#Octopus: Heritage Bank Launches a “Full-Fledged” Digital Bank

Heritage Bank Launches #Octopus, A "Full-Fledge" Digital Bank

Digital innovation is booming in Nigeria, and banks are catching on fast. Heritage Bank just made a huge leap in this direction too. The bank just recently launched its own advanced banking app called Octopus.

What is Octopus?

According to a press release, Octopus represents an omni-channel multiplatform experience that targets the tech-savvy generation. In simple terms, it is a revolutionary banking app that aims to make it easier for people to run multiple accounts on it. Heritage Bank even calls it a “full-fledged digital bank”.

The app is truly revolutionary with its features. The most paramount is its multi-platform feature! Why keep 5 different banking apps when you can have just one?!

Heritage Bank says the app also gives you the option to skip the bank accounts completely and make transactions with just your debit card. So in simple terms, Octopus is a combination of QuickTeller and a regular banking app.

I wanted to be sure about the app, so I decided to give it a try.

What I Think of the App

The first thing I noticed: the app is not really a “full-fledged” digital bank as is being touted. Unlike Alat by Wema Bank, you cannot open a new account with Octopus. You must hold an account with any bank before you can make use of Octopus.

Another interesting thing I discovered was that although, Octopus requests it, it does not require BVN details before usage. It allows you to skip that part to providing your phone number and account number. I was able to see my account information even before I was done with registration.

Heritage Bank Launches #Octopus, A "Full-Fledge" Digital Bank
Add accounts without BVN details

Unfortunately though, the app had a few flaws. For instance, when I tried making transfers with the app, it didn’t work. Additionally, the app didn’t give any feedback on why this happened. So, I decided to view the available payment methods. And it turns out, my non-Heritage bank account can only be used to receive payments with the app.


Apparently, I couldn’t make a simple recharge top-up with the app because of this issue. The pertinent question is: what happened to the promised support for “multiple platforms”? Octopus doesn’t seem advanced enough for this feature.

And even when I got around this issue and keyed in my ATM card details, I still had to wait for OTP to complete recharge card top-up! Obviously, this doesn’t make the process “easy-to-use”. OTP takes time to arrive, and sometimes, it never comes. Why was it then added for recharge top-up?

Heritage Bank Launches #Octopus, A "Full-Fledge" Digital Bank

Additionally, the app’s navigation is a bit off for Android users–it appears it was built with iOS users in mind. If you’re an Android user, you may find it stressful using the app, as there wouldn’t be side menus for you.

Despite these issues, the app seems to be getting much love from its customers.

Summarily, if you hold an account with Heritage bank, Octopus is an excellent app. But as far as supporting multiple banks goes, there’s much left to be desired.


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