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Legit Loan Apps in Nigeria 2022

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legit loan apps in Nigeria

There are certainly lots of loan apps/businesses parading in the country promising to give people affordable online loans easily.

But the truth is there are several of them that are like loan sharks, with outrageous interests, sneaky terms and conditions etc.

So how do you know legit loan apps so you don’t fall victim of borrowing money from the illegal ones?

Legitimate loan apps have some things to know them by including;

  • License to operate as a lender: Legit loan apps must have obtained the requisite license to operate and give loans from the appropriate regulatory authorities in the country.
  • Clear Interest Rates: Legit loan apps will have information on clear interest rates so borrowers will know exactly how much they are to pay back. Illegal loan apps or loan sharks can however have unclear information which can result to paying much higher interest by the borrower
  • No Hidden Charges: Legit loan apps will reveal if there are any additional charges such as for late payment etc. But all these illegal loan apps may hide additional charges in fine print and you end up realising there are some extra charges or penalties to pay

Selected Legit Loan Apps You Can Use to Apply for Loans

We conducted some in-depth research including testing as many loan apps as possible and these are some of the legit loan apps in Nigeria you can use to apply for personal or business loans.

1. Carbon

Formerly known as Paylater, Carbon is a licensed digital bank and lender. With Carbon you can pay bills, make transfers as well as do high interest savings.

Carbon also offers loans through its app. As a user your loan amount increases as you bank with them and increase your credit score.

On its website it says you can access easy loans easily with no guarantors, or collaterals. As you repay loans you can unlock higher amounts.

Our research shows that people use them for digital banking and loans as they are duly licensed. You may need to check their website to see details about their online loans, interest rates etc.

2. Branch

Branch, according to their website, offers mobile financial services to the emerging markets. It is primarily a loan/lending app with which you can borrow money directly to your mobile money or bank account.

To use Branch to get loans you download the app, fill the initial online form then apply for loan. As you repay your credit and ability to borrow larger amounts increase.

Branch is presently available in India, Kenya, Tanzania, Nigeria.

You can take a loan for as long as 4 -52 weeks at varying monthly interest rates sometimes which can be a bit high.

Our research on whether Branch loan is legit shows that there are no hidden charges. The charges/interest displayed for any loan you are about to take is what you will pay.

They also operate in multiple countries and are duly registered/licensed to run lending operations.

Some users say the good thing about Branch is that they disburse approved loans via the app in minutes and you can choose to make the repayment in 4 installments.

3. Aella Credit

Aella credit describes itself as a credit infrastructure company powering payments and helping people manage their finances better.

Aella credit provides instant access to funds through its online mobile app.

The unique thing about Aella Credit is that you can use get both personal or business loans on the app.

It promises no paperwork, no rollover fees, and rewards for repaying your loans on time. As your repay your loans on time the amount you can borrow also increases.

Aella credit is a registered, license mobile lender. It uses an algorithm to rate/review loan applications and determine the amount you can borrow which can increase as you repay.

Users surveyed also said Aella Credit is professional in their approach in cases of default.

4. Fairmoney

Fairmoney is a licensed microfinance bank and money lender that provides easy, unsecured loans to individuals and small business owners.

On their website they say they can provide you a bank account with free transfers, loans of up to N1 million (although you will have to start from much lower amounts and build up your credit to borrow more as you repay on time).

You can visit the Fairmoney website here for more details – https://fairmoney.ng/

While a few users expressed issues with Fairmoney that had to do with repaying their loans, majority of users researched say Fairmoney is pretty fine as a loan app.

5. Quickcheck

Quickcheck is a financial institution based in Ikeja that offers unsecured, online loans to individuals.

Information from the FAQ section of their website shows that to qualify for a loan you don’t have to submit any documents. You simply download the mobile app, create account and respond to the questions they will ask you. Accurate answers to the questions helps their system evaluate your loan eligibility and the amount you can borrow.

They answer a lot more questions in their FAQ section – https://quickcheck.ng/faq/

Earlier users complained about their loan approval process and rate but recently it appears to have improved and impressed more users.

6. Renmoney

Renmoney is a fintech business operating on a microfinance bank license.

They provide loans without collateral to individuals and small business owners through their website and mobile app as well as providing normal digital banking services such as savings/deposits.

It claims to have provided loans to hundreds of thousands of Nigerians for things like growing their business, paying rent or school fees, buying a car etc.

To qualify for a loan you have to be between 22 – 59 years old, have a verifiable source of income and live in the cities where they operate (which currently is Lagos).

It says on the website you can borrow up to N6 million for 24 months. However you must have built up your loan capacity by borrowing smaller amounts and repaying them on time.

To apply for loan you will need also to provide the following; your bank statement, a government issued ID card and utility bill (optional).

Because they usually loan money to only people with verifiable salary income and have systems in place to recoup their money Renmoney has good reputation as one of the loan apps who do not resort to embarrassing and shaming defaulters to their contacts. We guess that’s one good point about them.

7. PalmCredit

Palmcredit, run by New Edge Finance, is a mobile lender with their app only available on Google Playstore for Android phones.

You can get quick, unsecured loans of up to N100,000 through the Palmcredit app. They are also duly registered in the country.

The parent company, Newedge Finance Limited is fully licensed to offer financial services.

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NB: This is not financial advice and Nairabrains will not be responsible/liable for any decisions you take as a result of reading this article. You are always advised to carry out your own due diligence. 

 

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In Life

Here are Tips to Avoid Falling Victim to Online Scams

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how to prevent online scams

Scams on the internet happen when in various forms. The scammers’  online scam tactics (including use these fake or compromised accounts to trick you into giving them money or personal information) keep evolving. We hope you find these tips to avoid online scams useful. 

Most social media platforms, credible websites, financial apps etc will never send you direct messages/emails asking for personal details about your account.  For Instagram as an example, to identify phishing and spam emails, you can view official Instagram emails sent within the last 14 days from your Settings.

These are some of the things to watch out for when it comes to online scams:

  • People asking you for money who you don’t know in person.
  • People asking you to send them money or gift cards to receive a loan, prize or other winnings.
  • Anyone asking you to pay a fee in order to apply for a job.
  • Accounts representing large companies, organizations or public figures that are not verified.
  • People claiming to be from a major social media app, bank etc security asking you to provide account information (like your username or password), or offering you account verification services.
  • People asking you to move your conversation off social media to a less public or less secure setting, such as a separate email.
  • People claiming to have a friend or relative in an emergency.
  • People who misrepresent where they are located.
  • Messages that appear to come from a friend or a reputable company you know that ask you to click on a suspicious link.
  • Accounts that have a brief history on social media.
  • Messages or posts with poor spelling and grammatical mistakes.
  • People or accounts asking you to claim a prize.
  • People or accounts that offer items at an extreme discount.

Here are Types of Online scams to Watch Out for

Romance Scams: Romance scammers typically send romantic messages to people they don’t know, often pretending to be divorced, widowed or in distress. They’ll engage in online relationships claiming to need money for flights or visas. Their goal is to gain your trust, so the conversations may continue for weeks before they ask for money. Be vigilant of engaging in such conversations with people you don’t know in real life.

Lottery Scams: Lottery scams are often carried out from accounts impersonating someone you know or an organization (such as a government agency or a social media platform). The messages will claim that you’re among the winners of a lottery and that you can receive your money for a small advance fee. The scammer may ask you to provide personal information, such as your physical address or bank details which they can use for other criminal activities.

Loan Scams: Loan scammers send messages or leave comments on posts offering instant loans, at a low interest rate for a small advance fee. Once an initial payment is made they may ask for more money to provide a larger loan or simply end the conversation and disappear with the payment. Avoid making any transactions to people that you don’t know.

False Investment Scams: Scammers may promise unrealistic monetary benefits like offering to convert a small amount of money into a larger sum (example: $100 = $1000) and solicit money from you. This false promise of return on investment results in the scammer disappearing with the payment. Some types of false investment scams to watch out for include “cash flipping” scams, Ponzi schemes or “get rich quick” schemes.

Job Scams: Job scammers use misleading or fake job postings to try and get your personal information or money. Avoid job postings that sound too good to be true or that ask you to pay anything upfront. When clicking on a link from a job posting, watch out for websites that seem unrelated to the original job posting or that ask for sensitive information (example: government ID) but don’t use secure (https) browsing.

Credit Card Fraud: Scammers use stolen financial information to make purchases online or to lure others into buying goods or services at a significantly lower price than the market price. If you notice suspicious activity on your credit card, you should report it to your financial institution or local law enforcement.

Paid Subscription Services: Scammers will offer the sale of paid subscription services or lifetime access to these paid subscription services for a one-time payment. Avoid purchasing subscription-based services from unknown third parties since scammers won’t deliver the product, or the product won’t work as they claim it will.

Phishing Scam: Phishing is when someone tries to get access to your Instagram account by sending you a suspicious message or link that asks for your personal information. If they get into your account, a scammer may have access to things like your phone number or email address. They may also change your password to lock you out of your account.

Inauthentic Sellers: Inauthentic or misleading sellers may try to use underpriced items to lure buyers into a scam. They may try to create a sense of urgency to get buyers to act quickly, request payment through a non-secure method, or misrepresent their location in their posts.

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In Business

List of all LAPO Microfinance Bank Branches in Nigeria and Key Products Offered

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LAPO Microfinance Bank branches in Nigeria

LAPO Microfinance bank is one of the more popular traditional Microfinance institutions in Nigeria known for its offline loans and aggressive loan collection methods.

LAPO offers normal banking and savings services asides loans.

LAPO Microfinance Bank Key Products

Among the core products offered by Lapo microfinance to its customers include;

Regular loans: This is a loan product offered to individuals who apply as part of a group eg a union. According to information on the bank’s website a union is a group of people who can access loans individually but will have group guarantees.

Each person in the group can access between N30,000 – N150,000 for a maximum duration of 8 months. Repayment is weekly. No collateral is required.

SME Loan: The LAPO Microfinance SME loan is a credit facility targeted at supporting small and medium enterprises in the country. The loan offers up to N5 million for a duration of 12 months without collateral (according to information on the bank’s website).

Other products offered by the bank include; regular savings, my pikin savings, educational loan, agricultural loan.

Where to Find LAPO Microfinance Bank branches nationwide

If you are looking for branches of LAPO Microfinance bank near you, take a look at the exhaustive list of LAPO Microfinance Bank branches below;

LAPO Microfinance Bank branches/locations in Lagos

  • 37 Oju Elegba Road, Yaba, Lagos
  • 1st Floor, 65 Kudirat Abiola Way, Oregun, Lagos
  • 41 Oba Molaja Ogunlewe Road, Ikorodu, Lagos
  • Orishigun Street, Mile 12, Lagos
  • 99 Olojo Drive, Egbeda, Lagos
  • 7 Iganmu Road, Ijora, Lagos
  • 18 Bale Road, Ajengule, Lagos
  • 456 Agege Motor Road, Oshodi, Ikeja, Lagos
  • 108 Old Abeokuta Road, Oba Akran, Lagos
  • Ashafa Bus Stop, 54 Dopemu Road, Dopemu, Lagos
  • Gobi Villa II, 121 Idimu Road, Alimosho, Lagos
  • FHC7+7Q7, Aja, Lagos
  • 83 Ojo Road, Off Aduke Bus Stop, Ajegunle, Lagos
  • 2-20 Ilaka St, Ilupeju, Lagos
  • 221 Old Abeokuta Road, Agege, Lagos
  • Opposite Dapsey Oil Petrol Station, Egan Igando, Lagos
  • 3 Alaba Williams St, Ifako-Ijaiye, Lagos
  • 15 Ashipa Rd, Idimu, Lagos
  • Toll Gate Busstop Sango, Agege
  • 148 Okota Rd, Ilasamaja, Lagos

LAPO Microfinance Bank branche(s) in Ogun State

  • Oke – Ilewo Road, Ibara, Abeokuta, Ogun State

LAPO Microfinance Bank branch(s) in Oyo State

  • 197 Adekunle Fajuyi Rd, Adamasingba, Ibadan, Oyo State
  • Opp Sango Cemetry, 56 Oyo Road, Sango, Mokola Hill, Ibadan, Oyo

LAPO Microfinance Bank branch(s) in Osun State

  • 23 IdiIfa Street, Gbongan Street, Osogbo, Osun State
  • 2A Agowande Street, Ife, Osun State

LAPO Microfinance Bank branch(s) in Kwara State

  • 14 Umaru Audi Road, Ilorin, Kwara State

LAPO Microfinance Bank branch(s) in Edo State

  • Plot 6 S & T Rd, Uselu 300103, Benin City, Edo State
  • 18 Dawson Rd, Benin, Edo State
  • 2 secretariat road, Auchi, Edo State
  • LAPO Place, 18 Dawson Rd, Benin City

LAPO Microfinance Bank branch(s) in Ondo State

  • Spring Bank Building, Ikare, Ondo State

LAPO Microfinance Bank branches in Imo State

  • Plot 131, Ikenegbu Layout, Owerri, Imo State
  • 108 Wetheral Rd, Owerri, Imo State
  • Umuezeala, Orlu
  • 69 Douglas Rd, Owerri

LAPO Microfinance Bank branches in Ekiti State

  • Oke Ila Street, Ijero, Ekiti State

LAPO Microfinance Bank branches in Enugu State

  • 187 Old Abakaliki Rd, Emene, Enugu
  • 177 Agbani Rd, Uwani, Enugu
  • 13 Nike Lake Road, Trans- Ekulu, Enugu
  • 39 Zik Ave, Uwani, Enugu

LAPO MIcrofinance Bank branches in Abuja

  • Suite 12 And 13 Kubwa Shopping Plaza Gbazango Extension, Kubwa, Abuja

LAPO Microfinance Bank branches in Rivers State

  • Stadium Rd, opposite Echelon heights, Rumuibekwe, Port Harcourt
  • Harold Wilson Dr, Port Harcourt, Rivers State
  • 163 Sathcom House, Rumudara, Port Harcourt

LAPO Microfinance Bank branches in Abia State

  •  Beside OPM Church, 76 Km 6 Aba-Owerri Road, Osisioma Industry Layout Road, Aba, Abia State
  • 76 Faulks Rd, Aba

  • Oj Plaza Surgical Line, Ariaria, Aba

  • No 1 Ihenta Road, Ohafia
  • 22 Asa Road, Aba

LAPO MIcrofinance Bank branches in Anambra State

  • Owerri road, Army Barracks, Onitsha

LAPO Microfinance Bank branches in Benue State

  • Calabar Street, Ogoja
  • 2 Ankpa Quarters Road, Ankpa – Aukpa Rd, Ward, Makurdi

LAPO Microfinance Bank in Kogi State

  • Murtala Mohammed Way, Lokoja

LAPO Microfinance Bank branches in Akwa Ibom State

  • Ibo Hall Rd, Ikot Ekpene

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In Loans

All You Need to Know About Kuda Bank Overdraft

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kuda bank overdraft

Kuda bank is one of the fastest growing digital banks in the country (with its 100% digital banking solution provided through the Kuda bank app).

Not many people know that Kuda bank has an online loan facility for its customers. Usually known as Kuda bank overdraft, the bank says it is a short term loan advanced to customers who have operated an account for sometime and qualify for the loan.

If you have some interest in Kuda bank overdraft we hope this article breaks it down as much as possible.

Information about Kuda Bank Overdraft

On its website Kuda bank describes the Kuda Overdraft as short term loans you can take anytime as long as you use your account regularly.

However we found out that as a Kuda bank customer you may not immediately be eligible to take the overdraft until you’ve operated your bank account for several months as well as done a decent volume of transactions through it.

There is nowhere they state how much or the volume of transactions (deposits for eg) that you need to have done via the bank app to qualify for the kuda bank overdraft. We estimate that for a user to be eligible he/she must have done at least hundreds of thousands of Naira in transactions (especially deposits).

We also think it helps if you use your kuda bank to receive periodic, regular payments like salaries, interests on investments etc.

After some months of using your kuda bank regularly you can then try to apply for the kuda bank overdraft.

Key details of Kuda bank overdraft

  • Kuda bank is usually a short term loan (30 days) you can use to bridge the gap for a few weeks till you get paid your work salary or for a job done for which you’re expecting payment
  • For.a kudabank overdraft you are charged 0.3% daily interest. This amounts to 9% monthly interest which appears high compared to other bank online loans such as GTBank Quick Credit 
  • When you apply for the loan/overdraft Kuda will evaluate and show you an amount you are eligible to access.
  • You have within 3 business days to reject the loan/overdraft offered you. This does not attract any charges.

How to Apply for Kuda bank overdraft

To apply for Kuda bank overdraft you need to have been a customer of the bank for some months already, using the kuda bank app for deposits and other transactions regularly.

If you fulfill the above requirements you can

  • log into your Kuda bank app,
  • tap on BORROW
  • tap – Get Your Overdraft
  • tap Next
  • Type in the amount you intend to borrow then tap Done
  • Confirm with your transaction PIN, finger print or Face ID
  • Tap OK and the amount will reflect in your account balance for you to spend

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In Business

How to Register a Company in Nigeria: A Step-by-Step Guide

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Until recently, Nigeria used to be Africa’s largest economy. It is home to lots of domestic and foreign companies, large, medium and small. Like in other countries, registration is mandatory for operating a company in Nigeria (although not every business you see on the Nigerian landscape is registered). In this article we breakdown how to register a company in Nigeria. 

Importance of Company Registration 

Looking to register a company in Nigeria? There are a variety of good reasons you’ll want to consider registering your company. Here are some of them:

Legal Recognition

When you register your company or business, it acquires a legal status that distinguishes it from unregistered or informal businesses. Furthermore, registration paves the way for you to have a formal identity with which you can conduct your business activities. Moreover, a legally recognised business avoids any penalties for non-registration or late registration.

Limited Liability

If your business has registered as a limited liability company, then its shareholders will only be liable for the company’s debts to the extent allowed by their shares. This offers such individuals personal protection from business liabilities.

Access to Funding

A company that is registered and recognised by law has brighter chances of gaining access to grants, loans and other kinds of support from banks, investors, and government.

Brand Protection

A registered company has the right to legally protect its company name, logo, and intellectual property rights from unauthorised use by other parties.

Tax Compliance

 Laws in various countries or jurisdictions usually stipulate that every registered company complies with tax regulations. This ensures that such companies operate transparently, contribute to government revenue generation efforts and stay clear of legal issues pertaining to tax payments.

Legal Framework for Registering Companies in Nigeria

The legal framework for controlling and regulating company activities in Nigeria is the Companies and Allied Matters Act (CAMA) of 1990 [as amended]. CAMA provided for the creation of the Corporate Affairs Commission (CAC) to operate as an autonomous body responsible for registering and regulating companies, business names and incorporated trustees in Nigeria. The CAC is empowered to approve company names, issue certificates of incorporation, and maintain company records.

Company types eligible for registration in Nigeria include:

  • Private limited liability company (Ltd)
  • Public limited company (PLC)
  • Unlimited company
  • Company limited by guarantee
  • Subsidiary or branch of a foreign company
  • Partnership or joint venture
  • Sole proprietorship
  • Incorporated trustees (religious, charitable, philanthropic or cultural)
  • Representative office (in special cases)

Requirements for Registering a Company in Nigeria

According to the CAMA Act (2020), a company wishing to get registered shall deliver its Memorandum of Association to the Corporate Affairs Commission together with an application for registration of the company, the necessary documents and a statement of compliance. The contents of the application for registration should include:

(a) the company’s proposed name;

(b) the registered office address and head office address if different from the registered office address;

(c) whether the liability of the members of the company is to be limited and, if so, whether it is to be limited by shares or by guarantee;

(d) whether the company is to be a private or a public company.

If the application is delivered by a person as agent for the subscribers to the Memorandum of Association, it shall state the name and address of that agent, and:

(a) in the case of a company that has a share capital, a statement of initial issued share capital and initial shareholdings;

(b) in the case of a company that is limited by guarantee, a statement of guarantee;

(c) a statement of the company’s proposed directors;

(d) a statement of the proposed registered office of the company; and

(e) a copy of the proposed Articles of Association to the extent that these are not supplied by the default application of model articles.

Steps to Register a Company in Nigeria

Business Names 

  1. Check for availability of the business name on the CAC website. 
  2. Reserve a new name on the CAC website.
  3. Complete pre-registration form CAC-BNo1 and upload relevant registration documents. online using the Company Registration Portal.
  4. Pay filing fee  (all fees for CAC services are available on its website).

Note: Individuals/proprietors don’t need to hire a legal practitioner, chartered accountant, or chartered secretary before they can register their business name.

Private or Public Company

  1. Check for availability of proposed company name on the CAC website.
  2. Reserve a new name on the CAC website.
  3.  Complete pre-registration form and upload relevant documents online using the Company Registration Portal.
  4. Pay filing and stamp duty fees.

Companies Limited by Guarantee

  1. Reserve a name on the CAC website.
  2. Fill registration form and upload relevant documents online using the Company Registration Portal.
  3.  Pay filing fee and stamp duty.

Note: In the case of a company limited by guarantee, the CAC is obliged to get approval from the Attorney General of the Federation before registration.

Incorporated Trustee

  1. Check for availability of proposed incorporated trustee name on the CAC website.
  2. Reserve a new name on the CAC website. 
  3. Complete pre-registration form and upload relevant registration documents (e.g. Form CAC-IT01) online using the Company Registration Portal.
  4. Pay filing fee.  

Tips for Successful Company Registration

  1. Do thorough research: Understand the legal requirements and the different types of companies available to determine which best suits your business model.
  2. Ensure correct documentation: Double-check that all forms are filled out accurately, as mistakes can delay the registration process. Provide correct identification documents and proof of address.
  3. Engage a legal or business registration expert: Consider hiring a lawyer or consultant who specialises in company registration to guide you through the process, particularly if your business involves complex regulatory requirements.
  4. Be clear about business objectives: Ensure that your company’s Memorandum and Articles of Association clearly reflect the purpose and scope of operations of the company.
  5. Keep copies of all documents: Maintain copies of all registration documents, including the Certificate of Incorporation, as these may be required for future business dealings.
  6. Register for taxes promptly: After incorporation, don’t delay registering your company for tax purposes as non-compliance with tax laws can result in penalties.

Conclusion

Whether you’re starting a sole proprietorship, SME or large enterprise, registering a company in Nigeria is a critical step for anyone looking to formalise their business and ensure legal protection, access to financing and more. By following the outlined steps and understanding the legal requirements, you can establish your company and begin operations with confidence. 

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In Money

Here are Top Money Saving Apps to Save Your Money and Good Interest Returns

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money saving apps to earn interest

EDITOR’S NOTE: This article has been updated to reflect new money saving apps that you can use to earn good returns on your money. I had a chat with a friend a few weeks ago and somehow the discussion veered into personal finance a la money saving apps and investments etc.

Now I’m the first to raise my hands and say I suck at saving/investing. I feel like I save too little and too irregularly. But I’m deciding to do something about it like learning tricks to save money on things like electricity.

Back to the story I asked, out of curiousity, whether she has somewhere she puts away money. She mentioned a certain bank/insurance saving product that pays, wait for it! 5% per annum. I was surprised and then upset. Then I realised there was likely a lot of people like her – putting money into savings or investment plans that paid too little and below the inflation rate. Save N1 million that way and after one year the N1 million plus the interest will be worth less than it is today.

So what are the ways you can save/invest your money to yield the highest possible annual interest while being sure your money is relatively save? Note that an investment/savings product should have a high level of security and return decent interest. With inflation and rising costs of living the best thing you can do is put your money to work to earn more for you. Simply leaving your money in a bank savings account that pays little or no interest is not a wise decision. So we looked at various options and here are some apps that enable you save/money at good annual returns. They all have at least 24/48 hours withdrawal.

Money Saving Apps

Over the past few years several fin-tech companies with focus on helping people save and earn decent interest on their saved money have become even more popular. It is easy to see why. Before now you could leave N1 million in your bank savings account without withdrawing/touching it and you will be lucky to get a paltry 1 or 2% interest annually on it. Enter Savings/investment apps that encourage people to save their money and earn anywhere between 10 – 25% interest on it. So basically in one way they promise much higher interest if you save your money with them than with a traditional bank. And for some of them is the beauty of monitoring your accumulating interests via the digital app. The more popular ones include;

  • Piggyvest: Piggyvest started as Piggybank in 2016 as a savings only platform. It offers customers/users between 10 – 15% interest on saved amount per annum. Users can transfer money they intend to save or fund their savings account with a credit/debit card. The app lets you save in Naira and also in US dollar with the dollar savings paying 6% interest annually. There is also the Safelock feature which allows you lock away money you don’t want to be tempted to touch in return for up to 15% interest.
  • Cowrywise: Cowrywise is yet another savings app launched in 2017. It offers users the opportunity to save their money and earn interest. The app allows you choose different savings options to meet your goals. On Cowrywise you can earn up to 15% annual interest on the amount you save.
  • ALAT: ALAT is a digital only bank set up by Wema Bank. Launched in 2017 ALAT lets you set savings goals. You receive a physical debit card which lets you withdraw money from anywhere. You can earn up to 10% annual interest when you save money on ALAT.
  • OPAY: OPay’s Owealth offering enables you leave your idle money to earn interest. Depending on the minimum balance required one can earn at least 15% annual interest. According to the app they pay the interest daily to your account.
  • JOLLOF+: This relatively new entrant promises annual interests of as high as 20% on your saved money.
  • KUDA: Kuda become popular as a digital bank for the young and digital savvy. It has introduced fixed savings that pays 12% annual interest or more on your savings.
  • FAIRMONEY: Fairmoney is a microfinance bank with a digital app that allows users save money and earn up to 17% annual interest or more depending on the savings plan they choose.

ALSO SEE

NOTE: This article does not constitute financial advice. Nairabrains will not be responsible for any decisions taken as a result of reading this article. Kindly consult your financial advisor or seek professional financial advice.

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In How to Make Money

Top Refer and Earn Apps in Nigeria to Help You Make Money on the Side [Full List]

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refer and earn apps

There are increasing opportunities to make money from refer and earn apps in Nigeria. A refer and earn app is designed to offer rewards for users who refer others to download and use the app. It is a way to drive more users/customers to use an app. Some refer and earn apps may include benefits to both the referrer and the referred user (eg in case of a coupon code where the newly referred user can get discounts simply by joining and using the app through the referral code presented by a referrer)

What is a Refer and Earn App?

Refer and earn apps are mobile applications that have a reward system to pay you for referring (bringing) someone to download and use the app.

A refer and earn app can reward a user for bringing someone else to download the app, use the app or subscribe/pay for a product/service on the app.

Eg for a fintech app it may reward users who bring others to use the fintech app for any transaction such as paying bills, making transfers etc.

Refer and earn app rewards can be in form of money, discounts, free coupons etc.

Where Can You Find Refer and Earn Apps

Usually refer and earn apps are abundant in the fintech, savings/investments app sector. You refer people to download and start using the apps to save or invest money and you get a decent referral payment in return.

You can also find several refer and earn apps in Cryptocurrency, Payments etc.

Top Refer and Earn Apps

Piggyvest

Piggyvest is a savings app that enables users save towards specific goals or generally save their money for a healthy 8-10% annual interest. This certainly makes it better to save with them than leave the money in the bank.

Piggyvest provides links for users to share and earn some money for any new users that join/use Piggyvest through their referral. Piggyvest generally pays or gives you additional N1,000 for any new referral.

Branch

Branch is another fintech app that has a refer and earn program. Branch is a personal finance app that provides loans to individuals without paperwork or collateral.

Branch also enables current users earn small amounts per new user they refer or bring in to use the app.

Umba

Umba is a digital bank that enables you save money, pay bills, make transfers, get loans and earn cashbacks for every bill you pay.

Umba promises N500 for every friend you refer to download and use the banking app.

Chipper

Chipper Cash is a remittance fintech provider that enables anyone send money across Africa. Chipper promises free transfers and low cross border money transfer rates.

Chipper promises N600 for every person you refer to use the app.

Jumia Pay

Jumia Pay is an online payment processor and solution initially built for the e-commerce giant.

You can pay for items online, book airline/bus tickets, make hotel reservations, pay for utilities, etc.

With Jumia Pay you can earn 15% cashback on gaming items (when you use Jumia Pay on checkout) such as playstations, xbox etc.

Jumia Pay also rewards you with N500 once you refer something and they spend up to N500 through Jumia Pay.

Opay

Opay is a multi purpose fintech application that enables you access banking services (such as high interest savings, bill payments, and get a card for online payments.

It also runs a mobile money, POS service that enables thousands of agents provide financial services to customers across the country.

Opay has a referral program that helps you earn at least N700 per person you refer to sign up and use the Opay app for financial transactions.

Risevest

Risevest is a savings/investment app that enables you invest in US/foreign denominated stock markets and real estate.

It’s key promise is to help you save and invest in USD to prevent the effects of inflation on your Naira while also seeing considerable long term appreciation of your funds.

Risevest has a reward program that pays you 3% of the deposit of any friend you refer to the app.

Fairmoney

Fairmoney is a digital, microfinance bank that provides loans of up to N1 million to individuals without collateral.

It pays up to N500 as loan discount for every customer you refer to use the loan app.

Abeg

Abeg is a fintech app that you can use for several financial transactions (transfers, bill payments) as well as receiving money online through giveaways etc

You can sell on Abeg, buy tickets, send money easily, get virtual cards and more.

Abeg pays N750 each time you refer someone to activate their abeg app.

Luno

Luno is a cryptocurrency trading exchange where anyone can buy, sell or trade cryptocurrencies.

Luno has a referral program that rewards you with cryptocurrency for every friend you refer to actively use their Luno account.

The amount rewarded varies.

Cowrywise

Cowrywise is a savings and investment app that helps anyone save towards specific goals and invest in mutual funds.

On Cowrywise you may earn bonuses of fee waivers when you refer a friend to a minimum deposit of N5,000 in their locked savings or investment plan.

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In Business

10 Lucrative Businesses You Can Start in Nigeria with Small Capital

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businesses to start with little money

Everyone wants to make more money. Even if you have a job you still want to have a side hustle, business etc that generates extra income for you.

The challenge for most people is that most lucrative businesses require capital which most people don’t have. What if there are businesses you can start with little money, so you may not need to borrow the capital to start?

We did some research to come up with low cost, lucrative businesses you can start with small capital, to generate reasonable income for yourself.

1. Blogging

When people hear blogging they think it’s all about writing articles or posts. No, blogging consists of creating any different type of content on a platform such as website, social media (eg Instagram) etc.

Your blog can be photo focused or video focused (otherwise called vlogging). Blogging can be creating unique content (articles, photos, videos) of your own or posting snippets of other people’s content and directing people to those content.

The key thing to start is to decide

(a) the type of content you want or will be comfortable creating eg a current affairs blog on Instagram showing interesting photos and videos, a blog writing about opportunities & careers, a photo blog on travel and interesting places etc.

You can choose what to blog about and the medium you wish to use to blog.

(b) Which platform to use for your blog: If you are social media person you can use Instagram for your blog especially if it’s picture, video focused and you are familiar with social media. The advantage is you will spend zero on a website, hosting etc. You just create content, grow your followers etc. If you choose to create a written blog then you will need a website (or use any free website provider), then host your blog site. You can host your blogs free on WordPress.

How to Monetise Your Blog Site

If you are creating a blog website you will need good content and some traffic before you can start making money. When you have created a lot of good content and finally have some traffic (at least 1,000 visitors per month) you can start exploring any of the below monetisation methods.

  • Google Adsense: Adsense is usually the easiest and first means of monetising a blog website. You simply sign up to the Adsense program and then place the ad codes on your website/blog. Adsense serves ads from different advertisers on your blog and shares the revenue with you (the publisher).
  • Affiliates: You can sign up to ecommerce, software or online business sites that have affiliate program especially for products that are relevant to the content on your site. You put affiliate links on your blog articles so people may click to go to the website selling those items or products. When people referred from your site make a purchase you can make as much as 50% commission in some cases (depending on the commission set by the Affiliate website/seller)
  • Direct Ads: If you have built up some level of users and traffic to your blog you can start attracting interest from companies looking to advertise directly on your site. You can create an advertising rate card and sell ad space on your website.

For Other Types of Blog like an Instagram Blog you can monetise by charging sponsored post fees and adverts.

2. Information Marketing

Much of what goes on in the internet is actually one form of selling information or the other. Starting an information marketing business is straightforward.

If you have an expertise area or something you know that others will be willing to pay for you can easily start a business selling that information.

You can sell information in the form of software, templates, ebooks, video course etc. Today there are lots of platforms that can help you sell so you don’t need to go through the hassle of setting up a website and payment collection system.

Globally you can sell digital information in any format (ebook, video, downloadable software, pdf etc) via several global and local platforms which include Flutterwave store, Paystack storefront, Selar, Gumroad, DPD, Ejunkie, Easy Digital Downloads etc.

You follow the major steps of

  • finding the right product to create
  • create the product in the best format for easy delivery and consumption for buyers
  • choose a digital platform to sell your information product
  • Set up an account, upload your digital product and create copy for the landing page
  • devise a marketing plan that will attract the right prospects to your digital products page(s)

3. Affiliate Marketing

Affiliate marketing can be a profitable business that requires little or no capital to start but will demand lots of effort from you.

Affiliate marketing can come in various forms but it basically means finding and promoting products for 3rd parties where you get paid a commission per sale. The commission you earn can vary depending on the affiliate program and even on the particular product you promote.

Different products in the same affiliate program/website can have different commissions. Usually high priced software products or digital products pay higher commission than say ecommerce or physical products with lower profit margins.

Earning from affiliate marketing starts from finding and choosing the best affiliate program. For Nigerians and many Africans there are very little options to choose from.

One Affiliate program however which admits Nigerians and can become profitable is Amazon Affiliate Program. You will need a website or a social media account on a platform like Twitter which significant following and engagement.

Then you will need to regularly create quality content around a particular niche which will enable you attract thousands of people and pageviews. You can insert affiliate links to several quality products with good reviews so some of your targeted visitors may follow these links to make purchases.

4. Freelance Writing

If you have decent writing skills you can pull off a decent income from freelance writing. The opportunities are now abundant. There are now many platforms where you can sign up, bid for writing jobs and earn for each writing project you complete.

You can also set up your own web page detailing what writing services you offer and promote them via strategic articles and guest posts.

Asides the popular freelance sites where you can get freelance writing gigs such as Upwork and Fiverr you can also join other sites such as Freelancer, Contently, Freelance Writing Jobs, Contena, Guru.com.

You can also apply for full time, part time, contract freelance writing gigs on websites such as Flexjobs, Remote.io etc.

5. Social Media Management

If you know your way around major social media platforms/sites you can make good steady income helping small businesses create content on and manage their social media handles.

The major social media sites you can help businesses manage are Instagram, Twitter and sometimes Facebook.

You just need to be organised, learn basic content creation and design skills for the particular social media site you want to focus on. You may want to just zero in on businesses on Instagram (such as ecommerce, fashion/clothing etc).

Help them create a content calender, create/design content and post for them based on schedule. Use hashtags to attract and grow followers or fans for the pages.

As a social media manager you can handle social media accounts of several businesses and charge a monthly retainer to create content and grow their pages.

See an example of a social media management agency helping other businesses manage their social media pages – https://pejasdigital.com/

To start you don’t even need a paid website of your own. You can create a free page on any free website hosting service so people can go there to read what you offer and how to contact you.

6. Virtual Assistant

If you have little money and plenty of time on your hands, one business you can start with almost nothing and start earning decent income is a Virtual Assistant business.

As a virtual assistant you help people or businesses handle certain administrative or specific tasks like writing, research, running errands etc.

To start as a virtual assistant you may first define the scope of services you offer. Limit them to services or tasks you will have little problems offering because reputation is important if you are to get repeat business.

Next create a profile. No need spending money to do this. You can create a social media profile/page for the business or set up a free About page describing what you do, services/tasks you render as a virtual assistant and how to contact you. It may also help to have handy a rate card that shows your fees for different tasks.

You can also sign up on some sites where you can find and apply for virtual assistant tasks. TaskRabbot, PeopleperHour etc are a few of the websites where you can get virtual assistant work.

7. Real Estate Agency

You can start your own real estate agency with no capital in your current city. As a real estate agent you simply connect buyer/renters with sellers and owners looking to lease/rent out their properties.

You can, for a start specialise in rental properties – apartments, duplexes etc.

You can register your business name and start building your rental property database by reaching to people building new houses or looking to rent out their houses. Check if there are any licenses or registrations required to be an agent in your location/country.

When you have a decent collection of properties you can start looking for renters. Join forums, post on social media. Real Estate agencies earn commission on any property rented or bought through them.

As your network grows you stand to make more money as you match more property owners with buyers or renters.

8. Tutoring

If you are very good in one or more academic subjects or even non-academic subjects like playing a musical instrument (piano, guitar etc) you can actually create a decent business as a tutor.

Your biggest challenge will be to identify your ideal buyers and convince a few to take you on. You can tutor kids of a couple parents (and build a schedule that allows you have at least a handful of clients). Your tutoring can be done several times a week at specific times so you create a calendar that enables you take on a few clients.

The interesting thing is that asides your knowledge you do not need to spend on things like a venue. Most of your prospective clients will be happy for a hime tutoring arrangement.

You only need at least 3 clients that you bill a decent monthly amount to make it a worthwhile business.

9. CV/Cover Letter Writing

Even if you are not a HR expert or very skilled in CV Writing you can actually acquire the skills very quickly by accessing free online resources on CV writing.

To get samples you need to use in selling your CV writing service you can create new CVs for a few friends. These samples can be proof that you can help anyone rewrite or re-create their CV.

The key is to price your CV writing services appropriately. You can charge very affordable prices for the entry level, mid and senior level respectively.

You can also easily find and build your own diverse library of CV templates that you can then use to create attractive, professional CVs for your customers.

If you have a laptop already and can access reliable internet you are halfway there. If you can write well then all you need is

  • find good resources and templates on CV writing
  • Do sample CV writing jobs (even if for free) to get initial testimonials and test your skill
  • Start creating simple content and advice around CV writing, post them in relevant forums and social media targeting jobseekers/career individuals
  • Have a simple web page where you can link to for anyone to reach you or contact you

10. Event Planning

If you are highly organised and love planning events, parties, weddings etc this could be turned into a lucrative event planning business for you.

Lots of people are busy with their day jobs or are too lazy to plan significant events in their lives like birthday parties, weddings, traditional marriage events, child dedication parties etc. 

You can create a very good cashflow positive business helping people plan and execute their events if you live in a big city.

Of course you may need to take more courses to learn more about event planning and especially the aspects of finance, how to charge fees and how to use tools that help you stay organised and effective. 

But these are no big deals. You can find event planning courses online and plenty of guides on how to start your event planning business.

By having the passion/interest and researching a few guides on event planning business you should be ready for your first client. Start by reaching out to friends, create a business name/card or a simple webpage that tells people what you do. You might even offer to waive your fees to help a couple of friends plan/organise their next events. 

This way you have videos and photos you can use as your sample when talking to future clients. And also you may need to be more outgoing, attend events, network, give out your cards and meet potential clients. 

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In Money

Personal Finance Tip: 3 Money Saving Apps to Earn at Least 10-15% Annual Interest on Your Money

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personal finance tips: money saving apps

I had a chat with a friend a few weeks ago and somehow the discussion veered into personal finance a la money saving apps and investments etc.

Now I’m the first to raise my hands and say I suck at saving/investing. I feel like I save too little and too irregularly. But I’m deciding to do something about it like learning tricks to save money on things like electricity.

Back to the story I asked, out of curiousity, whether she has somewhere she puts away money. She mentioned a certain bank/insurance saving product that pays, wait for it! 5% per annum. I was surprised and then upset. Then I realised there was likely a lot of people like her – putting money into savings or investment plans that paid too little and below the inflation rate. Save N1 million that way and after one year the N1 million plus the interest will be worth less than it is today.

So what are the ways you can save/invest your money to yield the highest possible annual interest while being sure your money is relatively save? Note that an investment/savings product should have a high level of security and return decent interest.

Let’s look at a few we dug up from research;

Money Saving Apps

Over the past few years several fin-tech companies with focus on helping people save and earn decent interest on their saved money have become even more popular. It is easy to see why. Before now you could leave N1 million in your bank savings account without withdrawing/touching it and you will be lucky to get a paltry 1 or 2% interest annually on it.

Enter Savings app that encourage people to save their money and earn anywhere between 10 – 15% interest on it. So basically in one way they promise much higher interest if you save your money with them than with a traditional bank. And for some of them is the beauty of monitoring your accumulating interests via the digital app. 

The more popular ones include; 

  • Piggyvest: Piggyvest started as Piggybank in 2016 as a savings only platform. It offers customers/users between 10 – 15% interest on saved amount per annum. Users can transfer money they intend to save or fund their savings account with a credit/debit card. The app lets you save in Naira and also in US dollar with the dollar savings paying 6% interest annually. There is also the Safelock feature which allows you lock away money you don’t want to be tempted to touch in return for up to 15% interest.
  • Cowrywise: Cowrywise is yet another savings app launched in 2017. It offers users the opportunity to save their money and earn interest. The app allows you choose different savings options to meet your goals. On Cowrywise you can earn up to 15% annual interest on the amount you save.
  • ALAT (by Wema Bank): ALAT is a digital only bank set up by Wema Bank. Launched in 2017 ALAT lets you set savings goals. You receive a physical debit card which lets you withdraw money from anywhere. You can earn up to 10% annual interest when you save money on ALAT.

ALSO SEE

NOTE: This article does not constitute financial advice. Nairabrains will not be responsible for any decisions taken as a result of reading this article. Kindly consult your financial advisor or seek professional financial advice.

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In Personal Finance & Investments

How Much are You Worth? Here’s How to Calculate Your Networth

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networth calculation

Your total assets or net worth, essentially, is the dollar measure of your resources or assets minus your liabilities. You can work out your total assets by taking away your liabilities (debts) from your resources. On the off chance that your resources/assets surpass your liabilities, you will have a positive total asset. On the other hand, if your liabilities are more prominent than your resources, you will have a negative net worth.

For specific applications, be that as it may, this fundamental total assets computation may not be sufficient. In the event that you hold copyrights, licenses or other intellectual property (IP), you might have to work out your “tangible” total assets (net worth), which is the amount of all your tangible resources minus the aggregate sum of your liabilities.

What is Tangible Net Worth

In the sense that it totals your assets and liabilities, your physical or tangible net worth is similar to your financial net worth, but it goes a step further. Any intangible assets, such as copyrights, goodwill, patents, and other intellectual property, are subtracted.

For example, businesses compute tangible net worth to evaluate the company’s liquidation value if it were to discontinue operations or be sold. Individuals who are looking for personal or small business loans and the lender requires a “genuine” net worth figure may find this figure useful. Your lender might be interested in your monetary assets – and how much the lender could reclaim if you failed on your debt and had to liquidate your possessions.

Tangible Versus Intangible Assets

The difference between net worth and tangible net worth assessments is that the former includes all assets, while the latter excludes non-tangible assets. All you have that can be converted into cash is referred to as an asset. Assets, according to this definition, include cash, investments, and real estate. (land and permanent structures linked to the property, such as houses), and personal goods (everything else that you own such as cars, jewellery, boats and furniture).

Intangible assets, on the other hand, are assets that cannot be held in your hands. Intangible assets include trademarks, goodwill, copyrights, patents, trademarks, and intellectual property, which cannot be seen or touched but are nonetheless valuable.

Calculating Your Tangible Net Worth

The following is a simple formula for measuring your tangible net worth:

Tangible Assets (Net Worth) = Total Assets – Intangible Assets – Liabilities

Calculating your net worth for the first time will most likely take the longest. The approach will likely take less time if you figure out the methodology and how to appraise your assets. Here’s how to do it step by step.

You can also keep track of your net worth using tools like Google or Excel Spreadsheets, and other online personal finance apps available below:

  1. Personal Capital

    Best free automated net worth tracking app. Personal Capital has a high level of automation. You can see your net worth in near real-time by syncing your asset and liability accounts (bank accounts, brokerage accounts, mortgages, and so on). Personal Capital is the simplest solution on the list because it requires no effort from you once your bank accounts are linked.

  2. Ynab

    Best budget integration. My favourite budgeting app is YNAB (and the one I use). Its zero-based budgeting concepts make it simple to manage and remain on track with your spending. An integrated net worth tracking solution is available within YNAB. This is how it goes.

    All of your accounts, assets, and liabilities should be linked. YNAB then generates reports that reflect your net worth. The most significant disadvantage of YNAB’s net worth tracking is that you must manually change the balances of your investment accounts.

  3. Tiller Money

    Best spreadsheet net worth tracking. Tiller Money is the way to go if you want to track your net worth using Google Sheets or Excel rather than an app. Tiller is a program that automates the download of financial data into your preferred spreadsheet application.

    It simplifies the most inconvenient aspect of using spreadsheets for personal finances: manually adding transactions. You’ll get a template spreadsheet with net worth tracking when you sign up with Tiller.

Final Thoughts

Even if you intend to calculate your net worth using one of the many online tools or applications, it’s a good idea to do it manually at least once—you’ll get the most out of the statistics that way. While you can do the work using a pencil and paper and a calculator, a spreadsheet tool like Microsoft Excel or Google Sheets can handle the calculation for you and lessen the chances of making a mistake.

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