For many people, managing money and knowing the right opportunities to invest in is still a challenge. A survey of over 2,000 youths in Nigeria, Kenya, Uganda, Tanzania and Cote D’Ivoire by Geopoll revealed that more young Nigerians only save after spending than their counterparts in other countries.
More youths in Tanzania and Uganda set aside a fixed amount to save than in Nigeria and Ivory Coast, who are more likely to save what remains after spending
The popularity of apps like Piggyvest and Cowrywise has made more people curious about saving, investing and creating a financial strategy to grow their money. However, there is need for more apps that take a more deliberate and friendly approach towards gaining financial intelligence and map out a sustainable path to monetary stability.
This is where Fundall comes in
Fundall is a fintech service whose app is available for download on android and iOS. The process to set up an account requires the name, phone number and email address of the user.
The app leaves a strong impression with its user through Ari, the financial management chatbot that is integrated into the app. Almost perfectly mimicking a real person, Ari helps the user to settle in, fill in important details that are necessary like date of birth, and uploading the required picture.
Well aware of the restriction by the Central Bank of Nigeria on BVN as a verification tool, I looked out for alternative options on Fundall. The fintech team has not updated the app with an alternative method yet, but there is the option to use the service without BVN.
TechNext reached out to the Fundall team but they did not provide answers as to the alternative verification method that they will put in place for new users.
Currently, without a BVN, the app says users can have a maximum of N300,000 in the virtual wallet and receive only as much as N50,000 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 in and out of Fundall can only be done after the virtual account number is in place.
What users do on Fundall
One of the notable features of the app is that people can save as they spend. On my account, I can decide that for every time I spend money from my Fundall account, a certain percentage is to be put aside in my savings plan.
Like other fintech apps, it can create different savings and budget plans which draw funds automatically on specific days in 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 a Fundall user to a fellow user or non-user of the app.
Once the recipient’s phone number or email is available, they simply get a link and the money waits for them after they click and sign up on Fundall.
“Just like any bank, you can pay Bills, buy Airtime & Data from your Fundall Mobile and Web App as well as use your Fundall Lifestyle Card to make purchases at any POS Terminal or withdraw money from an ATM,” Taiwo Obasan, CEO of Fundall, said.
Fundall is similar to Carbon and other loan-financing apps in that people can borrow money from peer-to-peer groups. By saving money as a group, participants can get access to loans that can be withdrawn in stipulated amounts. The loan is given based on the user’s savings portfolio and will be paid back with monthly interests.
The platform’s other services include setting automatic reminders to debtors (particularly useful for businesses) and an efficient budget tracker that gives financial insights from the user’s spending habits.
Fundall is a robust app and a 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 good, easy, fast and reliable instant transactions anytime any day.” Another user, Olayinka Adeniyi, said, “A one-stop app for all my financial needs.”
However, Daddy P did not have a pleasant signup experience. He wrote, “This is the worst app I have ever seen. I am just opening an account and I saw the advert on the playstore now and this app is asking me to input a referee name for me to proceed.” He got a response with directions to fix the issue. His complaint is the only one of this type among the 2021 reviews.
In all, Fundall is a functional financial app for millennials and young people. It would deliver a better service if Ari, the bot is improved to effectively respond to sentences with keywords like ‘invest’, ‘save’, ‘budget’ and others.
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