How Mint Digital Bank is Helping Small and Medium-Sized Businesses Drive the Nigerian Economy

Everyone is talking about one bank. Individuals, industries, firms, hospitals, schools, etc are talking about one bank – Mint Digital Bank. Mint Digital Bank is a subsidiary of Finex Micro-finance Bank. Mint Digital Bank is changing banking business in Nigeria forever. With one app, you can transfer money anywhere; you can top-up your phone; you can pay back loans; set up recurring payments and do much more. The long queues peculiar with conventional banks is a thing of the past. You do not need any paper trail to open an account with MDB. All you need is a device and an internet connection. It is always said that if you want to waste precious time, just go the branches of any traditional bank in Nigeria. That statement is not true with Mint Digital Bank. Mint Digital Bank is offering unparalleled financial services to their customers; especially at this time many organizations are struggling to provide reliable and efficient digital services and experiences to their clients owing to the COVID-19 pandemic. Thus, it has not come at a bad time at all.

Mint Digital Bank has developed a class art digital banking application that puts banking on the palms of her customers. This digital banking application is so efficient that it creates an enabling environment to eliminate all the risks associated with conventional banks in Nigeria. It can be recalled that at the 19th edition of the National Seminar on Banking and Allied Matters for Judges, organized by the Chartered Institute of Bankers of Nigeria (CIBN), the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, asserted that “Digital finance can deliver enormous benefits, not just for the payments system but also for the financial well-being of the citizenry and the economy at large. It improves competition, increases efficiency and revolutionizes financial services,” This forecast is fast turning out to be true with the introduction of such innovations as Mint Digital Bank, which as stated above allows customers open an account without paperwork, transfer money, request money from Mint customers, pay bills, top-up phone calling cards, fund virtual cards, set up recurring payments, pay back loans, all through the bank’s mobile application and avoiding both queues and bank charges. Banking in Nigeria cannot get better than this.

                                            What Mint Digital Bank Does for You.

Mint Digital Bank, as the leading digital bank in Nigeria, guarantees customers the following services:

• With Mint Digital Bank, you can open any kind of account of your choice.
• Low or no charges for services. With Mint Digital Bank, the customer is king and totally in charge. There are no hidden or surprise charges.
• An enabling environment to earn up to 15% interest on savings as well as goal-related savings.
• With the MyMintApp – web, IOS and android -, you can track your funds; whether inflow or outflow.
• You block your cards or account in the event of theft or suspected theft without calling the bank’s customer service agents.
• You can also monitor your spendings.
• Mint Digital Bank provides financial services to mostly the economically active person who are more or less financially neglected by the traditional banks.

 

                                  Small Scale and Medium-sized Businesses in Nigerian.

In an under-developed cum developing country like Nigeria, there are multifarious socio-economic factors hampering sustainable development; notwithstanding countless interventions and various economic policies/strategies. However, Small and Medium-sized Enterprises (SMEs), if properly and efficiently enabled, have been identified as being beneficial in alleviating poverty through wealth and job creation. This sector or branch of the economy can be beneficial to any government that developes. It has the capacity to grow a country’s GDP; generate taxes and other revenue cum assist in bringing economic stability in the polity of a country. The corporate world can also gain from the specialised goods and services of SMEs and the healthy market competitiveness it promotes; thereby giving golden opportunity for a strong private driven economic sector, with entrepreneurs springing up. In Nigeria, the strangulating and prevailing economic and political conditions have not given room for SMEs to thrive, as evidenced in the challenges they are currently facing in the country. Despite these challenges, SMEs are associated with immense benefits which can be harnessed to better the Nigerian economy.

It is true that governments of third world countries are mostly overwhelmed by the pressure to implement policies on trade and investments bordering on SMEs, it is important we agree that the alleviation of poverty must begin from the grassroots. People in the brackets of “the grassroots” are the flesh and blood of all SMEs anywhere in the world. Hence, every government of every nation must ensure that these businesses flourish because they are the very businesses that provides a fillip to the economy. The Nigerian situation is a perfect example of an economy with so much potential but in truth, lacks the necessary implementations and directions. The brains, facilitators and stakeholders of Nigeria’s SME sector are either frustrated by government policies, corruption and sometimes, total abandonment.

However, it is not all gloom and doom. Mint Digital Bank is offering to right all wrongs and SME businesses are the target beneficiaries in Nigeria. Mint Digital Bank offers values for individuals and businesses. This is unprecedented and there are no iota of doubts MDB has come to stay. At the moment, Mint Digital Bank is leading the way in ensuring that she participates actively in Nigeria’s sustainable economic development by helping and bailing businesses. They are asking all the questions in digital banking and answering all the questions there is as far as SME businesses are concerned. Just in minutes, an account with the best digital bank in Nigeria can be opened.

           What Mint Digital Bank Means to a Small and Medium-Sized Business Person in Nigeria

As a small scale or medium-sized business person in Nigeria, having a Mint Digital Bank account is like getting your driver’s license for the first time. There is no guarantee that you can always run your business on a solo mode. Financial wilderness is not something anyone wishes for. You need a bank to help you scale the hurdles which would definitely rare its ugly head most times than not as far as SMEs are concerned. Below are the benefits of the Mint Digital Bank to SME businesses in Nigeria:

1. Mint Digital Bank provides free financial consultancy to business people in Nigeria. With them, business can get professional advice on trends in the economy.
2. Mint Bank provides favorable deposit and withdrawal limits.
3. Fast discharge of business transactions. Banking can be done with the speed of light.
4. They provide financial services at no or hidden charges.
5. By saving with them, you can earn as much as 15% interest on your savings.
6. Mint Digital Bank is open for loans as long as the recipient is credit-worthy.
7. With a mint account, a business person can monitor or track his/her financial progress or decline.
8. With Mint Digital Bank, business have the options of opening savings accounts, current accounts, goal-related savings accounts, pay quick and/or recurring bills, etc.

                                                                              Conclusion

There is no doubts that banking in Nigeria has been taken to a whole new level. Mint Digital Bank is setting the pace and it is no surprise that small scale and medium-sized business are on the map of the upward running. This is one of the major reasons Nigeria’s economy is the fastest growing economy in Sub-Sahara Africa. The large chunk of businesses in Nigeria are under the umbrella of small scale or medium-sized business. Hence, these businesses are the heartbeat of Nigeria’s economy. By providing loans or bailouts – as the case may be -, financial consultancy and other financial services to SME businesses, Mint Bank is helping to drive Nigeria’s economy to Olympian heights. By providing innovative solutions to individuals and businesses, Mint Digital Bank is announcing herself as a go-to bank. The signs are as clear as a shallow stream that it can only get better and better. Who could have thought banking could be this easy few years ago? Who could have imagined that there would come a time when businesses and individuals would be happy to do their banking just by a click without stepping into any banking hall?

The possibilities of digital banking in Nigeria is limitless and it can only get better. As Nigeria and the world at large is struggling to return to normalcy, banking convenience and palatable experience is hardly a luxury. Customers have never had so much fun banking. They have never had this much control over their finances. You cannot reach that and you cannot buy that with all the money in the world. Mint Digital Bank is opening up a whole new vista and taking everyone by the hand to a world of banking like never before. It is now possible to bank anywhere and track your money activities wherever you are.