For many people, managing money and knowing the right investment opportunities remains a challenge. A Geopoll survey of more than 2,000 young people in Nigeria, Kenya, Uganda, Tanzania and Côte d’Ivoire found that more young Nigerians save only after spending money than their counterparts in other countries. country.
More young people in Tanzania and Uganda set aside a set amount to save than in Nigeria and Côte d’Ivoire, who are more likely to save what is left after spending
The popularity of apps like Piggyvest and Cowrywise has made more and more people curious about saving, investing and creating a financial strategy to make their money grow. However, more apps are needed that take a more deliberate and user-friendly approach to obtaining financial intelligence and charting a sustainable path to monetary stability.
This is where Fundall comes in
Fundall is a fintech service whose application is available for download on Android and iOS. The process of creating an account requires the user’s name, phone number, and email address.
The application leaves a strong impression on its user via Ari, the financial management chatbot integrated into the application. Mimicking a real person almost perfectly, Ari helps the user to settle in, fill in the important details needed like date of birth, and upload the required photo.
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Well aware of the Central Bank of Nigeria’s restriction on BVN as a verification tool, I researched alternative options on Fundall. The fintech team has not yet updated the app with an alternative method, but there is the option to use the service without BVN.
TechNext has contacted the Fundall team, but they have not provided any answers as to the alternate verification method they will implement for new users.
Currently, without BVN, the app indicates that users can have a maximum of 300,000 N in the virtual wallet and only receive 50,000 N at a time. However, the limits are not applicable because the virtual account is not created if the BVN is not in place. Money transfers to and from Fundall can only be made once the virtual account number is in place.
What users are doing on Fundall
One of the notable features of the app is that people can save money as they spend. On my account I can decide that every time I spend money from my Fundall account a certain percentage should be set aside in my savings plan.
Like other fintech apps, it can create different savings and budget plans that automatically withdraw funds on certain days of the month.
Using an ATM card issued by the fintech startup, users can make payments and withdrawals. They can also pay bills like cable, electricity and internet from the wallet. Money can also be transferred from one Fundall user to another user or non-user of the application.
Once the recipient’s phone number or email is available, they just get a link and the money is waiting for them after clicking and registering on Fundall.
“Like any bank, you can pay bills, purchase airtime and data from your Fundall mobile and web app, as well as use your Fundall lifestyle card to make purchases on any site. ‘any point-of-sale terminal or withdraw money from an ATM, “Taiwo Obasan, CEO of Fundall, said.
Fundall is similar to Carbon and other debt finance apps in that people can borrow money from peer groups. By saving money as a group, participants can have access to loans which can be withdrawn according to the stipulated amounts. The loan is granted on the basis of the user’s savings wallet and will be repaid with monthly interest.
Other platform services include setting up automatic debtor reminders (especially useful for businesses) and efficient budget tracking that gives financial insight into user spending habits.
Fundall is a robust application and personal finance management service that has a friendly and user-centric approach. The interface is cool to look at and fairly easy to navigate.
On the Playstore, the majority of users gave it a positive review. Adekunle Tunji said: “The app is a good, easy, fast and reliable instant transactions anytime and anytime.” Another user, Olayinka Adeniyi, said: “One app for all my financial needs.”
However, Daddy P did not have a pleasant registration experience. He wrote: “This is the worst app I have ever seen. I just opened an account and saw the ad on the playstore now and this app asks me to enter a referee name so I can continue. He received a response with instructions to resolve the issue. His complaint is the only one of its kind among the 2021 reviews.
Overall, Fundall is a working financial app for millennials and youth. It would provide better service if Ari, the bot, was improved to respond effectively to phrases containing keywords like “invest”, “save”, “budget” and others.
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