high credit card interest rates, coupled with poor banking rewards programs, complex commercial bank accounts, and a lack of business credit, many companies are making a difference and working to build platforms that help entrepreneurs rather than hurt them while using the financial market to stand out.

The emergence of free mobile banking applications that provide services through its financial institutions, is allowing individuals conduct financial transactions remotely using a mobile device such as a smartphone or tablet and without having to pay a registration fee to enroll and access its features.

So, from online softwares to mobile apps, here are 3 free banking apps that aim to facilitate easier banking experiences for Nigerian entrepreneurs.

1 Prospa

Prospa Nigeria, a Lagos-based company is helping freelancers and entrepreneurs to act as “operating systems” for their businesses with its neobanking app. It is supporting Nigerians in building financial prosperity for free.

The product, which was launched in October 2019, is enabling registered businesses with CAC (Corporate Affairs Commission) to access a commercial bank account and enjoy its additional reliable features.

Source: Prospa

With a commercial bank account registered with Prospa, entrepreneurs can send and receive remittances from all Nigerian banks, make international transfers as well as process a free Tax Identification Number (TIN). With human support 365 days a year, businesses can upgrade to enjoy the app’s premium features and access additional benefits.

According to the company’s official blog, Prospa has tens of thousands of registered businesses and is growing 35% per month. It has also managed over 150,000 product catalogs and over 360,000 invoices on its platform. 

Source: Prospa

To understand more on how Prospa account works visit here. The neobanking app has over 100,000 downloads and is available on playstore.

2. VBank

VFD Microfinance Bank is a fully digital bank that offers a wide range of financial products and services to professionals and entrepreneurs across all sectors in Nigeria. 

Nigerians can save money with VBank using their phone and earn more interest than that offered by commercial banks. The banking app is free. VBank also allows  budget planning in it’s features that entrepreneurs can use to their advantage.

Source: VBank

The digital bank has more than 100,000 downloads on the Play Store. It offers zero transaction fees, free account maintenance, monthly interest on savings, fast and secure transfers, withdrawals, and access to bill payments.

3. Kuda Microfinance Bank

Kuda Bank is a free digital-only bank with a Microfinance Banking License from the Central Bank of Nigeria, with the slogan “bank of the free,”. It is offering a two-pronged approach to ensuring entrepreneurs succeed as they save money while managing it. 

The bank includes tools to track spending habits while enabling Nigerians to save more.

Source: Kuda

Kuda Bank offers a spending account, along with a savings feature that can be set up for automatic savings by taking 10 percent or any percentage of the designated deposit selection as savings or by rounding off transactions and converting the difference into savings.

Entrepreneurs who have experienced the ups and downs of business will take comfort from the fact that Kuda does not extend overdraft fees, monthly service, transfers, or even any paperwork for registration, and users are not required to pay for access to a debit card.

Source: Kuda

The digital banking app provides real-time alerts, as well as daily balance notifications, and allows users to issue money transfers between accounts or with other people or companies. Kuda app has more than 1 million downloads and is available on playstore.

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