BY BUKOLA IDOWU, Lagos
Aladdin Digital Bank has launched its digital App, Aladdin Finance, that will cater for the banking needs of a wide range of customers.
According to the firm, the App will also cater for the needs of young professionals and ordinary Nigerians with legitimate endeavors they do for a living.
The Aladdin App, which was launched in January 2021, with over 10,000+ downloads on Google Play Store as of March 2021, has been described as a revolutionary app by leading experts in the Fintech industry.
According to the founder/chief executive officer, Aladdin Digital Bank, Darlington Onyeagoro, the Aladdin Finance App provides a user-friendly platform for customers to process transactions such as paying bills, buying airtime and data, and transferring money to any bank in Nigeria.
The firm said the launch of the Aladdin Finance App is targeted at Nigerians who own and operate a smartphone. However, Onyeagoro added that the bank, through its “Aladdin Economy”, also provides an avenue for customers who do not have smartphones to access its services. This is in line with its motto as “the bank that supports your hustle.”
He said, “Our team can engage the market women or others in society and help them save their money on the App and help them participate in Aladdin Economy. So, we have our team in different parts of Lagos, as well as other states, to achieve this seamless process,’’ he said, adding that Aladdin Digital Bank is powered by PurpleMoney Microfinance Bank.
Onyeagoro added, “Aladdin is going to be the first Marketplace Digital Bank in Africa to humanise customers. By humanising customers, we are putting a face to the name. You are not just an account number, you are a human being, and as humans, you need to eat, make money and other things.
“Each customer is unique; that is why for the first time, we are breaking barriers so we can reach each one personally. We run a platform structure where every customer has a unique page where their details can search beyond the account numbers.
“Traditional banking charge N25 per transfer, but we are charging Zero Naira for now. We bear the cost for now. So, we offer free banking for at least between one to three months of our operation to encourage them. All transactions are free for now,” Onyeagoro said.
He said the app also has several features that will cater to each customer, including seamless customer service, rewards on savings, high interest rates up to 16 per cent (subject to money market reality), and access to different types of loans for emergencies.
He said, “We have two types of loan on the App; Nano loans and Micro loans. Nano loans are loans between N1,500 to N50,000; while Micro loans range from N50,000 to N1million. It all depends on the customer’s need and the kind of documentation that customer has, and their credit ratings. Customers are evaluated and the internal scorecard will determine the loan amount each customer qualifies for.
“Every N5,000 is equivalent to one ticket, and N10,000 will give you two tickets. While N50,000 gives 10 tickets for the draw, N100,000 will give 20 tickets. So, the more you save, the more tickets you have and the more chances you have to win something spectacular for yourself as a customer every Friday. We also provide our customers’ chances to win fantastic prizes on our platform beyond banking with us.
“In that way, we are encouraging our customers to save towards their goals. For example, if you want to travel, pay your rent, children’s school fees, etc., whatever you want to do, you can set targets for yourself and save towards it. So, while you are saving towards your target, we are also paying you a competitive interest rate.”
According to him, providing a personalised banking experience is the overriding goal of Aladdin Digital Bank.He also said that the founding members have a wealth of experience to leverage on.