The revolution of digital banking in Nigeria in the last few years has been phenomenal. The financial landscape has changed from traditional banking to the use of Automated Teller Machines (ATM) down to digital banking.
This evolution has been made possible via the development of Information Communications Technology (ICT). With the Internet becoming proliferated and much more accessible, all traditional banking activities are now carried out digitally. It is this phenomenon that paved way for the emergence of digital banks in Nigeria.
These online banks in Nigeria are licensed by the Central Bank of Nigeria and they have physical offices. They also have their digital banking Apps found either on Apple or Google Store. With digital banking Apps, it becomes easier to buy airtime, pay bills, pay for visas, etc.
The first step toward any online banking transaction starts with downloading these Apps. After downloading, then you can register with your details such as email, and telephone number.
Interestingly, data obtained from the Nigeria Inter-Bank Settlement System (NIBSS), reveal that about N54.98tn was processed through Nigeria’s electronic channels 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, 21 April 2022.
It was specifically designed to meet the financial needs of an average Nigerian. The digital banking App is fast, flexible, and reliable. The idea behind the Sofri Digital Bank is to take care of financial hiccups, providing borderless banking with ease and convenience.
Sofri is a one-stop-shop digital bank with a vision to become an enabler of financial liberty as well as provide easy access to financial products, the Managing Director of Sofri, Funsho Idowu emphasizes.
“Our digital bank services include savings, deposits, loans, and investments – all tailored to your persona and needs. Sofri is a subsidiary of DLM Capital Group.
“This is what Nigerians have been yearning for over the years. Are there premium banking devices in Nigeria? the answer is yes, but how available are these services?
“So, part of what we have done is to democratize premium digital banking services. All of the fantastic banking features you find across the world, especially in developed countries are what you can expect from Sofri Digital Bank.”
Simplicity: The digital banking platform is completely simplified for the users to enjoy premium banking services. All that is needed is a smartphone and a telephone number to start.
Data Security: Owners of Sofri Digital Bank have invested heavily to ensure the security and confidentiality of customers’ data. and that’s why we continue to remain at the backend to ensure that you are happy with our amazing fantastic offers.
Technology: The AI deployed on Bank Sofri is as intelligent as humans. It makes all the credit decisions. There is no human interface. There is zero collateral. There is zero time-wasting. There is zero paperwork. Every transaction is performed on the Sofri Digital Banking App. All users from 18 years old are able to build a credit profile.
According to Idowu, the technology helps any potential investor compute rates based on volumes and duration of the investment. “For example, if you are earning N300,000 salary, and decided to invest N100,000 as fixed deposit. The AI technology immediately shows you the amount of interest to make on your dashboard.
Transfers: You can do transfers with the bank Sofri to any bank in the country. This also includes the procurement of airtime, data; payment of bills across different locations. What stands out is the style and simplicity we have introduced. At the click of the button, anybody can perform secured banking transactions. This is completely different from the regular tradition.
Sofri Digital Bank – Products
There are a couple of premium products designed and made available for Nigerians to enjoy on the Sofri digital banking App.
Fixed Deposits: The digital banking App shows you exactly how much you will make on every investment. N100 million is the minimum for a fixed deposit for a duration of 30-365 days. This transaction could be performed in a few minutes.
Loans: Nigerians want quick loans without paying too much interest over a certain period. It’s not always the case to pay exorbitant interest rates to enjoy digital banking premium services such as quick loans. Sofri digital bank has changed the dynamics because users now have access to quick loans as low as N5000 or as high as N5,000,000. In a few minutes, any user can finish applying for a quick.
Sofri Digital Bank – Types Of Loan
Sofri Salary Express Loan
Sofri Rent Loan
Sofri Car Loan
Quick Cash Loan
Sofri Salary Express – This type of loan is made available for those employed in the public and private sectors. The maximum Salary Express Loan accessible is ₦5,000,000 up to 18 months lease tenor. This also includes a 1% insurance fee for credit life.
It is also important to note that loan consolidation will be allowed when a customer has existing loans with 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 tenor. The rental loan may be used to finance the payment of rent on residential properties only. This is an opportunity that is as high as ₦5,000,000 (maximum) and to 18 months lease tenor
Sofri Car Loan: With a Sofri car loan you can get up to 60 months of lease duration anytime you take a loan from Sofri. You must have a good credit score and the maximum loan accessible is ₦5,000,000 and up to 18 months lease tenor. More so, if you are seeking for loan above N1,000,000, you will have to provide a guarantor or either of the obligor’s or guarantor’s 3 cheques.
Quick Cash Loan: It is an instant, short-term loan designed to take care of those moments where customers need to bridge gaps in finances for a short while.
The loan application and disbursement process take place within 5 minutes maximum time, and the repayable term is within 15 days to 180 days. The goal is to make Sofri customers have easy access to finance in times of need.
Investment: Any user can perform investment services on bank Sofri. There are multiple investments available for all Nigerians on the digital banking App. Investments in Sofri are as low as N1000. Some of the investment advisory services that people would ordinarily pay premium fees for are available for Sofri users.
The Managing Director said Sofri Bank is licensed by the Central Bank of Nigeria and fully is insured by Nigeria Deposit Insurance Cooperation.
Both are industry regulators that over-sight the activities of Sofri Bank. This also allays the fear of any potential customers that intend to invest or onboard the App.
“There are many small and medium scale businesses, including corporates that want to raise funds. Sofri digital banking provides the opportunity for almost every Nigerian.
“For example, an investment of N100,000 could be broken down into units, maybe N10,000. Rates are favorable to those investing or seeking 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 ensure flexibility to users.”
Why Nigerians Invest In Sofri Digital Bank
There are reasons why Nigerians are investing in the Sofri Digital Bank.
Flexible Tenor – Sofri’s investment tenors range from three to twelve months. All you have to do is figure out which tenor best suits your financial needs.
The online application process is easy and performed in minutes. Zero paperwork and zero collateral. 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.