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Everyone wants their finances in better shape. That’s a good thing to aim for. But it can be quite a challenge to walk the talk when it comes to managing our money better. You aren’t always sure what expenses will crop up to dent our savings. And it might also be difficult to keep tabs on our expenses on multiple fronts.


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Thankfully, there are FinTech tools that can help you achieve your financial goals—whether it’s cutting costs, monitoring your savings habits, or growing the funds at your disposal. There are a lot of these solutions on offer; you can choose the ones that work best for you.

Let’s have a look at some of the ways FinTechcould help you improve your finances.

Budgeting And Tracking Expenses

Prior to the coming of budgeting apps, the process of planning one’s expenses was at least a bit cumbersome. It involved lots of manual calculations and paperwork; more sophisticated persons tracked their income and spending with expansive spreadsheets.

Today, there are several apps with which you can create personal budgets, monitor your account balances, and see where your money goes. One example is Inflow Finance, which lets you link all your bank accounts in one place, categorize your expenses, and make budgets that you can follow.

There’s also Sparkle, a digital ecosystem that allows users to view their expenses over days, weeks, and months, and get notified for every transaction they make. That’s besides letting them fashion and stick to savings goals.

Banking

The old banking model, represented by large traditional banks, felt rather distant and impersonal. At best, it tailored its services to suit segments of the public and not the individual. Digital banks are changing this. By leveraging technologies like Artificial Intelligence and Machine Learning, they are able to fine-tune their offerings to suit each user.


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It’s not just the relationship with customers that’s changed with neo-banks. These digital-first financial organizations are placing accounts management firmly in the hands of their customers, and paying them higher interest on their savings.

Some of the better-known digital banks in Nigeria include Kuda, Rubies, VBank, Mintyn, and Fund. Find out more about them in our article, Top 7 Digital Banks in Nigeria.

Savings

FinTechs are affording Nigerians a much richer savings experience. In the past, you only had a limited number of bank account types to hold your money in. Now, there are many more options, with a greater range of benefits.

Perhaps the most attractive thing about digital savings platforms is the interest they’re able to pay on their users’ deposits. PiggyVest, one of the more popular startups in this category, offers savers interest rates of between 8% and 15% per year on their funds. Cowrywise, another savings platform, promises returns of about 8.5% per annum.


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Be sure to do due diligence before keeping your funds with any digital bank or platform. Learn more about this in our article, 6 Things to Consider Before Choosing a Digital Bank for Your Savings.

Investment And Wealth Management

In the old financial order, high-yield investments were the preserve of the well-off. But FinTechs are making it possible for regular people to grow their money. From online stock brokerages to digital platforms granting access to mutual funds, real estate investments and even the crypto market, there are plenty of channels for expanding your wealth.

If you’d like a rundown of the best investment apps in Nigeria, read this article: 10 Best Investment Apps in Nigeria Right Now.

Final Words

It’s never been easier to manage your personal finances. There’s a plethora of solutions that enable you to do so. Be sure to verify that the options you’re weighing are legitimate, and choose only those that have built a track record of delivering on their promises.

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This article was first published on 10th August 2022

ikenna-nwachukwu

Ikenna Nwachukwu holds a bachelor's degree in Economics from the University of Nigeria, Nsukka. He loves to look at the world through multiple lenses- economic, political, religious and philosophical- and to write about what he observes in a witty, yet reflective style.


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