New App boosts Nigeria’s digital banking sector
As part of efforts to expand the digital banking space in the country, Branch, a leading digital finance app that offers value to both the excluded and underserved population in the financial services delivery sector, has proffered more efficient ways to access and complete financial transactions outside physical structures.
In a statement yesterday, the firm noted that in Nigeria, a high percentage of the population was financially excluded, adding that data shows that 36 per cent of Nigerian adults, approximately 38 million adults, were completely financially excluded at the end of 2020.
Branch said: “This is the case, not just due to widespread poverty in the country, but also because the processes required to access their bank’s services such as loans are just too stressful and complicated for most middle and low-income earners.
“In most cases, these barriers to financial inclusion shut out people in the lower and middle-income levels, whose financial activities still contribute significantly to the country’s economy, yet are unable to benefit from services they ought to be entitled to.
This category of the population, who are most in need of supportive banks in their businesses and personal finances, are made to crumble under the weight of hidden charges, incessant deductions, money transfer limits and errors in basic transactions. To top this, they lose precious hours in traditional bank branches whenever they try to resolve an issue.
“This is why Branch is a bank in your pocket or anywhere you keep your phone. Whatever your bank can do for you, you can get it done easier as long as you have a smartphone. Branch provides a digitised and easily accessible loan process, which is both reliable and considerate to borrowers. We maintain an ethical debt collection policy, which sticks to a non-aggressive debt collection practice, and non-shaming of borrowers. This feature serves as a relief for the average Nigerian, who would typically approach loans with much trepidation and anxiety, even when there is genuine need for the loan. Once you have the Branch app, you enjoy free and unlimited transfers from the Branch Wallet, instant loans up to N500, 000, bill payments with zero charges and a mouthwatering investment that yields 20 per cent interest per annum.”
The expert further noted that the huge advantages of branchless banks clearly indicate that the future of banking lies in the ability of today’s banks to leverage modern technologies to provide real financial solutions to all categories of people.