New App Boosts Nigeria’s Digital Banking Sector | The Guardian Nigeria News

As part of efforts to expand the digital banking space in the country, Branch, a leading digital finance app that delivers value to both excluded and underserved populations in the financial service delivery industry , proposed more efficient means of accessing and carrying out financial transactions abroad. physical structures.

In a statement released yesterday, the company noted that in Nigeria a high percentage of the population is financially excluded, adding that data shows that 36% of Nigerian adults, or around 38 million adults, were completely financially excluded from the end of 2020.

Branch said, “This is the case, not only because of the 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 the community. Most middle and low income.

“In most cases, these barriers to financial inclusion exclude low- and middle-income people, whose financial activities still contribute significantly to the country’s economy, but cannot benefit from the services they should have. law.

This category of population, which most needs solidarity banks in its business and personal finances, is forced to collapse under the weight of hidden costs, incessant withdrawals, money transfer limits and errors in basic transactions. To top it off, they waste precious hours in traditional bank branches every time they try to solve a problem.

“That’s why Branch is a bank in your pocket or wherever you keep your phone. Whatever your bank can do for you, you can do it more easily as long as you have a smartphone. Branch provides a digitized and easily accessible loan process that 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-humiliation of borrowers. This characteristic relieves the average Nigerian, who usually approach loans with a great deal of trepidation and anxiety, even when there is a real need for a loan. Once you have the Branch app, you get free unlimited transfers from the Branch wallet, instant loans up to N500,000, no charge bill payments, and a tantalizing investment that earns 20% money back. interest per year.

The expert further noted that the huge benefits of branchless banking make it clear that the future of banking lies in the ability of today’s banks to take advantage of modern technologies to deliver true financial solutions to all. categories of people.

Rosalie M. Dehner