The recent regulation of open banking in Nigeria will encourage fintech companies to use APIs and provide seamless customer data integrations. But what are APIs? API which stands for Application Programming Interface is the way for two or more computer programs to communicate with each other or offer a service
If you're considering adding an emergency fund to your budget, this article will help highlight the importance and tips on how to start building one. Any cash reserved for unforeseen spending or expenses is termed an emergency fund. They are used for financial emergencies that are important and/or necessary.
Finding one job that pays enough to meet all your needs is hard these days. The minimum wage in Nigeria still stands at around ₦30000, meaning lots of common job positions pay as low as that per month. Menial jobs like security guards, waiting tables, store cashiers, sales agents, offline
Asides from reading finance articles or posts, getting professional advice, etc. reading books to improve your financial literacy is another way to go. There are hidden information gems in books that you can always circle back to when needed. Below are some financial books written by Nigerians that will give
There are certain misbeliefs about budgets that easily hold people back from trying them out. Since myths are usually false ideas surrounding any topic, they need to be corrected. Budgeting myths are misleading and can discourage people who are new to using budgets. They can even negatively influence people who
Developing good spending and savings habit takes a lot of intentional effort. Making little adjustments in the right direction counts. There are certain things we think we need much of or need at all, but a closer look will make us realize that we can do without some, and others
Living in debt does not automatically mean a person is not contented or has bad spending habits. Life can be unpredictable, and there are varying situations that get people into debt. Incurring debt can stem from a situation where all your life savings get sucked up by an ailment or
The conventional banking system in Nigeria has a worthy competitor in financial technology companies popularly known as Fintech. Fintech is responsible for the digital banks such as Kuda, Alat, VDF, OneBank, etc. that we see today. We cannot undermine the part that traditional banks have played in developing the country's
Budgeting typically means planning how much you will need to spend to reach targets and achieve goals from projected income during a period. It is the process of creating a plan to spend your money and the spending plan created is called a budget. Manual Budgeting Manual budgets are financial
If you've just started paying careful attention to how you can make your finance better, new financial terms can make the process feel hard or confusing. We have previously discussed what personal finance means and the different aspects of personal finance and the components of personal finance apps. However, in
Where paper and coin currency are not used for financial transactions, that country is operating under a cashless policy. In a cashless society, all transactions are electronic, using web transfers, debit or credit cards, and other forms of digital payment services. A handful of countries are moving towards operating a
What is Financial Literacy? To be financially literate is to know how to manage your money properly. It involves having the right set of skills and knowledge that produces effective decisions surrounding your financial resources. Financial literacy means that an individual can understand and apply key financial concepts so that
Personal finance is unavoidable for every responsible adult, hence the need for content creators that help with financial literacy. These hubs can sharpen personal finance skills and help avoid poor spending choices, increased debt, and a generational wealth gap. There are numerous financial literacy content creators across various social media
Personal Finance apps have received a rather warm reception from the majority. There has been an increase in interest in personal finance apps since before the Covid-19 Pandemic that has significantly grown even after. Personal Finance crosses different aspects of managing money therefore, different finance apps cater to different financial
Budgeting apps are necessary for managing your money. They give you personalized goals and guidance on how best to spend your money. Budgets, expenses, and, savings are related, hence budgeting apps are meant to enhance savings and control expenses. In other words, one of the major purposes of living by
Investments are critical for turning income into wealth. It is one of the logical ways to build wealth over time. The reality of working to spend what you earn on upkeep is that you end up just "surviving". But for most people, the goal should be to scale up by
Making and receiving payments has never been easier since the advent of payment apps. The traditional method of payment was by cash or transfers from a bank account. Nigerians usually fill out a deposit slip, then queue in the banking hall, in order to send money to a recipient. To
Amidst the growing interest in personal finance apps since the Covid-19 pandemic, loan apps may have received the highest reception in Nigeria. The economic hardship and lingering inflation in the country put a lot of citizens in financial distress. In a country where the minimum wage is set at 30000
Fintech has improved the finance industry at large and generated more possibilities for the Nigerian economy. It has brought complex banking processes to the masses and simplified them through user-friendly interfaces, boosting financial inclusion. The preceding 5 Nigerian-owned fintech can be found in our previous article. Below are 5 other
The Nigerian Fintech industry has been growing consistently in the last decade. The industry has received the most Venture capital funding than any other sector in Nigeria. By the end of 2022, Nigeria recorded over 110 fintech companies to her credit. An exact number cannot be pegged, as new Fintech
The financial sector across the world was disrupted by the advent of financial technology (fintech). This can be deduced from the adoption of digitalized features most traditional financial institutions (banks) have infused into their services. Fintech apps use technology to provide financial solutions. The fintech ecosystem in Nigeria harbors businesses
Finance means raising money or capital. It could be for business or individual use. The focus here is on the latter, individual use. All the activities and processes used when planning how to earn or use personal funds describes Personal finance. Personal finance deals with how to manage your money.
For the last couple of weeks, Nigerians have been experiencing hardship in terms of cash scarcity. The beginning of this was the government's announcement in October 2022, of the Naira redesign of ₦200, ₦500, and ₦1000 notes. When the new design was approved, citizens were asked to remit old notes
Identifying your financial goals is a good way to gradually attain financial freedom. Financial freedom is not the same as spending however we like. It is spending purposefully and being able to maximize the use of funds within reach. What are financial goals? Financial goals are outcomes we aim for
Nigeria has become the first African country to adopt open banking regulations. Banks and third-party financial institutions can now interact differently with customer data. The Nigerian financial industry has been working on transitioning to open banking for several years, and in 2022, the Central Bank of Nigeria (CBN) issued a
The terms Saving and Spending apply to everyone's lives, no matter how little or big they earn. If you’re ready to be intentional about your finances, you will learn a thing or two from reading the rest of this piece. If you’re able to save drops of water
Everyone needs accessible everyday money, whether they spend it or not. It is necessary for that safety net as we go about daily activities. All the petty expenses we incur each day may not look like they add up too much. But a closer look will change that thought. Daily
EverydayMoney empowers you with the ability to manage your finances efficiently. Sustain your financial stability and gain insights into your daily expenses.
