By Ayandola Ayanleke
There was a time, decades ago, when customers and clients were limited to a particular geographical location. Businesses, therefore, kept their activities within that space. But gradually, technology opened people up to a world outside their own little space. It gradually became a necessity to pursue a cashless society, not simply to make handling money easier and aid interaction with people all over the world, but to make money produce even more money.
Today, there are many financial apps enabled by the rising fintech industry to ensure financial inclusion and financial growth.
Fortunately, millennials understand the need to join the bandwagon considering many of the emerging businesses of the 21st century are headed by millennials, including those in Nigeria. So, what are the 5 financial apps that can make your money work for you?
Founded by Somto Ifezue, Odun Eweniyi and Joshua Chibueze as Piggybank, it was established to improve the saving culture of Nigerians, and by extension, Africans. Understanding that Nigerians need to save at least 40% of their monthly income to survive, the founders saw the need to build a saving culture in Nigerians and Africans. PiggyVest is popular among millennials because of how easy it is to navigate using the internet and a mobile phone. Once you sign up and set up with your bank account details and amount to save, the system automatically withdraws the said amount from your account on a particular date of your choosing. Unlike with a bank, you cannot withdraw at will but on set dates or you pay a fine of 5% but your savings accrue interest per annum.
- Rave by Flutterwave
Rave is an online service by Flutterwave that enables users accept payments locally and globally from card, bank accounts and USSD. The app enables businesses by helping them provide invoice to customers and clients on goods bought or services rendered and also help customers make payments to merchants. Supporting about 152 currencies, Rave is known as one of the easiest online payment platforms with zero set up fee.
Remita is an online payment system that allows you to register all your bank accounts and transact on them on the go. With Remita, you get an overview of all the bank accounts you register on the app; check account balance, send money and pay bills with ease, including to government agencies, generate invoices and receive payment for goods and services from customers, top up airtime and also provide evidence of payment at a go.
Formerly called Paylater, Carbon is a financial app that offers loan services, investment opportunities, make and receive payments, buy airtime and pay other bills. The app is an attraction for millennials because of how easy it is to navigate on a mobile phone and all the financial services it provides that are not back-breaking. You can get loans for urgent needs for up to N1 million without collateral or documentation. You can also earn by getting interests through investments.
CowryWise is a personal finance app for savings and investments without a set-up fee. With cowryWise, you can save as little as N100 towards whatever life goals you have, such as house rent, vacation, retirement amongst others. Also, you get interest on your savings per annum and have the opportunity to invest. The system locks your savings for a minimum of three months, which you can extend if you prefer. You can also decide to roll over your savings if the period of your plan elapses.
As implied by the name, I-invest, a product of Sterling Bank, is a mobile platform that helps you invest in treasury bills and other fixed income monetary product. Once you sign up, the app allows you to invest in the available options with a minimum of N100,000 and track the growth of your investment as well as liquidate your money into a cash wallet, anytime. All you need to sign up are a utility bill and valid means of identification.
Wealth.ng is an online platform for investment in treasury bills, bonds, real estate and stocks. By signing up, you get access to customised investment recommendations based on your profile, track your money growth as well as advisory services and guidance from wealth advisors.
Editor’s Note: This article was originally published in The Spark Magazine. Find the magazine here to read other articles.