Advertisement
CRESTHUB
CRESTHUB MAGAZINE
  • NEWS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

  • PODCAST
CRESTHUB
  • NEWS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Mylerz Raises $9.6 Million to Scale its E-commerce and Logistics Platform

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kaltani Raises $4 Million to Boost Plastic Waste Recycling in Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Kwaba Secures Undisclosed Pre-seed Round to Expand Across Africa

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

    Early Stage-focused VC, HAVAÍC closes $20 million Fund to Invest in African Startups

  • FEATURED
    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    How ReelFruit Attained 3x Revenue Growth through Instagram Marketing

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    eHealth Africa is Revolutionizing Public Health in Nigeria and Beyond

    Why Establishing Your Brand Identity With a Bold Look is Important

    Why Establishing Your Brand Identity With a Bold Look is Important

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How Traditional Banks in Nigeria Can Leverage Fintech to Enhance Customer Experiences

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    How One Company Is Helping Young Nigerians Access Standard Sexual Health Services

    eNaira Has Been Launched

    10 Distinctive Things To Note About eNaira

  • BLOCKCHAIN
    Bundle Launches Web App to Give Users More Accessibility to Crypto

    Bundle Launches Web App to Give Users More Accessibility to Crypto

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    How Blockchain can Transform the Financial Ecosystem in Nigeria

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    Non-fungible Token of Nelson Mandela’s Original Arrest Warrant Raises over $130,000 in Auction

    The BBN Token: a Shift in the World of African Reality Shows

    The BBN Token: a Shift in the World of African Reality Shows

    The Status of Real Estate Tokenization in Nigeria

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

    Blockchain company Bitmama launches African Physical Crypto Cards for In-store Payments

  • FINANCE
    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    We report Fundraising Stories everyday! But what do these Funding rounds mean?

    Klump secures $780,000 pre-seed funding to Boost Buy-Now-Pay-Later Services in Nigeria

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Sudo Africa raises $3.7 million pre-seed fund for its Card-Issuing API Platform

    Flutterwave Launches New Products at Flutterwave 3.0

  • START UPS
    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Autochek Acquires KIFAL Auto to Drive its North Africa Expansion

    Topship Secures $2.5 Million to Boost International Shipping

    Topship Secures $2.5 Million to Boost International Shipping

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Zambian Card- Issuer Union54 Raises $12 Million in a Seed Extension to Develop Homegrown Payment Cards

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Leatherback Limited Intends to Boost Company Profile with $10 million Pre-Seed Fund

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Equinix Inc Expands to Africa following Acquisition of Connectivity Solution Provider, MainOne

    Egypt’s Mental Health Service 07 Therapy Secures $2.1 million Seed Round

  • PODCAST
No Result
View All Result
CRESTHUB
No Result
View All Result
Home FINANCE

3 Free Banking Apps Helping Nigerian Entrepreneurs Save and Grow Money

by Shalom Oyero
February 3, 2022
in FINANCE
0
3 Free Banking Apps Helping Nigerian Entrepreneurs Save and Grow Money
Share on FacebookShare on Twitter

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.

Related

Previous Post

Truck Logistics Startup, Amitrucks, secures $4M funding, targets Ugandan and Tanzanian Markets

Next Post

Kenyan Wealth-tech Startup, Ndovu Raises an Undisclosed Amount as it Launches

Next Post
Kenyan Wealth-tech Startup, Ndovu Raises an Undisclosed Amount as it Launches

Kenyan Wealth-tech Startup, Ndovu Raises an Undisclosed Amount as it Launches

Insurtech Startup, Lami Acquires Bluewave as it plans to Expand to Africa

Insurtech Startup, Lami Acquires Bluewave as it plans to Expand to Africa

Recommended

NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

NucleusIS Rolls Out Credit Scheme to Grow Health Insurance

2 weeks ago
How Affiliate Marketing Works

How Affiliate Marketing Works

10 months ago
CRESTHUB

Cresthub is a data focused media that leverages on data to uncover hidden sights which cuts across startups, technology, blockchain and founders in Africa.

COMPANY

  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

PRODUCTS

  • Cresthub Magazine
  • Cresthub Podcast
  • Cresthub Insight

SOCIALS

Facebook Twitter Youtube
  • About Us
  • Contact Us
  • Advertise With Us
  • Privacy Policy

© 2022 Cresthub Media

No Result
View All Result
  • NEWS
  • FEATURED
  • BLOCKCHAIN
  • FINANCE
  • START UPS
  • PODCAST

© 2022 Cresthub Media

Cresthub newsletter
THE WEEKLY ROUND UP

Join our newsletter to get first hand insight in tech and start up happenings in Nigeria and Africa at large.

Enter your email address
 

Loading Comments...
 

You must be logged in to post a comment.