The digital banking revolution in Nigeria over the past few years has been phenomenal. The financial landscape has shifted from traditional banking using automated teller machines (ATMs) to digital banking.
This evolution has been made possible thanks to the development of information and communication technologies (ICT). With the internet becoming increasingly proliferated and much more accessible, all traditional banking activities are now done digitally. It is this phenomenon that paved the way for the emergence of digital banks in Nigeria.
These online banks in Nigeria are licensed by the Central Bank of Nigeria and have physical offices. They also have their digital banking apps available on Apple or Google Store. With digital banking apps, it becomes easier to buy airtime, pay bills, pay for visas, and more.
The first step towards any online banking transaction starts with downloading these apps. After downloading, you can register with your details such as email and phone number.
Interestingly, data obtained from the Nigeria Inter-Bank Settlement System (NIBSS) reveals that approximately 54.98 billion naira was processed through electronic channels in Nigeria in the first two months of 2022.
Why Nigerians Are Embracing Sofri Digital Bank
Sofri Digital Bank is a product of DLM Capital Group, the investment bank that operates in Nigeria. Sofri was unveiled in Lagos on Thursday, April 21, 2022.
It has been specially designed to meet the financial needs of an average Nigerian. The digital banking app is fast, flexible and reliable. The idea behind Sofri Digital Banking is to take care of financial problems, offering borderless banking services with ease and convenience.
Sofri is a one-stop digital bank with a vision to become a catalyst for financial freedom and provide easy access to financial products, underlines Sofri’s Managing Director, Funsho Idowu.
“Our digital banking services include savings, deposits, loans and investments – all tailored to your personality and needs. Sofri is a subsidiary of the DLM Capital group.
“This is what Nigerians have been striving for for years. Are there premium banking devices in Nigeria? The answer is yes, but how available are these services?
“So part of what we’ve done is to democratize premium digital banking. All the fantastic banking features that you find across the world, especially in developed countries, are what you can expect from Sofri DigitalBank.
Simplicity: The digital banking platform is completely simplified for users to enjoy premium banking services. All you need is a smartphone and a phone number to get started.
Data security: The owners of Sofri Digital Bank have invested heavily in ensuring the security and privacy of customer data. and that’s why we continue to stay in the background to make sure you’re happy with our incredible fantastic offers.
Technology: The AI deployed on Bank Sofri is as smart as humans. He makes all credit decisions. There is no human interface. There are no guarantees. There is no waste of time. There is no paperwork. Each transaction is carried out on the Sofri Digital Banking application. All users from the age of 18 can create a credit profile.
According to Idowu, the technology helps any potential investor calculate rates based on investment volumes and duration. “For example, if you earn a salary of N300,000 and you decide to invest N100,000 as a fixed deposit. The AI technology immediately shows you the amount of interest to be earned on your dashboard.
Transfers: You can make transfers with Sofri bank to any bank in the country. This also includes purchasing airtime, data; paying bills at different locations. What stands out is the style and simplicity that we have introduced. With just one click, anyone can perform secure banking transactions. This is completely different from the usual tradition.
There are a few premium products designed and made available to Nigerians on the Sofri digital banking app.
Fixed deposits: The digital banking app shows you exactly how much you will earn on each investment. 100 million naira is the minimum for a fixed deposit for a term of 30 to 365 days. This transaction could be completed in minutes.
Loans: Nigerians want quick loans without paying too much interest over a period of time. It is not always the case to pay exorbitant interest rates to take advantage of premium digital banking services such as fast loans. Digital bank Sofri has changed the dynamic as users now have access to fast loans as low as N5000 or as high as N5,000,000. Within minutes, any user can complete their application for fast.
Sofri Digital Bank – Types of loan
Sofri Salary Express Loan
Loan Rent Sofri
Credit Auto Sofri
Quick cash loan
Sofri Salary Express – This type of loan is made available to people employed in the public and private sectors. The maximum Salary Express loan available is ₦5,000,000 for up to 18 months of lease term. This also includes a 1% insurance charge for borrower insurance.
It is also important to note that loan consolidation will be permitted when a customer has existing loans from other financial institutions with a good repayment history and no negative credit bureau reports.
Sofri Rent Loan: The Sofri rental loan is also available for up to 24 months of lease duration. The rental loan can be used to finance the payment of rent for residential properties only. This is an opportunity up to ₦5,000,000 (maximum) and a lease term of 18 months
Credit Auto Sofri: With a Sofri car loan, you can get up to 60 months of lease term each time you take out a Sofri loan. You must have a good credit rating and the maximum loan available is ₦5,000,000 and up to 18 months lease term. More so, if you are looking for a loan above N1,000,000, you will need to provide a guarantor or one of 3 checks from the debtor or guarantor.
Quick cash loan: It is an instant short-term loan designed to take care of times when clients need to fill financial gaps for a short period.
The loan application and disbursement process takes place within a maximum of 5 minutes and the repayment term is from 15 days to 180 days. The objective is to allow Sofri customers to easily access financing when needed.
Investment: Any user can perform investment services on the Sofri bank. There are several investments available to all Nigerians on the digital banking app. Investments in Sofri are as low as N1000. Some of the investment advisory services that people would normally pay extra for are available to Sofri users.
The Managing Director said Sofri Bank is licensed by the Central Bank of Nigeria and fully insured by the Nigeria Deposit Insurance Cooperation.
Both are industry regulators who monitor the activities of Sofri Bank. It also quells the fear of any potential customer who intends to invest or integrate the app.
“There are many small and medium enterprises, including companies that want to raise funds. Sofri digital bank offers an opportunity to almost every Nigerian.
“For example, an investment of N100,000 could be divided into units, perhaps N10,000. The rates are favorable to those who are investing or looking for loans. The return on investment (ROI) is as high as possible and the interest on loans is as low as possible. These have been made possible to provide flexibility to users.
Why Nigerians Invest in Sofri Digital Bank
There are reasons why Nigerians are investing in Sofri Digital Bank.
flexible tenor – Sofri’s investment periods range from three to twelve months. All you have to do is determine which tenor best suits your financial needs.
The online application process is simple and completed in minutes. Zero paperwork and zero warranties. Sofri Fixed Deposit offers an interest rate of up to 18% per annum for eligible investment sums.
Auto-renewal option – Sofri Fixed Deposit offers an interest rate of up to 18% per annum for eligible investment sums.
Attractive interest rates – Sofri Fixed Deposit offers an interest rate of up to 18% per annum for eligible investment sums.