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eNaira Nigeria’s Official Digital Currency backed by the Naira

eNaira is more or less like a digital version of the physical Naira. It is a Central Bank Digital Currency (CBDC) issued by the Central Bank of Nigeria (CBN) and will exchange 1:1 to the physical Naira. The eNaira was launched by Nigeria's former President flanked by the then VP and CBN Governor on October 25, 2021 and circulates in parallel with the physical Naira as legal tender in Nigeria. 500 million units of the eNaira were issued at launch. The new digital currency is built on a Distributed Ledger Technology and is aimed amongst other things to improve financial...

Introducing the New UBA Mobile App

Every bank has a banking app now but unfortunately not all understand what their customers need. UBA has continued to innovate its digital platforms, seeing as it was the first bank in Nigeria to introduce artificial intelligence (AI) into its banking services. As recent as the mid-2020, there was an upgrade of their mobile banking app and early this year the bank released a new app with even more advanced features. I’ve been impressed with this journey and I’ll run through the new features briefly. One of the most impressive improvements is the sleek and seamless user interface that makes the...

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OWealth – Savings and Investment Plan by OPay

OWealth is a Savings and investment platform built into the OPay App that enable you save part or all of your OPay fund to get an annual interest paid daily. The annual interest is fixed at up to 15% which is attractive compared to the 5% which is the highest any Nigerian bank can offer. OWealth investment avenue allows investors to save any amount of money. You can go the full year or more and you can withdraw your money at any time. Investors will find this article very useful as we break down into details all you need to...

PiggyBank.NG – What there is to know about the Automated Savings Platform

Remember how kids (and adults, too) used to save pennies, coins, and notes in physical piggybanks some decades ago PiggyBank.NG is an innovative, digital, and new-school version with an improved, fun, and rewarding model of saving. Basically, Piggybank.NG is a platform available on Web, Android, and iOS that allows individuals with debit cards easily save and invest money with ease. Asides from curtailing excessive and uncontrolled spending by allowing users save periodically towards specific goals or targets, PiggyBank.NG adds a bit of fun, reward and convenience to the used-to-be-difficult act of saving. But before delving to the details of the...

Diamond Bank Excites Youths with Game-enabled Digital Savings Platform

Leading retail banking giant, Diamond Bank Plc, has raised higher the bar in the delivery of unique financial services that suits customers changing lifestyles and needs. In partnership with Women’s World Banking with support from Financial Sector Deepening Africa (FSD Africa) funded by UK aid from the UK government, Diamond Bank worked with Gamsole, Commonwealth (formerly D2D Fund) and Microsoft to open another window of money management opportunities for youth. The simplified digital financial platform will enable youths to plan their financial future, save, chat, and update their financial knowledge while playing games. The financial service known as Dreamville, does not...

Mobile Banking your Bank on your Phone

Mobile Banking is a value added service offered by a bank to enable customers conveniently and securely conduct their banking transactions on their mobile phone. A mobile banking platform will enable you transfer funds and check your account balance and statement without having to visit your bank. You can also buy airtime and pay utility bills with your banking platform. How does Mobile Banking work? Depending on your bank, mobile banking services are offered mostly via a Java based application, SMS, and more recently mobile apps on the Windows, Android, and/or iOS platforms. Some banks will offer all options but others...

Going Cashless and Cash Lite in Nigeria: What are your E Payment Solutions

You must have heard about the cashless policy of the Central Bank of Nigeria, CBN by now. Well, if you have not, it is a policy aimed at reducing the volume of physical cash circulating in the Nigerian economy and encouraging e-payment options. Core to the cashless (more like cash-lite) policy is the introduction of daily bank deposit/withdrawal limits above which account holders pay huge transaction costs. Most articles on the cashless policy so far have focused on either announcing the policy or highlighting the challenges facing it. Very few have actually focused on what payment and transaction options are available...

Zmobile Mobile Banking from Zenith Bank

Zmobile is a mobile banking service from Zenith bank. Zmobile (meaning Zenith mobile) enables customers of Zenith bank to carry out various banking and payment transactions with their mobile phone. Some transactions currently supported by Zmobile include balance inquiry, mini statement, bills payment, local money transfer, mobile phone top up, inter-bank money transfer, and so on. Zenith bank also offer Internet banking services, which allows take care of most of your banking needs online. Zmobile is a menu based mobile banking service. The menu looks like your ATM menu or the Glo Magic plus menu. All you need to do...

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