The Branch Finance Company is offering free unlimited money transfers and a 20 per cent per annum investment returns for Nigerians, through its specialised app, called Branch.
Branch is licenced by the Central Bank of Nigeria (CBN) as a finance company and authorised to provide services such as credit and fund management.
With over 23 million downloads, Branch has become one of the most popular lending apps in the world, offering two specialised services: Unlimited free money transfer (unmatched amongst today’s finance apps) and 20 per cent per annum investment returns, which is amongst Nigeria’s highest.
The new offerings complement instant loans up to N500,000, free bill pay, airtime top ups, and other existing services found within the app. Taken together, customers can now enjoy a single app to manage their money with unmatched value.
Speaking on the initiative, the Managing Director of Branch Nigeria, Dayo Ademola, said: “Finding the best deal when it comes to your money can be overwhelming. We have made it simple. Compare our 20 per cent returns and free money transfers to see how Branch is better than your bank.”
The app is another innovation from the fintech industry, designed to enhance financial transactions across platforms.
According to Ademola, Branch’s unlimited free transfers to recipient bank accounts have no hidden fees or restrictions. Most financial apps today charge a transfer fee or cap the number of free transfers.
“Unlike other investment platforms where the money is locked for a fixed period, our customers can withdraw their investments after a 24-hour period. Branch’s 20 per cent per annum return is paid weekly. Investments through the Branch app are channeled into low risk financial instruments with capital preservation as the ultimate goal. Branch also forfeits its commissions to customers in order to provide returns that are amongst Nigeria’s highest,” Ademola added.
To further encourage new customer trials, Ademola said Branch would be offering a limited time additional incentive, such that for each deposit of N300 or more using the wallet, customers receive a N50 bonus – up to N6,000 in bonuses per year.
Branch is backed by some of the world’s biggest investors, including Andreessen Horowitz (early backers of Facebook and Twitter) and Visa. Since 2018, Branch has provided over three million loans to Nigerians and is now expanding to offer 20 per cent investments and free money transfers.