Stellas, Nigeria’s newest digital bank goes live

Disruptions within Nigeria’s tech space have been further stirred as Stellas Digital Bank on Thursday launched into the fintech community.

The online bank arrives the market with a new App featuring the Ghost Mode, a unique banking offering.

The Ghost Mode allows users to transfer funds to beneficiaries or make payments incognito. This service meets the yearnings of many users who want to make payments confidentially or donate to a cause, occasion, event and exercise a humanitarian gesture anonymously.

“The Ghost Mode feature is guaranteed to revolutionize customer experience and breed a whole new community of Anonymous Angels.
“Beyond this, the feature ultimately protects Stellas Digital Bank customers by encrypting their transactions and isolating them from fraudsters,” said the company’s Chief Technology Officer (CTO), Anselem Uba.

According to Uba, Automated Deposit, another unique feature, allows users to transfer funds from any bank account into the Stellas app without manually transferring from one bank into the other. This functionality, he said, saves them the rigours of deploying several Apps in other to perform a transaction, thereby creating convenience, speed and efficiency.

“The Budgeting tool is a helpful feature released on the Stellas app, enabling users to plan and allocate funds to monthly expenditure similar to how individuals conventionally make a list of how to disburse monthly income. One of the benefits of the Budgeting tool is the ability to compare their actual spending to the budget real-time and periodically, keeping users in check on spending habits”, the CTO noted.

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He added, “The App bouquet also allows users to request loans online, with a pre-set risk management policy to notify applicants on loan eligibility.”

Powered by Stellas Technologies, a financial technology company, Stellas Digital Bank is fully licensed by the Central Bank of Nigeria (CBN) and has all its accounts insured by Nigeria Deposit Insurance Corporation(NDIC).

“The emergence of Stellas Digital Bank is a strategic response to many months of industry and market analyses which show that Nigeria’s Fintech space, despite observed growth, still has some niches yet unserved,” Managing Director, Bukola Solomon, said.

Complete digitization of Stellas Bank’s processes means customers on its platform will be able to conduct transactions in real-time and get much-needed support online.

The neo bank unveiled its cross platforms digital banking systems: Web, Android, and iOS apps at a launch event on Thursday in Lagos.

Beyond the anticipated disruptions, Stellas Digital Bank is set to offer the lowest transaction charges in the industry, with a cost not exceeding N10 per transfer.

Bank on the move, the challenger bank’s new tagline restates its promise of simplicity, style, and convenience in service delivery.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.