The app also rewards users with cash rewards and cash back on some transactions performed using the app.

KEY PALMPAY FEATURES

They don’t charge you for using their services. Bye bye maintenance fees and other silly charges!

Earn up to 15% cashback on airtime purchases and 3% on your bill payments. Plus get loads more coupons every day by participating in frequent promotions.

Transfer money to other PalmPay wallets and bank accounts for FREE for any amount, for your first 3 transactions per day. Thereafter, pay just N10. Compare that to the minimum N100 you pay per transfer using conventional banks.

Deposit funds to your wallet for free using your ATM card or transfer from any of your banking apps

Earn N300 in PalmPoints for inviting your friends to the app

Buy airtime and data as a group of 5 to enjoy even more discounts. Pay just N70 to get N100 recharge card!

Claim N30,000 Awoof Moni giveaway fund to dash to your friends and also get back. Give and earn up to N250 per friend!

Check in to the app every day to get extra coupons to help you save up to 20% on your airtime purchase

how PalmPay works:

Rewards on all transactions
Almost every transaction made on the PalmPay app is rewarded with PalmPoints or discount coupons.

A PalmPoint is a unit of measuring your reward on PalmPay, and it is equivalent to the Naira. So, 1 PalmPoint = 1 Naira, and it can be used to get up to 50% discount on future transactions made on the PalmPay app.

For airtime recharge, if you recharge #100, you earn 15 PalmPoints for your first transaction, and continue to earn cashback on all your airtime transactions on the app. The amounts you can earn depend on how much you transact, and the current offers available.

There is also a 2% bonus in PalmPoints when you pay Cable TV and electricity bills with the PalmPay app. This applies for the first 5 bill payments you make per month.

As a new user you also get various coupons that you can use to get discounts on the different services available on PalmPay and you can collect more coupons in various places within the app. Basically, I never pay full price again since I switched my transactions to this platform.

Cash spree
This is a fun feature that allows users to earn cash rewards for inviting family members and friends to download and register on the PalmPay app.

With this Cash Spree feature, you can earn up to #3000 just from referrals only. You pick the amount you want to earn ranging from N500 – N3000 and then invite the required number of people to be able to cash out.

Awoof Moni

The “Awoof Moni” feature is another type of referral feature on the app. With this one, your friends can get rewarded too.

The best thing about this feature is that you can send a free airtime coupon of up to N100 to both users of the PalmPay app and non-users, and once they redeem it, you get the same amount credited as a cash reward.

N50 Grab deals

It’s a great way of saving more on airtime if you’re a frequent card buyer, or earning from referrals if you prefer to get paid per new user rather than work towards a target.
N50 Grab deals

PalmPay also has a feature on the app to buy physical products like phones and electronics called PalmBuy.

Interestingly, you can get brand name phones at really good prices here. The Infinix Hot 10 is available on PalmPay for just N45,000 which is 8k cheaper than Jumia.

And one of my favourite promotional features on the app is N50 Grab Deals, which is like a daily mini-lottery for some of the products available to buy on the app.

You bid N50 for the deal of the day and a winner is chosen randomly from all who place a bid. If you win, the item will be delivered to your doorstep free of charge.

The best thing is that everyone who enters gets to increase money as the N50 bid will be given back as at least N60 in coupons. This is my favourite way to collect some extra discounts when I run out of coupons on my account.
Group Buying
The way it works is that if 5 people using the app buy something together, you all get a discount.

Group Buying
The way it works is that if 5 people using the app buy something together, you all get a discount.

Discounts are available for airtime, data, bills, betting and electronics items.

And that’s not all.. there are still more ways to get discounts and rewards on PalmPay like the Daily Check-in Rewards, Gemstones, Step and Earn feature and so on. Anyway, to put it simply, you could be saving literally thousands of Naira every month on your everyday transactions!

How to download PalmPay

• Download and install the PalmPay app from the Google Play store or Apple store
• Share some information about yourself to create an account
• Login to your dashboard to begin enjoying massive discounts.

Is PalmPay legit?

Yes, PalmPay is legit. The app keeps your money protected using the most advanced technology and follow GDPR standards for data handling. It encrypts all of your data and do not share your information with 3rd parties. PalmPay is a Mobile Money Operator licensed by the Central Bank of Nigeria

PalmPay customer care number and CONTACT

If you have any feedback, questions or concerns please call this helpline 01 700 5700

• Follow on social media: @PalmPayApp on Facebook, Instagram and Twitter
• Visit website: www.palmpay.co
• Get in touch with support team: support@palmpay.co

The post PalmPay App Review – earn cash back on every transaction in Nigeria appeared first on AFRICA EXPLAINED.

Abeg app is a Nigerian Fintech which allows users to make peer-to-peer (P2P) cash payments. The app designers have a vision of a payment platform which resembles CashApp or PayPal, both of which are not available to Nigerians.

Abeg app might have a funny sounding name, but the app is actually quite impressive with a clean design, simple and user-friendly interface. The app allows users to send and request money from other users via their user handles. Instead of bank account numbers and bank details, all a user needs to send money or make payments with this app is the recipient’s social handle.

Social payment app, Abeg was founded in 2018 by co-founders Dare Adekoya, Michael Okoh, and Muheez Akanni. The app was first uploaded unto Google Play store in mid 2020.

How to install and signup on the Abeg app

1. Get started by heading over to Google play store or IOS app store to download the Abeg app
2. Click the app open and tap on the “Create an account” button.
3. You will be required to register with your full name, your mobile phone number, a valid email address, and a hard-to-guess password you will be using to sign in to your Abeg account.
4. Enter the one time password OTP sent to your mobile number
5. You will be required to verify your bank verification number BVN, another OTP will be sent to the registered number attached to your BVN
6. You will be required to create a four digit Abeg PIN, and your registration is complete.

Abeg app features

Most of the features of this app are still in development, but this most exciting features of Abeg app are its ability to send and request money from other users.

Here is a summary of available and upcoming (still in development) features you can expect to see on the app:

Request money: if you have an uncle or a friend that is already on the Abeg app, then you’re in luck. You can simply poke them and request for any amount of money using their Abegtag. The Abegtag is a unique handle of each user, similar to Twitter handles.
Send money: This feature works the same way banks send money to your account, anyone who has your Abegtag can send you money on the app likewise you can send to others.
Giveaways: this is a particularly exciting features for most people, everyone likes free giveaways and you can get them from the people you follow on this app
Social media-like timeline: though this is still in development, Abeg app will feature news feeds similar to the one on Twitter where you can see post and activities of other Abeg app users you have followed.
Loan: Everybody is in need of urgent/emergency money nowadays that sometimes, the only available option is to borrow a loan. So, instead of you borrowing a loan from the likes of (LAPO) and others, you can just open up your Abeg app and request for a loan within a few minutes.

Abeg app customer support centers

Email address – hello@abeg.app
Instagram account – https://instagram.com/abeg.app
Twitter account – https://twitter.com/abeg_app

FAQs
Why can’t I request money from people using their Abeg tag?
Please note that you can only request money from people on your contact list or you are following them on the Abeg app.
Is the Abeg app available for use in other countries?
No, currently, the Abeg app can only be used in Nigeria.
Is there a transaction limit when sending or receiving money?
The maximum amount of money you can transfer or send out at once is N1,000,000.
How can you become verified on the Abeg app?
Before you can become verified, you will need to have done a giveaway of N250,000.
How you can send money anonymously?
If you want to send money anonymously to someone, just long-press the send button.
What if you forgot your password or Abeg authorization pin?
Just contact their customer support email or official social media profile to get help.

Who owns Abeg app?
Abeg App was founded in 2018 by co-founders Dare Adekoya, Muheez Akanni and Michael Okoh. Dare Adekoya currently serves as the CEO of the company.

Does Abeg App has a website?
Abeg is an app and all its functions is carried out via the mobile app. But you can visit the website abeg.app to learn more.

Is Abeg App legit?
Yes, Abeg App is legit. The App has more than 10,000 downloads on the Google Play store and it is verified on the Play store.

Abeg App is still up and coming with alot of exciting features. In the future this app will be a force to reckon with in Nigeria’s emerging Fintech industry.

The post ABEG APP REVIEW Nigerian payment app similar to CashApp and PayPal appeared first on AFRICA EXPLAINED.

Umba is a digital banking app which provides simple banking services to its customers including Umba loans, bill payments, peer-to-peer payments amongst other services.

The company, which began its operations in Kenya in 2018 says it intends to bring formal banking services to the unbanked population of an estimated 200 million people in sub-Saharan Africa.

Umba currently has operations in Kenya since 2018 and recently in Nigeria after it secured a $2 million seed investment from American investors.

Please do not take this loan to fund your lifestyle or service long-term debts. Short-term loans are helpful in emergencies but can quite expensive when compared to long-term loans and should be used with care.

pros

• Offers higher loan amounts starting from 10k upto 50k.
• Has a reputation as it operates in multiple countries..
• Charges maximum of 10% interest rate monthly.
• completely online with no collateral required.

Cons

• Has networking issues that prevents smooth registration and binding of ATM cards.
• takes time to clear dashboard even after repayment.

What other customers are saying about Umba loans

Umba is a general purpose fintech app with multiple features including savings, withdrawals and loan services. On average, most users seem impressed with the app.

Tumi Ajayi wrote, “I initially experienced difficulty (technical issue) in accessing my account for some time but the customer service team was amazing, they handled it exceptionally. They promised and over-delivered yesterday. To be honest, their interest rate is also the lowest I’ve seen so far…you guys rock!!!! Thanks again Umba..”

Gbenga Hakeem wrote, “Using the app for the very first time was weird! Imagining passing all verifications, and still couldn’t do anything. Even, to biometrically secure the account was not possible. Still wondering how an acclaimed best app is not having the utility feature like ‘Settings’. Now the worst part is i’m presently logged out, while option to log in back into my account is not present anymore, unless one would have to sign up again. What a nightmare! So annoying!😡 You guys are not ready.”

Emeka Dioka wrote, “Heard some good reviews about this app but my experience has been anything but frustrating. Tried applying for a loan for a week now, every time I open the app I will be asked to link my bank account and after doing that nothing will happen then the next time I open the app, I will asked to do the same thing all over again. Really frustrating and annoying. I sincerely hope my bank details are safe with all these linking. The loan I haven’t even seen.”

Umba loans in Nigeria

Having successfully navigated the Kenyan market, Umba through its mobile loan app has joined the Nigerian quick loans Fintech market looking to take advantage of the country’s fast growing e-commerce industry.

You can qualify for a Umba quick loan ranging from N1,000 to N90,000 attracting an interest rate of between 1% and 15% per month.

The loan offered is a short-term loan to deal with emergencies such as buying a new phone, paying medical bills or school fees and repayment period is just 28 days. see how loan apps make lending decisions and how to increase your loan amount.

How to get an Umba loan

Umba is a digital bank, meaning all its operations is done via its mobile app.

• Download the Umba personal Loan App exclusively available on the Google Playstore and install on your Android phone.
• Register an account with your phone number.
• Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
• Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
• You will also be required to provide your Biometric verification number BVN.
• You’ll be charged N50 to bind your ATM card to your account to increase your chances and get a higher loan amount.
• A one-time password OTP will be sent to your phone to confirm your details.
• After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
• The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
• Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.

The N50 charged to bind your ATM card to your account is refundable, but can take anywhere from 7 to 12 business days for the money to be refunded back to your bank account.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app you have to consent to it to get access to your phone book contacts that will serve as your guarantors, SMS to see your banking transaction records, apps on your phone to see how you use other loan apps and other details it uses to build your credit score.

How do I apply for a Umba Money Loan?

• Log in to your Umba account, type in your 4 digit password that you initially registered with.
• Tap on the icon labeled “Loan”, then click on “Umba Money Loan”
• Accept permissions, connect your bank and take a selfie check.
• Accept all permissions, SMS, Phone, Location and the status will change to green
• Connect your bank and the status will change to green
• Click on the Verify Identity. Take your selfie photo, wait for the processing to be completed and the ID verification status will change to green.
• Click on the “Get Started” button. If prompted then add your ATM card. This will allow you to proceed to the Umba Money Loan screen.

a. Select the loan offer amount
b. Select the reason why you need the loan
c. Tap on the Confirm Loan offer button
d. Wait for the loan to be processed
e. Check your Umba wallet for your loan offer!

How long before I receive my loan from Umba?

Loan time is instant, typically most customers will receive their loans within a day. To check your loan status click on “Loan” a progress report will be displayed.

Where is Umba office in Nigeria?

Umba currently has its headquarters in Kilimani Nairobi, Kenya. There Lagos office will be opened soon.

How do I Repay a Loan in the Umba App?

There are two methods to repay any Umba loans. Click on “Account” select Umba wallet, you will then choose a payment method and click pay.

To repay Umba loan, go to Loan tab (click on Loan icon) and you’ll see your active loan section. Click on Make Payment button. Enter the amount, choose payment method and click Make payment button to proceed with the repayment.

The post Umba Loan and Digital Banking App – Apply for Quick Loans in Nigeria appeared first on AFRICA EXPLAINED.

With the introduction of cashless policy by the Central Bank of Nigeria (CBN), the role of conventional banks in cash transactions is becoming more and more redundant.

This is where fintech startups like Kudi come in, these companies make online banking transactions more easily accessible to people most especially in rural areas where conventional banks rearly have service branches.

Kudi does this in partnership with a network of agents who own and operate their businesses independently.

Kudi agents earn a specific amount of commission on each transaction they perform for their customers, these transactions can range from sale of recharge cards to cable TV subscriptions to funding different types of wallets including Bet9ja, Betking amongst others.

The interesting thing about being a Kudi agent is existing shop owners can simply integrate POS business into their existing business by getting a FREE KUDI POS MACHINE!!

How to become a Kudi agent

You don’t have to be well educated or tech-savvy to become a Kudi POS agent, but like most things that have to do with tech, you will need a basic Android phone with internet access.

Follow the simple steps below

• Download the official Kudi app on Google or IOS play store
• Register with your phone number and link your bank details to the Kudi app
• Request for the agent’s form, fill it out, and submit it online
• You will be required to make a deposit of N20,000 as caution fee to get a free POS machine

Reqirement for Kudi agent registration

To register as a Kudi agent and qualify for a free POS machine, you need to submit the following documents:

• A valid identity card, your national identity card
• Bank verification number (BVN)
• Utility Bills, to proof your address eg electricity bill
• 2 Passport photographs

What you can do with the Kudi App as an agent

Money transfers: a lot of people will be looking to transfer money to their families and friends. Instead of making the journey to a bank and standing in line for hours, they can simply make the deposit with a Kudi agent and save time and stress. With Kudi you can deposit in any bank account in Nigeria.

Withdraw money: again, instead of going through the stress of queuing at bank ATMs, customers can quickly and reliablely withdraw their money from any Kudi agent.

Airtime & Data purchase: the fastest selling commodity in Nigeria today is airtime & data, Kudi agents can simply be getting their share of this fast selling commodity.

Pay bills: every household pays electricity bills at least once a month, and almost every house hold now monthly pay for Cable TV subscription, and others

As Nigeria’s economy is becoming more and more digital, so are the opportunities for earning with fintechs.

You can contact Kudi through the following

• Send them an email to Support@Kudi.Co
• Visit their physical location at 19b Bosun Adekoya Street, Lekki Phase 1, Lagos, Nigeria.
• Or contact them on this phone number 01 888 5008
• https://www.facebook.com/kudidotai/
• https://twitter.com/kudihq
• https://ng.linkedin.com/company/kudi.ai
• https://www.instagram.com/kudihq/

Frequently asked questions (FAQs)

How much is kudi POS machine?

Kudi POS machine is free, however you will de required to deposit N20,000 as caution fee and also provide end-of-day transaction report or statement of account to prove that you can meet the transaction target on the POS before you can get the free POS machine.

How much does Kudi charge for POS withdrawal?

Kudi’s transaction charge for POS withdrawals are:

• For withdrawals less than 4,500 the charge is (N25 flat)
• For withdrawals between 4,501 – 25,000 the charge is 0.6% of the transaction amount
• For withdrawals between 25,001 – 500,000 Kudi charges N150 flat fee.

How can I get KUDI POS machine?

• Simply download the app from Google Play store and register
• You will be required to deposit N20,000 as causion fee after registration
• KUDI POS machine is free!!

The post KUDI POS – How to become an owner operator of POS business in Nigeria appeared first on AFRICA EXPLAINED.

Nigeria’s oldest bank, First Bank Plc, is offering a short-term loan without collateral, facility designed to provide funding solutions to school owners and other educational institutions nationwide through its FirstEdu product.

The bank in a publication last year, revealed that in 2019 alone it supported educational institutions in Nigeria with money to the tune of over N10 billion.

Majorly for primary and secondary schools, First Edu Loan was packaged to fund the schools’ working capital. Many times, logistics, staff hiring, environment improvement, and so on are borne by the school proprietors and proprietresses. This workload, plus the money constraints, stunts the growth of the school and staff, thereby creating a huge gap in demand-quality supply.

How to Apply for FirstEdu Loan

Here is a step-by-step procedure on how to apply for a First Edu Loan. Honestly, this application might just be the simplest loan application in the specified industry. See the step-by-step guide below:

• To Apply for a FirstEdu Loan,
  • Download the Retail Loan Application Form
  • Complete the form and submit to the Retail Team at the nearest FirstBank branch

Eligibility criteria for First Edu Loan

• For your school to qualify for the laon, you must have a student base of up to 100 pupils.
• Your school must also have a corporate account with any commercial Bank in Nigeria.
• Your school must be registered with the corporate affairs commission CAC

What documents do I need to access the First Edu Loan?

The school is required to provide the following documents in order to proceed with its loan application.

• Government approval to operate the school
• An evidence of the number of students in your school (school register, roll call, etc)
• The school’s CAC documents
• Other bank(s) statements (if any)
• School’s management profile
• The school’s cash flow

Do I need to provide collateral to get this loan?

No physical collateral such as building or vehicle is needed the only Collateral is undertaking to domicile school fees with FirstBank.

Can this facility be used to construct school buildings?

The facility is a short-term facility designed to finance working capital needs of schools. There is a product (Commercial Mortgage) available for schools who want to construct school buildings.

What amount can a school get from the bank under this product?

Loan amount range from N 500,000 to N5m for a 90 day period and Maximum Loan amount of N20m for up to 24 months.

When can a school apply for this facility?

You can apply today as this facility is available to schools all through the year.

The post FirstEdu Loan: How To Get Short-term Loans Without Collateral for School Owners in Nigeria appeared first on AFRICA EXPLAINED.

Moniepoint is an agency banking Fintech company. Via their online portal, pre-registered agents can provide banking services to their own communities and customers while earning a commission on each transaction they perform. Think of Moniepoint as your normal conventional bank where customers can perform transactions such as deposit, withdrawal, bill payments etc, but instead of a shiny bank building, agents can provide similar services from their existing shops or even under an umbrella stand.

Moniepoint offers fast and secure point of sale (POS) terminal. The company offers existing business owners an opportunity to make money by becoming a mobile money agent, who provides banking services to their customers. Moniepoint enables business owners/operators to provide services such as cash transfer, cash withdrawal, and airtime top-up reliably and profitably.

What is the Moniepoint POS commission structure?

Your main priority as Moniepoint POS agent is to earn as much commissions as possible on each transaction you perform for your customers, to this end the company has structured their commi charges and commission in a way that rewards agents who have high volumes of the transaction done via their terminals. Here are some of the commissions and charges are listed below:

• For withdrawals of N1000-N4000, Moniepoint charges only about N6.2 Naira, meaning if you charge your customers the usual N100 on such transactions you stand to gain up to N94 on each transaction.
• For transfers, Moniepoint charges a flat rate of N20 for transfers, meaning you make up to N80 from each transfer you make.
• Data Top Up:
• MTN 3% commission, meaning you get N3 on every N100 recharge cards you sell
• Glo 4% commission
• 9Mobile 4.5% commission
• Airtel 4% commission

• For TV Subscription:
• DSTv 2% commission, meaning you get N20 on every N 1000 TV subscriptions you make
• GOTv 2% commission
• PHCN 2% commission
• Star Times 2% commission

How much can I make in a month as a Moniepoint agent?

Obviously, the amount you will earn will depend on your location and the amount of transactions you can make within the month. If you are able to make around 100 withdrawals a day, including the weekend, that should add up to about N25,000 monthly in commission. About 50 transfers per day should give you an extra N12k to N15k monthly commission. Plus your commissions from recharge cards, cable TV and others should also give you about another N15k monthly.

In all, most Moniepoint agents make an extra profit of up to N55,000 monthly.

How do I become a Moniepoint Agent?

• Becoming a Moniepoint agent is very straight forward
• Visit the Moniepoint website at moniepoint.com and fill out this registration form.
• Once you submitted your details, you will be contacted within 48 hours. Either through your email address or mobile phone number.
• After verification, you will return to the website and login to your dashboard.

How do I get a Moniepoint POS?

After you completed your registration online, your newly appointed Cluster Manager that will be appointed will reach out to you, He/She will guide you through on how to get the device across to you. Moniepoint POS machine can cost up to N25k

What are the documents required to complete my registration as a Moniepoint Agent?

The following documents will be required

• A verified Identity card such as International Passport, National ID Card, or Voters Card
• Utility Bill (Nepa Bill)
• Business License (For Registered business only)
• Valid BVN
• Valid Account Number

What transaction channels are available on Moniepoint?

Moniepoint gives you access to multiple transactions channels e.g mobile app, SmartPOS and POS. This means you have the choice to select your transaction channel and run your business based on what you are most comfortable with.

How will I contact Moniepoint teams if I have issue?

• Moniepoint offer 24/7 customer support, You can reach their support team through contact details below.
• Moniepoint whatsApp number: 08141500017, 09093170000, 09030009613
• Moniepoint support email: support@moniepoint.com
• Moniepoint office number: 08141500017, 09093170000, 09030009613
• Moniepoint on Facebook: facebook.com/moniepoint.
• Moniepoint on Twitter: twitter.com/moniepoint
• Moniepoint on Instagram: instagram.com/moniepoint

How much is Moniepoint POS machine?

Moniepoint POS machines start from N25,000. However, If you meet certain requirements depending on your location, you will receive one for free. Contact your cluster manager for the requirements.

Does Moniepoint POS give commission for bill payment?

Yes, you will get commission for bills payments also on Moniepoint POS. Apart from the charges you will collect from the customer.

FOR DATA TOP UP.
MTN 3% commission
Glo 4% commission
Etisalat 4.5% commission
Airtel 4% commission

FOR TV Subscription.
DStv 2% commission.
GOgtv 2% commission.
PHCH 2% commission.
Startime 2% commission.

Where is Moniepoint head office address in Nigeiria?

Moniepoint head office is located at number 12, Wole Ariyo street, Lekki phase 1, Lagos State, Nigeria

The post Moniepoint – how to become a Moniepoint POS business operator appeared first on AFRICA EXPLAINED.