Nigerian Fintech app ‘Switch’ launches, to eliminate transaction fee on transfers
Switch, a revolutionary new app has launched to offer Nigerians at home, in the U.K and the U.S a single point of entry to the Nigerian financial market which currently doesn’t exist.
Designed to meet the unique financial needs of the Nigerian community, Switch is a Naira savings account (with 10percent interest on savings), providing access to a range of new lending, investment and insurance opportunities in Nigeria, with better rates.
The free and easy-to-use app is also the only facilitator of completely free money transfers between the UK and Nigeria. According to The World Bank, globally, Nigerians living abroad sent a total of 22 billion dollars home in 2017, representing a 16.4percent increase from the amount repatriated in 2016. With over 200,000 Nigerian-born UK residents,
Switch is serving a clear need and is democratising the remit
tance industry for them.
Switch is led by Seun Runsewe, a 28-year-old woman who is Africa’s youngest female banking CEO.
Speaking on the inspiration behind Switch, Seun Runsewe, founder and CEO at Switch comments: “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 percent interest. Partners providing products to the Switch app are: Vetiva Capital, Piggybank, Fint Technologies, Reliance HMO, i-invest, Doubble and Pipit Global.
In addition, Switch 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 three percent thereafter. Also, transfers can be made to Nigerian bank accounts for N25 (cheaper compared to N50 charge offered by other banks).