Posted by News Express | 29 May 2019 | 2,559 times
A revolutionary new App that could offer Nigerians at home, in the United States of America and the United Kingdom a single entry point to Nigerian Financial market currently non-existence called Switch has been launched.
The Apps which is designed to meet the unique financial needs of the Nigerian community is a Naira savings account (with 10% interest on savings) and it provides access to a range of new lending, investment and insurance opportunities in Nigeria amid better rates. The free and easy-to-use app is also the only facilitator of completely free money transfers between the UK and Nigeria.
Switch is led by Seun Runsewe, 28-year-old and Africa’s youngest female banking CEO. She said that with over 200,000 Nigerian-born UK residents, the App will surely be serving a clear need while also democratising the remittance industry. Quoting the World Bank, she said globally, Nigerians living abroad sent a total of $22 billion home in 2017, representing a 16.4 per cent increase from the amount repatriated in 2016.
On the inspiration behind Switch, she said: “When I was looking for lending and investment options in Nigeria to provide for my son’s future education, I couldn’t see anything on the market that provided the level of service, flexibility and security I wanted for my family. I created Switch to fill this gap in Nigeria, and for the first time to give the diaspora community around the world access to the Nigerian market through one single entry point, so they can be financially connected with and invested in the motherland.”
The platform aggregates a variety of Nigerian financial products from reputable companies to provide unparalleled choice and better rates. The product range includes loans, health insurance, stocks, bonds, real estate and agriculture investment opportunities in Nigeria with up to 35% interest. Partners providing products to the Switch app are Vetiva Capital, PiggyBank, Fint Technologies, Reliance HMO, i-Invest, Doubble and Pipit Global.
The platform in addition gives its users control over their finances with budgeting and savings tools. Financial forecasting features and analytics on income, expenses and investments help Switch customers manage their financial lifestyles and build wealth over time. As of today, Switch is available to customers in the UK, the US, as well as the local Nigerian market. Powered by NIBSS and Nigerian Online Payment Gateways, users can fund their Switch accounts from bank cards issued anywhere in the world (diaspora) or via international cash deposits, free for the first six months and 3% thereafter. Also, transfers can be made to Nigerian bank accounts for N25 (cheaper compared to N50 charge offered by other banks). Switch has been built to the highest safety and security standards with a 2-Factor identity authentication process embedded in the app to secure transaction processing and offer its customers peace of mind. It is NDIC insured, approved by the Central Bank of Nigeria and supported Sterling Bank. The app will also be rolling out a multicurrency savings feature before the end of the year, giving UK and US users the benefit of having an operating a GBP/ USD/ EUR denominated account alongside their Naira account.
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