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Fintechs compete with traditional banks, introduce free services |

As technology evolves, customer demands continue to affect how businesses operate especially in the banking sector. In recent times, fintech startups have raised the bar, offering customers easier, faster, and cheaper financial services particularly in areas such as zero transfer fees, more attractive interest rates on savings, full online banking experience, speed and simplicity.

These competitive advantages are endearing them to an increasing number of customers and strengthening their position in the industry.

In this article, we examine some fintechs currently offering free banking services.


Aladdin

Aladdin Finance App is powered by PurpleMoney Microfinance Bank. The app offers its customers zero charges on transfers and transactions with other banks. Traditional banks charge N25 per transfer, but Aladdin bears the transfer cost and offers the service for free.

Aladdin seamlessly combines banking and eCommerce by giving you the tools you need to save, borrow and make payments while selling your products and services to other members on the platform. The app currently has over 10,000+ installs.


Chipper cash

Chippercash is a pan-African online transfer service that offers instant no-fee local and cross-border money transfers, discounted airtime purchases, and zero charges on bill payments. With over one million users, the company is focused on bringing Africa together, one transaction at a time. The app currently has 1,000,000+ installs and currently operates in the following countries: Nigeria, Ghana, South Africa, UK, and Uganda.


Opay

OPay is a Mobile Payment platform in Nigeria that helps you make convenient payments anywhere you are. The platform provides a seamless banking experience. It also offers free and discounted services. With Opay, you can enjoy 90 free bank transfers monthly.

Newly registered users get up to an 80% discount when they purchase airtime on the OPay app.

OPay attaches great importance to protecting its user’s information as all details inputted on the platform are encrypted in the background. The platform has over 5,000,000+ installs on Playstore.


VFD

V bank is a leading online banking app and platform in Nigeria that operates as a digital bank, allowing users to set up a bank account in 2 minutes.

Nigerians can save money with V bank using their phones and earn bigger interests than those offered by commercial banks.

One amazing feature of V is that it is free. You are not charged for transferring money to another V account or transferring money to another bank. Also, you do not need an ATM card to withdraw money at ATMs, which means you also will not be charged card maintenance fees. Their value offerings include zero transaction charges, competitive interest rates on savings, flexible fixed deposit, and cardless withdrawal. The platform has 500,000+ installs.


Kuda

Kuda is Nigeria’s first mobile-only bank licensed by the Central Bank. The platform offers a checking account with no monthly fees and a free debit card. Kuda customers get 25 free transfers to other banks every month, unlike commercial banks. They also offer free withdrawals at over 3,000 ATMs across Nigeria. The app currently has 1,000,000+ installs.


What this means for banking services in Nigeria

Since fintech startups are using technology to disrupt the traditional banking model. More banks need to respond to these disruptions by also offering similar services to retain their customers.


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