Since FinTech made its entry into Nigeria, it has witnessed significant growth, and the role of the banks are now been replaced with the solutions it’s providing. From allowing us make payments, to helping us save money without having to step into the banks, FinTech is definitely a game changer in the world of finance.
For the banks, they don’t seem to be resting on their oars as FinTech makes a gradual take over. They are closing down branches, improving their apps and unveiling platforms for Nigerians to bank conveniently from the comfort of their homes. There’s the Diamond Bank’s eSusu, allowing people to do personal and group saving and Wema Bank’s Alat, Nigeria’s first fully digital bank.
Here are a few startups driving FinTech in Nigeria, and improving the saving cultures amongst Nigerians.
CowryWise is a personal finance platform that helps users automate their savings, taking away the stress and planning required to save on a regular basis.
Co-founded by Razaq Ahmed and Edward Popoola, the startup was launched with the aim of making personal savings, asset and wealth management services available to everyone.
Users simply set daily, weekly or monthly saving plan(s), link their bank accounts, and CowryWise ensures the set amount is saved automatically on specified days.
CowryWise promises to offer users a minimum of 10% per annum on every saving they make, and up to 15% for users who are are on the Fixed Savings Plan.
SusuAI is a mobile-based artificial intelligence savings planner that helps users manage and automate all their bills.
Through the platform, the co-founders, Kennedy Yinusa and AbdulRasheed Lawal, are creating seamless and convenient platform for Nigerians to effectively manage all their billings right from their mobile phone.
For someone who wants to ensure his/her house rent bill is ready on/before the due date, he/she can tell SusuAI the House Rent Target, Contribution Type – daily or weekly or monthly and Duration. SusuAI then calculates the recurrent amount and cycle and always notify users when it’s time for each schedule payment.
Once saving is complete, users can instruct SusuAI to push funds to specified account.
Similar to CowryWise, Piggybank.ng helps millennials curb their spending habits while improving their savings culture by automating deposits periodically – daily, weekly or monthly – towards a specific savings target.
Founded by Joshua Chibueze and Odunayo Eweniyi,the platform enables users set savings plan by selecting the amount, the frequency and the target. Once a plan is saved, the system automatically debits on set periods.
Piggybank.ng’s saving plans combines discipline plus flexibility, as there are only 4 fixed withdrawal periods, and withdrawing outside the fixed days attract a 5% penalty fee. Users are also allowed to lock their savings for set period of time without withdrawal.
OsusuMobile is targeted at helping the unbanked and underbanked save money in a better way.
Unlike all others, OsusuMobile users that do not have access to the Internet can save conveniently by making deposits in using an SMS-enabled mobile phone.
All that’s required to open an OsusuMobile account is a phone number, after which you can start saving with an agent near you.
According to the founder, Rodney Jackson-Cole, OsusuMobile was inspired by the African Ajo practice and with the right level of digitization, it is one to help solve the issue of financial inclusion, making financial services more affordable and accessible.
Although, savers are also welcome to sign up website, Mobile Agents are a critical part of the solution offered. These agents earn attractive commissions every time a saver makes a deposit.
For users who have saved for 3-6 months, they are also able to benefit from the OsusuMobile Micro-loans.
Founded by JR January, REΛCH is an app that helps individuals and people in groups to set, track, and achieve their financial goals.
Using SMS transaction alerts users receive from their banks, REΛCH tracks income and spending and provides users with a breakdown of where how they spend their money each week; insights on how to spend and stretch your money; and a budget tool to keep them on track and enable them make smart money decisions.
