Financial products

If you’re just starting your credit journey or trying to recover from past mistakes, a secured credit card can be your way forward. It’s safe, simple, and designed to help you build trust with lenders.

• A secured credit card requires a refundable deposit, often equal to your credit limit. For example, a ₦50,000 deposit usually gives you a ₦50,000 credit line.
• It’s designed for people with no credit or low credit scores — and helps you build or repair credit over time.
• Your payments are reported to credit bureaus. Using the card responsibly — staying under the limit and paying on time — gradually improves your credit profile.
• Use it for everyday purchases, but stay disciplined. Never spend more than you can repay.
• Always pay the full balance each month. This avoids interest charges and shows you’re managing credit wisely.
• After 6–12 months of good usage, some banks may upgrade you to an unsecured credit card — no deposit required

👉 A secured credit card is your stepping stone to bigger financial opportunities.

A mortgage loan helps you buy a home without paying the full cost upfront. It’s one of the biggest financial decisions you’ll ever make — and it requires long-term commitment.

• A mortgage is a loan for buying property. It’s used to purchase a house, apartment, or land. The bank or lender gives you most of the money, and you repay them over many years.
• Repayment is usually long-term. Most mortgages last 15 to 30 years. You pay back the loan in monthly installments, which include both principal and interest.
• The house is the collateral. If you fail to repay, the lender can take back the property — this is called foreclosure. It’s the risk that comes with the loan.
• You’ll need a down payment. Most lenders require 10–30% of the home’s price upfront. The more you put down, the less you borrow — and the lower your monthly payments.
• Additional costs apply. Be ready for legal fees, property insurance, valuation fees, and possibly taxes.

Fixed-rate vs. variable-rate mortgages:

• Fixed-rate: Your interest rate stays the same for the entire loan period. Easier for budgeting.
• Variable-rate: Your interest can go up or down over time, based on market changes. You may pay less at first, but more later.

👉 A mortgage makes homeownership possible — but only with careful planning.

• A credit builder app helps you build a credit history — even if you’ve never had a loan or card.
• You “borrow” a small amount held in a savings account — then repay it monthly.
• Each payment is reported to credit bureaus — boosting your credit score over time.
• Great for first-timers, gig workers, or anyone rejected by regular banks.

👉 A credit builder app turns small steps into long-term financial trust.

• A credit card lets you borrow money from a bank to pay for things, up to a limit.
• If you pay the full amount every month, you may avoid interest.
• If you only pay a little, interest adds up fast — and it’s expensive.
• Best used for emergencies or planned purchases — not for “vibes and impulse.”
• Read terms and conditions precisely, the devil is in the details.

👉 A credit card is a useful tool — or a dangerous trap, if you don’t use it right.

A digital wallet is more than just a trend — it’s a smarter way to manage your money. Whether you’re paying bills or sending cash, it puts your wallet in your pocket — literally. Digital wallet is an app or platform that lets you store, send, and receive money using your phone. No physical cash or card needed.

• Fast, easy payments. Pay for airtime, electricity, groceries, transport — all in seconds. Many platforms work 24/7, even on weekends or holidays.
• Send and receive money instantly. You can transfer funds to family, friends, or vendors — often cheaper and faster than bank transfers.
• Track your spending. Most wallets provide a transaction history, helping you monitor where your money goes.
• Get rewards and cashback. Some wallets offer discounts, cashback, or loyalty points when you pay through the app — free money for doing what you already do.
• Secure and convenient. No need to carry cash or cards. With PIN protection, biometric login, and encryption, your funds are safe — if you’re careful.
• Stay alert to fraud. Always use a strong PIN or password. Never share your login or OTP with anyone — scammers often target careless users.

👉 A digital wallet keeps your money where your phone is — safe, fast, and cash-free.

• A prepaid card is like a debit card — but you load money onto it first.
• No bank account needed — perfect for budgeting or online shopping.
• You can’t spend more than you load — goodbye, overdrafts!
• Great for teens, travelers, or anyone who wants control without credit risks.

👉 A prepaid card gives you the power of plastic, without the pain of debt.

Interest is one of the most powerful forces in personal finance — and it can either grow your money or drain it. Understanding how it works helps you make smarter decisions.

• Interest = extra money added to savings or loans. It’s calculated as a percentage of the amount you save or borrow. The key is knowing whether it’s working for you or against you.
• When you save, interest helps you. The bank pays you a small percentage for keeping your money in a savings or investment account. Over time, your balance grows without extra effort.
• When you borrow, interest costs you. You repay more than you borrowed — sometimes much more. The longer the loan, or the higher the rate, the more expensive it gets.

There are different types of interest:

• Simple interest is calculated only on the original amount.
• Compound interest is calculated on the original plus any interest that’s already been added. This can grow (or cost) much faster.
• Example:
• Save ₦100,000 at 5% annually → earn ₦5,000 per year.
• Borrow ₦100,000 at 24% → repay ₦124,000 or more, depending on terms.
• Interest rates vary. Savings rates are usually lower than loan rates. Always compare rates before committing — even 1% difference matters over time.

👉 Know how interest works, so your money works for you — not against you.

• A savings account keeps your money safe and separate from your spending.
• It earns you interest — so your money grows slowly over time.
• You can use it for emergencies, school fees, or big plans.
• It’s safer than keeping cash under your bed (seriously).

👉 Saving in the right place builds your future, bit by bit.