Experts move to achieve financial inclusion With new app
In a bid to ensure that both the unbanked and under-banked citizens of the country have access to financial services, an innovative personal finance app called ‘Branch’ has been launched.
Research shows that while there has been some progress in achieving better financial inclusion in the past few years, there are still several hassles such as access to quick loans that middle and lower economic class individuals and businesses encounter on a daily basis.
This is why experts in digital banking have proffered ‘Branch’ as the solution that allows the unbanked and under-banked citizens access financial services with ease.
The app also enables them to avoid wading through endless clutter of procedures before accessing quick loan from traditional bank.
“By leveraging technology and innovation to provide smart alternatives to traditional banks, ‘Branch’ plays a huge part in accelerating financial inclusion and access to financial services to underserved communities in Nigeria.
“This is why the ‘Branch’ solution, irrespective of individual’s economic, social status, geographic constraints such as inaccessibility, distances, lack of proper infrastructure, as well as social constraints as illiteracy and class barriers which have posed a hindrance to financial inclusion over the years, provides a prevalent financial inclusion through accessible services like easier payments, savings, lending and micro-lending. Branch provides access to instant loans of up to N500, 000 with no physical documentation as well as free transfers or bill payments and investment yields of 20 per cent per annum,” the experts said in a statement.
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