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5 Nigerian Fintech and Valuable Services They Offer

Posted by Anushiem Chidera on August 16, 2022 in Guide

5 Nigerian Fintech and Valuable Services They Offer

Over the last half-decade, we have seen the fintech industry grow from near-zero level to dominance in Sub-Saharan African technology. From the 2000s through the early 2010s, only the old guard of Nigerian fintech, such as Interswitch, gained any recognition from the Nigerian populace. Now, though, the story is different with the likes of Flutterwave achieving unicorn status and PayStack being acquired by fintech behemoth, Stripe.

However, despite what has been an overwhelming success story by Nigerian fintech, many Nigerians remain aloof to the hidden gems -– the unsung heroes that make their transactions easier and their lives better. In this article, we tell the story of 5 of these unsung heroes, explaining some of their value propositions and why they matter to you. Some of these features are mind-blowing and surprisingly, many remain in the dark about their existence.

At the end of this article, if you were in the dark, you’ll be pulled into the marvelous light that is Nigerian fintech. That said, let’s get right into it.

1. Carbon — Pay Later With Carbon Zero

Many Nigerians dream of owning the latest gadgets, furniture, and home appliances. Sadly, different financial constraints restrict their abilities to fund these dreams. In a nation with almost no recognized credit rating system and amidst fluctuating prices, installment payment plans are as scarce as water in a desert. If you fall within this category of Nigerians, Carbon Zero has got you covered.

What Is Carbon Zero?

Carbon Zero is an initiative of Carbon, a payment processing and credit fintech. Carbon Zero lets registered Carbon customers purchase their desired items from registered stores with a down payment of only 25% of the total cost of the item. Carbon offsets the rest of the cost as a loan to the customer at 0% interest for up to six months.

For instance, Jay wants to get the 2022 M2 Chip Macbook. At 1.3 Million Naira, Jay cannot afford it with his life savings hovering around N500,000. With Carbon Zero, Jay can get his Macbook with his N500,000, with payment plans letting him spread the rest of his cost for the next 6 months without additional interests or extra cost.

How to Get Started

  • Sign up for Carbon Zero.
  • Choose your preferred store: See an item you like? Let Carbon Zero know in the application form.
  • Pick any device of your choice: Select your desired item and provide your details.
  • Get verified: Carbon Zero will review your eligibility and pass you for a Carbon Zero plan once qualified.
  • Set up a plan: Choose a repayment plan within 3 - 6 months and make a downpayment of just 25%, and you’re good to go!

2. Mintyn — Track Personal Expenses In Real Time

Mintyn is a digital bank based in Lagos. Self-dubbed “Nigeria’s best, online and digital bank”, the fintech company is useful to track your expenses and keep your appetite in check. In simpler terms, your Mintyn bank account learns as you spend. Meaning it can suggest how you can save better, and reduce spending on certain categories to meet your goals. Each time you spend, your Mintyn online bank helps you categorize your spending so you know precisely how much is going to different areas of your lifestyle.

How Mintyn Tracks Your Expenses

Mintyn helps categorize your spending done within the app. When transfers are made, details of the purpose of the transactions are obtained to help you keep track of what you are spending. At every point in time, you get to know what percentage of your total spending is made on food, transportation, utility, and more.

Getting Started With Mintyn

To get started and easily track your spending, follow these steps:

  • Create an account on Mintyn.
  • Sign in and fill in your details.
  • Complete your KYC Registration
  • Once approved, your account is ready to go and you can get started with tracking your expenses!

3. Chipper Cash — Virtual Dollar Cards

For people who are conversant with cross-border transactions, there has been an obvious inability of Nigerians to pay for services outside the country. Websites like Shein, Apple, Amazon, and many more have declined Naira-denominated debit cards. Subsequently, Nigerians turned to virtual dollar cards issued by Fintechs like Barter, Vesti, Changera, and many more.

Sadly, however, the bubble burst on July 14. Virtual dollar cards would be stopped by these fintech service providers, Union 24, was exiting the country. For many, it has been a tale of woe ever since.

Are you one of the thousands affected by the shortage of dollar cards? Then Chipper has got you covered.

Chipper Cash is an African fintech that lets you send and receive money across Africa the fast and easy way. With Chipper, you can enjoy free transfers and the lowest cross-border rates.

What’s more, Chipper still offers the virtual dollar card, so you pay for all the subscriptions you need.

How to Get Started

To get started on Chipper, sign up and complete all the verification processes. Once approved, you can claim a card here.

4. Switch — Instant Domiciliary Accounts

Switch, a multi-service banking software, uses technology to address various shortcomings in international transactions and online money transfers, such as the conversion of dollars to naira or other convertible currencies. In the past, you needed to create a domiciliary account (after going through multiple frustrating processes) to send or receive money abroad via the Nigerian banking system.

Now, however, subscribers to Switch have limitless, hassle-free access to send money internationally, just like ordinary wire transfers, regardless of fluctuations in exchange rates. All from the comfort of their phones.

Getting On Board

Get on board the switch train by following these simple steps:

  • Download the Switch by Sterling app on the Google Play Store or the App Store.
  • Sign up with your details
  • Complete your KYC verification.
  • Create a domiciliary account using your phone and start transacting

5. Grey — Open Foreign Bank Accounts

The tales and woes of remote workers and freelancers have been alleviated by the international bank account service provider, Grey. Before now, remote workers had to settle for PayPal’s restrictive policies, freelance platforms’ low exchange rates, and several other restrictive limits on how they could receive payments.

With Grey, everyone has a chance to receive payments instantly with domiciled account numbers at the bank exchange rates. So for Simbi, a remote worker who earns $4,000 working for an American company, Grey is an easy avenue for her to open an account like she is living in America, receive her funds into her account, and convert directly into Naira at the best rates.

Grey offers accounts in British Pounds, Euro, and US Dollars with American and British banks. With these accounts, you can receive funds and exchange them at parallel rates for just 1% of the funds you receive.

Getting Started

To get started on Grey, sign up on the Grey website. Next, fill in your KYC verification details and request a virtual dollar, euro, or pounds account.

Final Words

And there you have it. Our featured five fintech have been making Nigerian lives easier, even when these efforts and amazing packages have gone largely unnoticed. With these services, you can rest assured that you have your greatest financial needs covered.