In this guide, you will be learning how to add a new debit card to your Sumotrust account for AutoSave, InstantSave, TopUp activities.
By adding a new card to your account and setting it as your default card, you give us the authorization to debit that particular card of a set amount in a particular time either daily, weekly or monthly when AutoSave is Selected and debit of a particular amount when the InstantSave is selected.
Below is a step by step guide on;
How To InstantSave on Sumotrust
Login to your Sumotrust account Here.
From your account dashboard, click/tap the drop-down icon at the top-left of the page to see settings options, see image below;
From the drop-down options showing ‘Profile, KYC Information, Setting and Debit Card’, kindly click on ‘Debit Cards’ see image below;
In the debit card page, click on ‘+ New Card’
You will be redirected to a Paystack page where you will need to add a new debit card details and make a deposit of 100 Naira as a test into your account. Kindly enter your Card Number, Card expiry date and CVV (The CVV is the 3 digit numbers at the back of your card) Make sure all information provided here are correct as wrong details will give error which processing. When you’re done, click on ‘Pay NGN 100’ button to continue.
Next, you will need to enter your transaction password (the password you use when making a banking transaction with your bank App) and click on Authorize.
After this, an OTP will be sent to your phone number from your bank, kindly go to your message inbox and enter the OTP security number sent to your phone to confirm card transaction.
If this has been done successfully, you will get a success message pop up in your account and an email receipt sent to your Email inbox as the 100 Naira, now credited to your Main Saving account Instantly.
Note: All interest earned on Sumotrust are paid to your kick account daily.
Let us know if you need any help in the comment section.
Ossi Samuel is a mafian thinker, an avid reader and writer, and political analyst. Am a humanitarian and fun loving person. I love Tech by the way and will always have your time if you have any ideas. I can be reached on Facebook
A loan is money given to someone or businesses to cater to its financial needs. Most lenders need some form of collateral as security, before giving out loans.
Not every Nigerian can provide substantial collateral in order to receive loans, this is where loans without collateral comes in. Thankfully, there are now online platforms where individuals and businesses can apply for loans without the need to provide collaterals.
One major problem businesses face in Nigeria is the unavailability of capital. With these innovative online platforms, lenders can assess applicants and their ability to pay back the loans within the given time frame, and then go on to approve certain amounts of money for loan, based on their assessments.
One of the Best Loans Platforms In Nigeria Without Collateral, FASTCREDIT
Now, let me review ten most popular collateral-free loan platforms in Nigeria for individuals and small businesses.
Paylater is an online platform that provides loans to small businesses and individuals to cover urgent needs or unexpected expenses.
Clients can access up to N500, 000 worth of loan without collateral. Funds are delivered within 1 – 3 working days once approved. Endeavour to repay your loan on time to help increase your credit limits and grant you access to higher loan sums in subsequent loan applications.
This online platform gives businesses access to funding. LYDIA.CO Offers unsecured loans ranging from $500 to $15,000 to SMEs.
According to the founders, Lidya uses technology and algorithm for risk assessment that allows them offer financial services to their clients at low cost.
QuickCheck is an online lending outlet for small businesses and individuals. It helps individuals and small businesses to access financial credit by using mobile technology
According to the platform, customers can quickly and easily receive loans of up to N30, 000 without any collateral to repay within 15 – 30 days.
SMEDAN is more or less a federal government of Nigeria loan service or a government-backed enterprise for Small and Medium Enterprises (SMEs), hence the name (SMEDAN Small and Medium Enterprises Development Agency).
They offer quick and easy business loans to SMEs in need of funding. Their main aim is to promote entrepreneurship and provide startup capitals for businesses in Nigeria
SMEDAN also provides hands-on training and support to business owners. If you’re looking to apply for SMEDAN loan, then visit SMEDAN website and apply on the application portal – https://smedan.gov.ng/.
AELLA-CREDIT has been creating mediums to make funds easily accessible to individuals in Nigeria. The company is associated with 3 leading Credit Bureau Agencies in Nigeria to provide timely and affordable loans to clients. Employee empowerment and lending for business startup is the main focus of AELLA-CREDIT.
AELLA-CREDIT employs credit scoring algorithm, built after five years of market data and analysis had been gathered by the team, to assess the creditworthiness of applicants. The algorithm processes applicants’ eligibility by taking social and demographic factors as well as debit to income ratio of the applicants, into consideration.
Specta is an online lending outlet that offers loans of up to N5 million in one deal, within the space of five minutes, without paperwork, collateral, or visit to any office. They enable users to cater for any urgent business or personal need, whenever and wherever.
Specta offers two loan services, which are (1) MySpecta which provides loan services for individuals and (2) Specta4Business which provides loan services for corporate and business owners.
KIAKIA, taken from the Nigerian pidgin means “fast-fast” is an online lending platform for businesses in Nigeria. They employ the use of machine learning, psychometric, digital forensics, big-data, for credit risk assessments and proprietary credit scoring algorithm to help them provide immediate and compatible loans to numerous individuals without credit information.
Their services are highly efficient and effective in addition to being very simple and fast, hence their name which was derived from a Nigerian language, meaning ‘fast-fast ‘.
Zedvance is a client finance company geared toward providing individuals with consumer credit. They offer loans up to N3 million under 24 hours.
Their services are particularly for salary earners, but you could apply if you’re a salary earner with a side business.
Loan application on FastCredit is backed by guarantors although the loan itself is collateral-free. The validity period for the loan is 6 months maximum. If you are a micro, small and medium enterprises (SMES), then you are eligible to apply for this loan and use the funds to enhance the growth of your business
If you are a small and medium enterprises (SME) in Africa and the Middle East, you may want to consider GROFIN as your choice loan platform.
Looking to grow your business rapidly and you are confident that your business meets the necessary requirements? Then, try GROFIN. This may be the perfect fit for you.
Business can access loans ranging from US$100,000 to US$1.5 million through GROFIN. You need to contact GROFIN and get the requirements. Upon reviewing the requirements and your business meets those requirements, go ahead and apply for the loan online on GROFIN website – https://grofin.com/business-loans/.
Mass Transportation by Tricycles popularly known as “Keke NAPEP” was introduced on November 6, 2002, by the former president of Nigeria, Olusegun Obasanjo, as part of the government’s poverty alleviation programme called, “National Poverty Eradication Programme (NAPEP)” in a 2001. Also, the introduction of “Keke NAPEP” was a strategy by the Government to meet the ever-increasing demands for public transportation in Nigeria.
Since its introduction, the Keke NAPEP has come become a source of income for many Nigerians. It also became a safer alternative to commercial motorbikes (Okada), which were banned in many places, and is used to convey people over short distances all over the country.
Most people in Nigeria prefer the commercial tricycles to Buses and Mini-buses because the commercial tricycles have the capacity to move into the nooks and crannies of a town faster and easier compared to Buses and Mini-buses. For example, in 2008, the Lagos State government kicked off the Lagos Bus Rapid Transit System (BRT), thinking that the transport needs of Lagosians will finally be met. The reality on ground is that that is far from it. The BRTs only reduced the problem of poor transportation by a small amount. This is so because the BRT only catered for major parts Lagos State, especially Mainland and Island routes.
If the BRTs only served those parts of Lagos, we might then ask, how will people living outside these areas fair? Knowing that low income and horrible traffic will prevent many people from getting their own vehicles, many are left with no choice but to use privately-owned commercial vehicles for movements within the city? Yes. Here is where Keke NAPEP comes to the rescue.
Some Nigerian graduates without jobs have wholeheartedly accepted riding Keke as a business. They use it to raise money for self and family and see riding keke as a better alternative to staying at home doing nothing. Also, Keke NAPEP business creates opportunities for lucrative investments and helps to lessen the burden of the poor transport network in the country presently. So, would you like to start Keke NAPEP business and make money like others? Below is a breakdown of the how-to of Keke NAPEP business.
Now, there are two parts to the Keke NAPEP riding business: either you ride it yourself or you lease it to a rider.
Tricycle (keke NAPEP) conveying passengers to their destinations
Option 1: Leasing Your Tricycle to a Rider (Hire Purchase)
First, you have to get the Keke, register it and lease it out to a rider. See the breakdown of how this is done below.
Price of a new tricycle: ₦400,000
Registration with the Keke riders’ union: ₦5,000
The tricycle is leased at ₦720,000
Here, you will receive a weekly payment of ₦15,000 from the rider (or hire purchaser) for a period of 12 months, that is 48 weeks making it ₦15,000 x 48 = ₦720,000
Note that this is not a hard and fast rule: some terms and conditions may be applied in your situation and things may look a bit different with the hire purchaser you’re working with.
Registration with the NAPEP riders’ union allows you to enjoy some form of freedom, support and security.
Make sure that your hire purchaser is trustworthy, has a good track record and preferably has some referees under his belt.
Doubts have held some people back and stopped them from trying out this venture. If you want to test the waters, start with one tricycle. This will help you to know whether this business is something you can comfortably go into or not. However, the most lucrative thing to do is to buy as many as you can afford at the time because that will increase your remuneration in the long run. For example, if you lease five tricycles, you can expect up to ₦1,600,000 as returns in a year.
This price analysis and breakdown is based on the realities of Lagos State at this time.
Doing it Yourself
If you choose to ride the tricycle yourself, you will be very much impressed at the outcome. In a day, you can be making anything from ₦4,000-₦7,000, depending on the number of passengers you commute.
Apart from the ₦5,000 union registration fee, you’re also expected to pay between ₦500-₦1,000 daily (known as owo itaa). Part of this daily fee goes to the government’s coffers.
Tricycle maintenance is cheap, spare parts are readily available and fuel consumption is low. One thousand naira worth of fuel can take you a whole day if you have a good carburetor.
Always remember that maintenance is the key to a long-standing tricycle. So, maintain the vehicle regularly to lengthen is lifespan.
With ₦5,000 daily earnings while operating it yourself, you can easily earn ₦1.5 in a year (grossly calculated at ₦150,000 monthly) after expenses have been made.
After a year or more of doing this business, you can decide to continue, expand, or change your line of business.
How soon you will receive your complete returns on the tricycle depends on the following factors:
The status of the tricycle when you bought it. Was it new or second hand?
Does your tricycle operate during the weekends? What is the money earned during those days for (maintenance money, etc.)?
How payments are made
Hire purchase. In this method, the driver takes care of routine service, minor repairs, maintenance and fueling.
I will not advise you to lease your Keke NAPEP on daily balance.
There is no brother in business. Be wise and open your eyes.
Hire purchase is the preferred method of payment in the North and in most parts of the country. It is the best method of receiving returns for your tricycle(s).
In Niger and Katsina states for example, daily returns are between ₦2,000 and ₦3,000 for a new tricycle. For second hand tricycles, daily returns are negotiated, but in Niger State, ₦1,500-₦1,700/1,800 is the amount paid.
Note that these are just estimates based on the present realities.
In Lagos, riders pay between ₦2,000-₦3,500.
Standard: paying double the price. This is most popular in the North for second hand tricycles.
That is all on Keke NAPEP and how to start and operate it successfully in Nigeria. I hope you learned from this? Leave a comment below and let me know what you think about this.
The development of technology on a global scale brings everything closer to us, making things easier and faster, just like shopping. E-commerce is a fast-growing industry. Many businesses are tapping into and are now creating ecommerce websites to boost thier businesses.
E-commerce is a lucrative sector which every business should be taking advantage of today. However, if you are just starting out, your focus should be on how to attract customers to your online store. So, instead of launching your ecommerce website, it is better to “test the waters” on a known e-commerce platform first before creating and launching your ecommerce store.
Someone trying to make a purchase from an ecommerce website in Nigeria
Nigeria has a lot of e-commerce websites and it might be confusing while trying to pick one to start with. This list of the 10 most popular e-commerce websites in Nigeria will help you narrow your search and pick the one that is best suited to your needs.
Nicknamed the ‘Amazon of Nigeria’, this online store is the most popular on this list. It is so popular that it garnered an Alexa report as being the most visited e-commerce website in Nigeria.
Established in 2012, Jumia is patronized by thousands of Nigerians and offers a marketplace where sellers can showcase all kinds of goods to the public. You may want to visit the site to see things for yourself.
Konga is an e-commerce store that allows small and big businesses alike to sell their products on its site. It has enormous warehouses in major cities in Nigeria like Lagos, Abuja, and Port Harcourt to serve its customers easily. This is done in line with its vision to deliver goods “with speed and precision” to its customers.
‘Nigeria’s preferred online retail store’ as it calls itself, Payporte was launched in 2014 as an online store to reach a wide audience that is not restricted by age or preferences. The retail giant also collaborates with small businesses and puts them in front of a wide audience. The company provides the needed logistics to reach their customers and assist them to succeed.
Known as Nigeria’s premier business listing website, Vconnect has also grown to an e-commerce store where it avails business owners the opportunity to sell their products. The website also facilitates payments and provides logistics for goods to get to their respective customers.
This e-commerce store is one of the best in Nigeria, recording thousands of visitors daily. Kara offers a wide range of products from electronics, phones, to fashion items. Additionally, it hosts a marketplace where business owners can post products and sell to the public.
Printivo is an online shop that is specially designed to meet the needs of those that need printing materials. Bring the most popular in this niche, Printivo also gives users the chance to access free templates crafted by graphic designers.
It allows those in the print industry to make money off their designs by giving them a platform to display and sell their items.
OLX Nigeria is a classified advertisement website. Although an online e-commerce website, OLX Nigeria does not function as a regular e-commerce website. Instead, it gives users the opportunity to design and publish ads to their taste.
This way, buyers and sellers can interact with each other directly and easily. With the categorization of ads, each buyer or seller can go specifically to their area of interest and transact.
8. Jiji Nigeria
In 2014, Jiji came into being providing buyers and sellers with an easy way to connect and carry out transactions, under highly secure conditions.
Jiji Nigeria, in addition to being a classified advertisement website, goes a step further by giving users the opportunity to post ads on any product of their choice on the store.
You can find virtually anything on CartNG. It is an amazing e-commerce website that can meet any of your need s. You can shop category by category on the site, and enjoy a speedy delivery in your order.
Obiwezy is an online e-commerce store that sells fairly used gadgets like phones, tablets, and laptops. Obiwezy was established in 2010. The intention behind its establishment was to provide users with goods and services at highly affordable prices. Doubtless, they have met this purpose.
Besides sales, Obiwezy also offers its customers technical support like the repair of damaged products, product advice, and recommendations.
So, there you have it on the 10 popular e-commerce websites in Nigeria. Go ahead and start shopping now.