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Is Eyowo really the new bank on your phone?

Technology has definitely changed the scope of banking. That’s why it’s not news that there are several means of payment and different ways to carry out transactions. 

A new digital bank—Eyowo, which is known for its popular hashtag #bankonyourphone launched last week.

Eyowo is a mobile bank that allows you to bank on and with your phone number. With Eyowo, you can send money, receive money, pay for bills as well as do a whole lot of other financial transactions using your phone number. You can also have a dollar card on your Eyowo account which can allow you to make numerous transactions. 

Eyowo is available on different platforms —Mobile App (both Andriod and iOS ), Web App and USSD. 

I decided to look through and navigate the app and I observed 10 major features that I’ll highlight below;

Let’s find out :

1. The Alphanumeric Password :

The first thing I observed about Eyowo is that you can put as many characters as you want. For example: “abcdefghijklmnopqrstuvwxyz1234567890” and it’s also Alphanumeric. You can also use your fingerprint or your Face ID to log into your Eyowo.

Eyowo basically gives you an option of choosing your security process, password or fingerprint.

This just proves that to Eyowo, the security of its users is of topmost priority. I mean, you wouldn’t want anyone stealing from your bank account, right? Every kobo counts!

2. Send money to phone number & to bank account:

Guess what?

I realised that Eyowo is an open system that allows you to send money to your bank account and your phone numbers. Now, our grandparents that don’t have bank accounts will receive money through their phone numbers seamlessly.

3. Fund Eyowo:

So when I heard about the Eyowo app, the first question I asked was “How can I fund my Eyowo account?” The answer was easy and right in front of me. As I logged into my Eyowo account, I immediately saw the “Fund Eyowo” feature which allows me to input my card details and link my bank account.

I was really impressed.

Fund Eyowo

4. Pay bills :

Did you know that you could pay for your electricity bill on Eyowo? I did not know this till I decided to experience the app; that was when I realised that I could pay for more than just my electricity bill. One can also pay for their internet subscription and cable networks.

Eyowo Pay Bills

When I heard #bankonyourphonenumber, I thought it was just hype and buzz, but now, I just realised that Eyowo is actually a bank on your phone.

5. Save for anything :

On the app, I discovered that I could save for anything and be disciplined while at it. Therefore, I would not be touching my saved money until the time I set for it. Amazingly, saving can be done in two (2) ways, the fixed and the reoccurring, I will get 12% and 10% respectively!

The saving feature is so cool that it speaks to all aspects of your life, from “grow money to buying a car, travelling on a vacation, or paying for rent”.

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6. Eyowo cards :

The Eyowo card is one major feature I love about the Eyowo App. It’s amazing to know that I can have more than one dollar card which can help me perform transaction like pay for international courses online, pay for apps and software as well as make online purchases.

7. Scan to pay :

I have not previously experienced this on any app, so when I saw “scan to pay” on the Eyowo app, I was anxious to know what it meant and what the experience would be like.

The first thing I observed when I clicked on the “scan to pay” feature was my camera opening up—ready to scan—then I saw the “Scan Eyowo QR” and “My Eyowo QR”

So I figured, it’s either I scan the person’s barcode on their device, or the person scans the barcode on my phone.

I tried this with a friend and it was incredibly fast. Impressive!

In my opinion, I feel the QR code is a lot faster than sending to the bank account and phone numbers.

8. Buy airtime :

Because this was my first experience with the Eyowo app, I decided to try most of the significant features, which I started with by buying airtime.

Buying airtime via Eyowo was really fast and effective. Honestly, at this point, I felt really impressed with the product because most of the features I tried worked really well and fast.

9. Get help now :

I know trying this feature is funny because I really did not need it. I just wanted to know how the feature functioned. I am yet to receive a response message from Eyowo because at the time I sent the help message, they were not available.

10. Borrow Money :

Guess what? You can borrow money at zero interest rate!

But then you have to have used Eyowo for a period of time and made numerous transactions. I tried borrowing, but I got a response saying :

“You’re not eligible for an overdraft yet. Keep making transactions with Eyowo and we will notify you of your eligibility soon ”

In other words, I noticed that the Eyowo app is a hub of information, and can be a lot to consume at first sight. While getting familiar with the app, I came across different features and had to experience each of them to fully understand its uses.

Finally, I would say that the Eyowo app presents too much information at first sight, but then it becomes easier and exciting when you understand each feature and function.

Have you made use of Eyowo? What do you think about Eyowo? Leave your comment below.

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