As technology evolves, customer demands continue to affect how businesses operate especially in the banking sector. In recent times, fintech startups have raised the bar, offering customers easier, faster, and cheaper financial services particularly in areas such as zero transfer fees, more attractive interest rates on savings, full online banking experience, speed and simplicity.
These competitive advantages are endearing them to an increasing number of customers and strengthening their position in the industry.
In this text, we look at some fintechs presently providing free banking providers.
Aladdin
Aladdin Finance App is powered by PurpleMoney Microfinance Bank. The app gives its prospects zero fees on transfers and transactions with different banks. Traditional banks cost N25 per switch, however Aladdin bears the switch value and gives the service without cost.
Aladdin seamlessly combines banking and eCommerce by supplying you with the instruments that you must save, borrow and make funds whereas promoting your services and products to different members on the platform. The app presently has over 10,000+ installs.
Chipper money
Chippercash is a pan-African on-line switch service that provides on the spot no-fee native and cross-border cash transfers, discounted airtime purchases, and 0 fees on invoice funds. With over a million customers, the corporate is targeted on bringing Africa collectively, one transaction at a time. The app presently has 1,000,000+ installs and presently operates within the following international locations: Nigeria, Ghana, South Africa, UK, and Uganda.
Opay
OPay is a Mobile Payment platform in Nigeria that helps you make handy funds wherever you might be. The platform gives a seamless banking expertise. It additionally gives free and discounted providers. With Opay, you’ll be able to get pleasure from 90 free financial institution transfers month-to-month.
Newly registered customers stand up to an 80% low cost once they buy airtime on the OPay app.
OPay attaches nice significance to defending its consumer’s data as all particulars inputted on the platform are encrypted within the background. The platform has over 5,000,000+ installs on Playstore.
Also Read: World Bank: Businesses In Nigeria Lose $29bn Annually To Erratic Power Supply
VFD
V financial institution is a number one on-line banking app and platform in Nigeria that operates as a digital financial institution, permitting customers to arrange a checking account in 2 minutes.
Nigerians can lower your expenses with V financial institution utilizing their telephones and earn larger pursuits than these provided by industrial banks.
One superb characteristic of V is that it’s free. You will not be charged for transferring cash to a different V account or transferring cash to a different financial institution. Also, you do not want an ATM card to withdraw cash at ATMs, which suggests you additionally is not going to be charged card upkeep charges. Their worth choices embrace zero transaction fees, aggressive rates of interest on financial savings, versatile fastened deposit, and cardless withdrawal. The platform has 500,000+ installs.
Kuda
Kuda is Nigeria’s first mobile-only financial institution licensed by the Central Bank. The platform gives a checking account with no month-to-month charges and a free debit card. Kuda prospects get 25 free transfers to different banks each month, not like industrial banks. They additionally supply free withdrawals at over 3,000 ATMs throughout Nigeria. The app presently has 1,000,000+ installs.
What this means for banking services in Nigeria
Since fintech startups are using technology to disrupt the traditional banking model. More banks need to respond to these disruptions by also offering similar services to retain their customers.
