A new fintech platform, Eyowo, allows customers send, spend, save, receive and borrow money at zero interest, bringing banking solutions to users through mobile devices including non-smartphones.
Eyowo is a revolutionary peer-to-peer payment system that allows people exchange value seamlessly using their phone numbers, said Tomi Amao, Chief Executive Officer, Eyowo.
“We want to use mobile phones to drive financial inclusion and Eyowo is fundamentally a bank on your phone number,” he said.
According to the fintech, Eyowo allows its users to make or receive payments for goods and services both online and offline, including payment of bills and buying airtime on various phone networks.
Eyowo offers dollar virtual card for international transactions, card-less ATM withdrawal.
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In addition, people not on the platform would be notified whenever money is sent to them, the digital bank said.
Asides personal banking, Eyowo also services retail and business customers.
Eyowo Retail allows small and medium business integrate payment on all types of platform and ensures instant settlement of all transactions.
The platform helps the businesses accept and track all payments, manage orders and inventories, know their customers, meet new customers, generate transaction reports and make informed decisions.
Eyowo for Business which addresses a lot of the financial problems that SMEs and businesses have, for instance, can handle business payroll and service the need of businesses which require services of a tax consultant who understands the tax system to help with the payroll system.
Eyowo for Business already has the formula built into it that is in line with the Nigerian tax code so that users only have to log into the platform, and put in the gross annual salary of its employees.
“The system does the rest, it calculates monthly pensions and taxes and all other deductibles,” Amao said. “It also remits these payments automatically without the SME having to employ extra hands. These are some of the services that we’ve layered on top of the Eyowo platform.”
The fintech said its products have been engineered to be accessible to everyone regardless of the social status they belong to.
“Eyowo is available on Android, iOS, USSD, Voice, SMS and on the web,” Eyowo Product and Partnerships Lead, Ope Adeyemi, told media at the product launch in October.
The digital bank says it is also offering credit at zero cost to customers with high credit rating. The interest-free loan is expected to be paid within a month or it would attract interest.
