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Zedvance Modifies MoneyPal Mobile Lending App

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MoneyPal

By Dipo Olowookere

The mobile lending app of Zedvance Finance Limited, MoneyPal, has been reintroduced with some modifications aimed to make loans accessible to millions of Nigerians in a fast and convenient manner.

The new mobile application comes with a redesigned user interface, simplified application process and access to more nano loans. This is part of an effort to redefine the app into a lifestyle product.

The Managing Director of Zedvance Finance Limited, Mr Ever Obi, in a statement, disclosed that the upgraded MoneyPal app comes with fascinating new features that would provide a top-notch and seamless digital lending experience for its existing and potential customers.

“Zedvance Finance has always been at the forefront of providing best-in-class financial solutions to its customers; we are very excited to relaunch the MoneyPal app to also serve millions of both salary and non-salary earners in Nigeria.

“MoneyPal was redesigned in response to extensive consumers’ feedback and changing user trends, with a focus on simplicity, security, availability, and speed.

“We upgraded the mobile app to meet our consumer financial lifestyle as a customer-centric business. That’s why we are rolling out the new app with the #MadeForMore campaign,” he was quoted as saying, adding that the company intends to serve one million new users through the mobile app and other digital channels.

On his part, the company’s Head of Product Marketing and Brand Communications, Mr Lukmon Oloyede said, with the new app, new and existing customers can now get up to N100,000 nano loans within minutes on the app.

According to him, this is accessible to both non-salary earners and salary earners within 18-55 years with an active bank account, BVN, email and phone number.

He also said MoneyPal comes with biometric sign-in option to keep the user account more secure, with in-app notifications allowing users to stay more connected with prompt product updates.

Mr Oloyede also said user can now check their credit history and learn more about their loans through the updated app as new and existing customers can now repay their nano loans within 15 – 90 days, depending on the loan amount selected.

He assured that the application is in full compliance with the data privacy regulation of the Central Bank of Nigeria (CBN) while all users can now enjoy more benefits for referring their friends.

The brand expert described the referral program as a point-based system, where more points would be earned for referring more people. The points, according to him, can be exchanged for an item in the company’s gift shop once the maximum redeemable number of points is attained.

Apart from this feature, users can instantly pay off loans through a unique, personalized account number created for each user on the MoneyPal app. The virtual account number is on the homepage dashboard.

“We will continue to develop our digital proposition even further over the next months – exceeding the expectations of our customers whilst improving our customer experience,” Mr Oloyede added, hinting that the company will be announcing an Unstructured Supplementary Service Data (USSD) code lending option and asset financing (Buy Now, Pay Later) service this year.

He advised Nigerians to download the MoneyPal app on App Store (iOS) and Android Play Store for free and apply for instant cash.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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Banking

Nigeria Can Solve FX Crisis With Adequate Agricultural Financing—Heritage Bank

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George Oko-Oboh adequate agricultural financing

By Modupe Gbadeyanka

The foreign exchange (FX) crisis that is putting pressure on the Nigerian Naira, making the prices of goods and services rise in the country, can be solved if attention is paid to agricultural financing, Heritage Bank Plc has submitted.

The lender, through one of its executive directors, Mr George Oko-Oboh, pointed out that if players in the agricultural sector are supported with funds, they will produce crops that can be exported and generate forex for the country, making the domestic currency stronger at the currency market.

At the 15th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, he noted that adequate agricultural financing was critical in defining the country’s trade competitiveness, which guarantees sustainable agricultural systems. This critical aspect equips the financial sector to respond to changing market requirements and address critical sector needs for global competitiveness.

He disclosed at the programme tagged Repositioning the Financial Services Industry for an Evolving Global Context that Heritage Bank has been at the forefront of financing agric value chains that have upped its competitiveness in the global market and helped to boost local production, conserve scarce foreign exchange and enhance food security, and ultimately result in the creation of hundreds of new jobs.

According to Mr Oko-Oboh, the bank’s involvement in the sector dates back many years ago. It has always been at the forefront of ensuring the overall growth and development of commodities products in Nigeria. For these feats, Heritage Bank disbursed the N41 billion intervention of the Central Bank of Nigeria (CBN) in wheat production in Nigeria for commodity associations and anchor companies.

“We have continued to create market linkages between smallholders’ farmers and anchors/processors, create an ecosystem that drives value chain financing, improves access to credit by the smallholders’ farmers by developing credit history through the scheme and many more.

“As a bank, we partnered CBN and other stakeholders such as wheat farmers association of Nigeria, wheat farmers, processors and marketers’ association of Nigeria, Lake Chad Research Institute and other development partners, flour mills of Nigeria and several seed companies and others to support over 100,000 farmers in wheat production.

“Also, Heritage Bank further factored consideration of value addition of financial services and products flowing to and/or through value chain participants to address and alleviate constraints to growth that have distorted product financing, receivables financing, physical-asset collateralization, risk mitigation products and financial enhancements,” said the executive director.

Also, the Chairman, Union Bank of Nigeria Plc, Mr Farouk Gumel, has said Nigerian banks must invest in modernising agriculture, helping it to be more resilient, more dynamic and better able to adapt for the banking sector to compete in the evolving global context favourably.

“Modernisation means much more than technology alone; it is also about farming techniques,” he said.

Mr Gumel noted “to reposition the industry for a ‘Glocal context, we also need to look more inwards,” saying repositioning is not an option. It is a necessity that Nigeria has begun an agricultural renaissance over the past seven years. To be truly Glocal, we must commit the same resources and investments to rural-local customers as we have done to urban global clients.”

He agreed that the local players must keep an eye on what global happenings to stay in tune with international best practices while asking that local/rural farmers should never be forgotten.

President/Chairman of the council for CIBN, Dr Ken Opara, said the financial services industry needs to adapt to a much faster pace of change in advancement in technology and innovation, saying services, products, and technologies that were new and useful in the past will not necessarily be so soon.

Mr Opara said advancement in technology and innovation is bringing about another wave of revolution that will change the landscape of the financial services sector more than ever.

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Banking

CBN Grants License to Gabsyn Microfinance Bank

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Gabsyn Microfinance Bank

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has granted Gabsyn Microfinance Bank the final approval to operate as a microfinance bank in Ikorodu, Lagos State.

With this approval, Gabsyn MFB joins over 876 licensed microfinance banks to operate in that space, to deliver the much-needed financial services to the unbanked, which according to EFInA (2020 survey) shows that about 38 million citizens (35.9 per cent of the adult population), do not have access to financial services in Nigeria.

As a partner in the actualisation of the objectives of the National Financial Inclusion Strategy (NFIS), Gabsyn MFB affirmed its commitment to creating a better everyday life for all stakeholders in line with the financial inclusion agenda of the CBN and Nigeria and expressed excitement at the opportunity to support its fulfilment.

“The bank is well positioned in a strategic location in Ikorodu where it can use its well-trained, motivated, young and dynamic staff as well as its experienced management team to design and offer flexible, value-adding and sustainable financial services to the communities. There are millions of Nigerians who are yet to tap into the immense benefits available in the financial sector because they are currently excluded.

“Gabsyn MFB will open a viable avenue for all to access a broad range of financial and social services such as loans, savings, alternate payment services, money transfers, improve financial literacy, etc, some directly and others through strategic partnerships,” a statement from the small lender said.

Microfinance Banks (MFBs) are critical to Nigeria’s financial inclusion goals, particularly because of their role in providing financial services to the underserved segments of the Nigerian economy.

In a demonstration of its acknowledgement of the importance of the sector, the Nigerian government launched the National Financial Inclusion Strategy in 2012 (NFIS 2012), to achieve 80 per cent inclusion by 2020. The NFIS was reviewed in 2012, and the CBN and its stakeholders came up with the Revised NFIS document which targets a 95 per cent financial inclusion threshold in Nigeria by 2024. This is ambitious given that the financial inclusion index moved from 57.3 per cent in 2010 to 60.3 per cent in 2012 and 63.2 per cent in 2020, a growth of about 5.9 per cent in 10 years. Achieving a 31.8 per cent increment in 4 years is indeed ambitious, but not impossible.

According to the Managing Director of Gabsyn MFB, Mr Waheed Odekale, “Our mission is to use simple financial solutions, strategic alliances and partnerships to improve the socio-economic status of our stakeholders.

“Our services will empower low-income households, enhance their productive capacity and consolidate their economic base.

“We are very excited by the opportunity to be practically and productively driving the financial inclusion agenda of the Central Bank of Nigeria.”

While leveraging the use of technology to improve customers’ experience, on the one hand, the bank said it will be going the extra mile with the introduction of Saturday banking services.

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Banking

CBN Advocates Collaboration to Grow Payments Ecosystem

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ePayments Ecosystem

By Adedapo Adesanya

The Central Bank of Nigeria (CBN) is moving to strengthen the digital payments ecosystem and position Nigeria firmly on the global payments landscape with more collaboration.

This is in line with its commitment to deepen and stimulate the growth of digital payment in Nigeria and beyond.

This was the crux of a two-day event tagged Collaborating for Industry Growth and Profitability held by integrated digital payments and e-commerce company, Interswitch Group, where industry players gathered to discuss how to strengthen the ecosystem.

The industry leaders, drawn from banks, fintechs, micro-finance banks, telcos and other financial institutions, reached the resolve that designing innovative financial products which speak to the needs of customers will spur growth and economic prosperity.

The experts also noted that players in the financial space need to synergize to explore avenues for mutual growth, which will in turn create a robust payment ecosystem.

Speaking at the event, Mr Jimoh Musa, Director, Payment System Management Department, CBN, said the lender’s responsibility as a regulator is to create an enabling environment where all the entrants can thrive and compete healthily.

“We understudy all the interoperable operations of each technology company, and all the participants generally. And from time to time, we bring all these entities together to dialogue to enable us to decide what the best industry practice is in relation to Nigeria’s payment ecosystem.”

During the two-day event, Interswitch officially unveiled eight new products designed to address prevailing issues within the payments ecosystem, enhance business development and boost customer experience.

The products include Fintech-in-a-box; Fraud Solution-as-a-Service (FSAAS); Banking-as-a-Service; Payment-as-a-Service; Interswitch Security-as-a-Service; Mobile Banking-as -a-Service, and Biometrics on POS and Value financing.

These products are tailored to provide seamless payment solutions to banks, fintechs, micro-finance banks, other financial institutions and their customers. Essentially, these products will help to improve the digital payment solutions that financial institutions offer to their customers.

Critical points the products will be solving include protecting customers against digital payment fraud, effective value financing tools for lenders, seamless integration to payment channels, enhanced customer experience etc.

Speaking during the panel session, Mr Akeem Lawal, Managing Director, Interswitch Purepay, said players in the payment industry must collaborate to provide opportunities to co-create solutions that make digital payment safer and further drive profitability.

He said “Interswitch is committed to partnering with stakeholders to drive financial inclusion through its innovative products and solutions continuously. These products reaffirm the company’s continued drive to improving Nigeria’s digital payments landscape through innovation and the development of first-rate solutions and infrastructure that address pressing needs in the payments ecosystem”.

Mr Lawal further said Interswitch would continue to enter partnerships that will not only simplify payments but also drive prosperity across the continent.

The panellists noted that partnerships would allow players to increase revenue and grow faster, avail them opportunities to leverage one another’s infrastructure, drive financial inclusion and build a robust ecosystem, urging players to collaborate more to provide quality service for the end users to enhance growth and more opportunities.

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