According to data from the Nigeria Inter-Bank Settlement System Plc (NIBSS), Nigerian banks between 2019 and 2021 registered 66.6 million new accounts. The data also shows that there are 49.8 million current accounts, 120.4 million savings accounts, 8.9 million corporate accounts, and 179.2 million individual accounts.
With the number of unique account holders hovering around 45 million, we can deduce that the average Nigerian has at least two active bank accounts.
Some reasons may be people separate their salary accounts from their saving or spending accounts. Other people may have separate personal and corporate accounts to set apart business transactions. It comes down to personal preferences and the perks of each bank.
However, as this trend of multiple accounts increases, it becomes more difficult to manage and closely monitor personal finances across different banks.
Benefits of multi-banking
People need a platform or a system to manage all their finances in one place, without having to deal with manually updating spreadsheets, or opening different bank apps to keep up with their day-to-day expenses. That’s where multi-banking comes in. Multi-banking lets customers see an in-depth and complete picture of all of their accounts, so they can manage their funds easily.
As many fintechs aims to power multi-banking, a few questions come to mind: how can fintechs provide these services while managing engineering and operational costs? Secondly, how can fintechs create robust services that attract customers and power use cases like budgeting, savings, and financial coaching? That's where Okra comes in - your secure, developer-friendly infrastructure platform!
How Okra makes Multi-banking a reality
Businesses can use Okra’s suite of products to build multi-banking platforms.
Here’s what you can do with Okra:
1. Real-Time Insights
Fintechs can leverage Okra Balance, Transactions, and Complete View products to build tailored finance management experiences for each user with their financial information and retrieve real-time statements from multiple banks. This will help customers analyze their income, debt history, and transactions in order to make smarter financial decisions.
2. Cash Flow Statements
With many small businesses failing due to poor cash flow management, fintechs can use Okra Assets and Liabilities and Revenue to monitor cash flow in real-time to manage their debts and operate within their financial limits.
3. Seamless Account Transfers
Fintechs can leverage Okra Payments to facilitate seamless transfers between accounts safely and securely.
Okra offers bank-to-bank payments through a flow designed with user experience and security in mind. With Okra, you can enable easy wallet top-up and effortless transfers between accounts for your customers across any bank.
Start building right away!
If you are passionate about open finance, you definitely should visit our website to see other services that might be appealing to you.