How to Borrow Money from Eyowo – In Nigeria, where financial technology is rapidly evolving, Eyowo emerges as a significant player, revolutionizing the way financial transactions are conducted. Created by Softcom Ltd, a leader in the Nigerian Fintech space, Eyowo offers a mobile-based solution that transforms ordinary phone numbers into powerful tools for financial management. See How Much is Tecno Camon 20 in Easy Buy?
Eyowo’s name, derived from the Yoruba word for “Cowries,” symbolizes value and trade, reflecting the app’s purpose. The app’s standout feature is its ability to facilitate various financial transactions using just a phone number, making it exceptionally accessible and user-friendly. This feature is particularly impactful in a region where traditional banking services are not always within reach for everyone.
The range of services offered by Eyowo is extensive. Users can easily transfer money to peers, a feature that simplifies the process of sharing costs or settling bills among friends and family. Additionally, the app allows for efficient bill payments, including utilities and other essential services, directly from the user’s mobile device.
Moreover, Eyowo provides opportunities for savings, which is crucial in a country where financial security is a significant concern for many. Users can also purchase airtime directly through the app, adding another layer of convenience. For those in need of quick funds, Eyowo offers loan services, providing financial support when necessary.
Another innovative feature of Eyowo is the creation of virtual cards. These cards can be used for online transactions, expanding users’ purchasing power in the digital marketplace. This feature is particularly relevant in the current global trend towards increased online shopping and digital transactions.
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- Send Money: Eyowo simplifies money transfers, allowing users to send funds to anyone with a phone number or a bank account. This feature enhances convenience in peer-to-peer transactions.
- Pay Bills/Buy Airtime: The app enables users to pay various bills, including internet subscriptions, electricity, and TV, as well as buy airtime for any network directly from the app.
- Save Money: Eyowo also functions as a savings platform, offering users the option to earn interest on their savings or opt for interest-free saving.
- Pay Vendors: Users can pay vendors easily through traditional transfer methods or by scanning a QR code, with each user having a unique QR code for transactions.
- Withdraw from ATMs: Unique to Eyowo, users can withdraw money from ATMs without needing a physical card, using a code provided by the app.
- Create Virtual Cards: The app includes a feature for creating naira and dollar virtual cards, facilitating online payments and international transactions.
- Loans and Money Lending: Eyowo offers an “Overdraft” feature, allowing users to borrow money through the app when needed, providing a quick solution for short-term financial requirements.
Step-by-Step Guide: How to Borrow Money from Eyowo
- Log In to Your Account: Access the Eyowo app and log into your personal account.
- Navigate to the Borrowing Option: On the main screen, tap the hamburger icon (three lines) typically located at the bottom right-hand corner, labeled “More.”
- Select the Borrowing Feature: From the options presented, choose “Borrow money (no interest).”
- Check Eligibility: The subsequent page will inform you if you are eligible to take a loan based on your transaction history and activity on the app. See How to lodge complaint on moniepoint POS
How to Save Money with the Eyowo App
- Log In to Your Eyowo Account: Start by accessing the app and logging into your account.
- Initiate the Saving Process: Tap on the “Save” icon located at the bottom of the screen.
- Create a Savings Safe: Select “Create Safe” to begin setting up your savings.
- Define Your Savings Goal: Choose a specific goal for your savings, such as growing your money, buying a car, going on holiday, paying rent, funding a wedding, etc.
- Select a Savings Plan: Choose from options like fixed savings, recurring savings, or flex savings.
- Personalize Your Savings: Give your savings a name and specify the amount you want to save.
- Interest Options: Decide if you want to earn interest on your savings.
- Set Duration and Interest Collection: Choose the duration for your savings and how you want to collect your interest (immediately or later).
- Funding Source: Select an account to fund your savings, either directly from a bank account or your Eyowo wallet.
- Review and Confirm: Finally, review all details and confirm to create your savings safe.