Although Nigerians in the diaspora have always been able to access banking services in Nigeria via digital platforms, the recent introduction of the Switch bank app from Sterling Bank will surely change the game in the mobile banking space.
This is because Switch, a multi-service application, uses technology to address some of the shortcomings of cross-border transactions and online money transfers, such as the dollar in Nairo or other convertible currencies on the front burner.
Regardless of exchange rate volatility, Switch subscribers will enjoy unlimited and unhindered access to transfer money from abroad like regular foreign exchange transfers.
Embarking when the Central Bank of Nigeria (CBN) introduced a new policy to ensure the smooth remittances of Nigerians in the diaspora, the Switch emerged as a product of corporate forecasting and a true source of Nigerian foreign exchange earnings.
… Mobile applications have started to stay
The emergence of Switch in the mobile banking space in Nigeria has raised the bar of competition in the territory ruled for years by MoneyGram, Western Union, PayPal, WorldRemit and RiaMoney.
The user features of the app have attracted it to Nigerians in the diaspora and reduced competition in all aspects of money transfers from abroad. Basically, the app is uniquely designed for a variety of financial products such as insurance, treasury bills, fixed income securities, payment requests, investments and asset financing, among others.
The money transfer application, which gained the status of the first in a short period of existence, stands out from the competition and serves as a center for sending money to Nigeria from the United States, the United Kingdom and Canada. The easy-to-use app provides the ability to troubleshoot using email and social media accounts.
… Entering the Board of Switch
To register on the Switch, the client is expected to provide aname and contact information while registration ends with account financing. This allows the client to dispose of a savings account for free money transfers to other Switch users and transfers to a non-sterling bank account with fees of N25 or less.
You can download the Switch app from the Google Play Store or App Store. Subscribers can effortlessly register on the web and click on the web. Proving to be attractive to Nigerians aged 18 and over, its simplicity quickly increases subscribers ’confidence. Clients will pay a zero transfer fee in the first six months.
… Replace subscribers for hedge against fraud
The world of mobile apps is like a mole-hitting game. As one scam is tackled, scammers raise their heads elsewhere with a new tactic. Criminals have always used mobile space with fake mobile apps.
However, the continuous improvement in registration for the Sterling Switch is not unrelated to the strategy of protecting mobile applications from fraud that works on advanced machines, specifically designed to prevent fraud both at the installation level and within the application. This effectively protects Switch subscribers from cyber attacks.
… Switch to Sterling, win-win
Switch is really a player who changes the game. The much sought after solution provides better value for customers, builds a stronger brand, unlocks the power of a better relationship for customers and makes it easier to open an account.
Potential buyers do not need to download many applications to invest in different asset classes. The switch provides an opportunity for subscribers to create wealth by investing in different asset classes. Increases the profitability of caregivers.
Subscribers can transfer over N50,000 to other Nigerian banks. To improve its services along the value chain, the solution operates a network of extended partnerships with PIP iT in the UK, i-invest and Doubble.Ng, among other institutions.
As a leading brand, Switch by Sterling identifies its target demographics, encourages user engagement, ensures compliance with platform design guidelines, uses friction-free navigation features, and is very fast.
The Switch stands out as the cheapest means for Nigerians in the diaspora to transfer money online without the risks associated with cross-border transactions. The financial mobile app is fast becoming a benchmark for other mobile apps in the Nigerian banking space.