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App Of The Week: Fundall Digital Bank

 

Fundall brings the experience of banking to your fingertips—literally. With it, you can operate a bank account, save, spend, invest, borrow, and track your expenses, all on your smartphone. You don’t have to move an inch to get these things done.


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This digital bank is one of many that have sprung up in Nigeria in the past few years. These tech-driven institutions are a sign that more Nigerians want more convenient financial services. If they can do their banking without leaving their seats or couches, why would they need to visit a physical bank?

Fundall was founded in 2019 by Kolapo Joseph. Kolapo is no novice in the business of financial service delivery; he has an MBA in Finance from the University of Chicago’s Booth School of Business. And he’s fusing his knowledge of Nigeria’s banking landscape with contemporary technology to deliver a product that caters to the average Nigerian’s needs.

It takes just a few minutes to sign up with Fundall. New users can begin by creating an account with their name, email, and phone number. Then they can fund their account via bank transfer, and begin managing their money on the platform.

Fundall offers up to 15% in annual interest payments on savings made with it. That’s more than four times what you’ll get from a regular savings account. The trustees who manage these funds are regulated by the Securities and Exchange Commission (SEC). Plus there’s bank-grade security and biometric verification. These measures ensure that users’ monies are safe.


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Savings may be tailored to meet specific goals, such as house rent, vacation, tuition, emergencies, or retirement. And if you save along with other users towards a common goal, you could get up to 10% interest on your savings annually.

It’s easy to send and receive money on Fundall. All that’s required to make a transfer is the receiver’s email address, phone number, bank account number, or Fundall Chest Number (if the recipient uses the platform).

You can also borrow money on the Fundall app without disrupting your savings plan. Through the Portfolio Line of Credit feature, you’ll get up to 70% of the amount you have saved with them. Tenure lasts for a maximum of 3 months. There are no late charges or rollover fees.

If you’d like to monitor your expenses, there’s a budgeting feature that helps you do this. It allows you to see how often you’re spending, and where your money’s going.

You have even more room to earn with the points-based reward system for transactions. Fundall users share profits with the platform and may convert those points into cash when they make payments. They also earn badges as their points grow.

The Fundall app is available for download on the Google Play store and the Apple app store.

Featured Image Source: Fundall


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Ikenna Nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.

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