IS EYOWO MFB A SCAM? Honest review
IS EYOWO MFB A SCAM? Honest review
Introduction:
Eyowo MFB was first launched in 2017, by a Nigerian firm Softcom, with the primary duty of promoting easy access to money without creating bank accounts. And became a micro-finance Bank in 2019.
With Eyowo MFB, you can do a lot of things with your money. You can send and receive money from anyone, anywhere, and anytime. You can pay bills, buy airtime and data, and shop online and offline with the Eyowo card, which is powered by Mastercard. You can also save money with Eyowo Savings, which offers you up to 15% interest per annum. And if you need a loan, you can apply for Eyowo Credit, which gives you instant access to funds without collateral or paperwork.
Eyowo MFB is not just a bank for individuals. It is also a bank for businesses. Whether you are a small business owner, a freelancer, a trader, or a professional, you can use Eyowo MFB to manage your business finances.
CEO of Eyowo MFB Bank
Eyowo MFB was founded by Omoseindemi Olobayo, who attended Stanford University Graduate School of Business.
Mr. Omoseinde Olobayo is a partner and the Chief Solutions Architect at Softcom
Limited. He drives digital transformation and technology implementations that
facilitate growth in Softcom’s key focus sectors. He is also committed to
connecting things in a way that will enable governments and organizations achieve
scale, lessen the social impact, and change the way we live, learn,, and work in
Sub-Saharan Africa.
Features on the Eyowo mobile app
Send Money
The Eyowo MFB offers various banking services, on the mobile app you can transfer Naira to any Nigerian Bank account with 0 fees.
Sounds amazing, right? Well, it gets even better. You don't need to know the recipient's bank account number or even their phone number. You can simply send money using their Eyowo ID, which is a unique identifier that every Eyowo user has. You can also send money using their email address or QR code. How convenient is that?
But wait, there's more. You can also send money to people who don't have Eyowo accounts. Yes, you heard me right. You can send money to anyone with a phone number, and they will receive a text message with a link to claim their money. They can either create an Eyowo account or choose to withdraw their money from any ATM or agent location. No card or PIN is required.
Funding your Account
Eyowo MFB allows you to add funds to your Eyowo account with your debit card or by sending it to your assigned bank account number. It also allows you to fund your account with your bank's ussd platform.
But how do you fund your account on Eyowo Mfb? Well, there are three ways to do it:
1. Bank transfer: You can transfer money from any bank account in Nigeria to your Eyowo Mfb account using the NIP or USSD channels. Just use your phone number as the account number and Eyowo Mfb as the bank name. The money will reflect in your account instantly.
2. Card payment: You can also fund your account using your debit or credit card. Just go to the Eyowo app or website and click on "Fund Account". Then select "Card Payment" and enter your card details. The money will be deducted from your card and credited to your account.
3. Cash deposit: If you prefer to use cash, you can also fund your account by depositing cash at any of the Eyowo agents or partner outlets across the country. Just go to the nearest agent or outlet and tell them you want to fund your Eyowo Mfb account. They will ask for your phone number and the amount you want to deposit. They will then give you a receipt and confirm the transaction on their device. The money will be added to your account immediately.
That's it! Funding your account on Eyowo Mfb is as easy as 1-2-3.
Savings on Eyowo MFB
You can save on Eyowo MFB at a Fixed 18% interest and a Flexible 13% interest rate Which is higher than the interest you get from your commercial banks.
Well, I decided to give it a try and created a Fixed savings plan with a target amount of N100,000 and a duration of 6 months. I thought that would be easy enough to achieve since I only had to save about N16,667 per month. But boy, was I wrong!
You see, the Saving feature on Eyowo Mfb is not like your regular bank account. It is more like a strict parent who wants you to be disciplined and responsible with your money. Once you create a savings plan, you cannot withdraw your money until you reach your target amount or your duration ends. And if you miss a monthly payment, you have to pay a penalty fee of 5% of your target amount!
So, what happened to me? Well, let's just say that life happened. I had some unexpected expenses, some impulse purchases, and some bad luck. And before I knew it, I was behind on my savings plan by 3 months. That means I had to pay a penalty fee of N15,000 Ouch!
Eyowo mfb allows you to request money from other users of the app, which makes it convenient to ask for payments from business Partners, Families, and Friends
This is the best feature of yowo mfb is the request money feature. This feature allows you to ask anyone for money and get it instantly. Here's how it works:
1. Open the Eyowo app on your phone and tap on the request money icon.
2. Enter the phone number of the person you want to request money from. You can also select a contact from your phone book.
3. Enter the amount you want to request and add a message if you want. You can be creative with your message, like "Please help me, I'm stranded" or "Happy birthday to me, send me something".
4. Tap on send request and wait for the magic to happen.
The person you requested money from will receive a notification on their phone with your message and the amount you requested. They can either accept or decline your request. If they accept, the money will be transferred to your Eyowo wallet instantly. If they decline, well, you can try again with someone else.
Bills Payment
With Eyowo MFB, you can buy Airtime, Pay for Internet, Utility, and Tv Bills with ease
1. log in to your Eyowo Bank app
2. Select "Pay Bills" from the menu.
3. Choose the biller you want to pay, such as DSTV, PHCN, or LCC.
4. Enter the amount you want to pay and confirm.
5. You will receive a confirmation message and a receipt.
That's it! You have successfully paid your bills on Eyowo mfb. No stress, no hassle, no queue. You can also use the Eyowo app or website to pay your bills online. Eyowo mfb is fast, secure, and reliable. Try it today and enjoy the benefits of mobile money.
Payment Links
Receiving money from customers has always been effortful, with the help of payment links, you can receive payments from customers anywhere in Nigeria irrespective of the Banks they operate with.
Paymnt is a platform that allows you to create and share payment links with anyone, anywhere. You can use it to sell your products, collect donations, or just request money from your friends. Eyowo mfb is a microfinance bank that partners with Paymnt to provide you with a secure and convenient way to receive and manage your funds.
Refer and Earn
Eyowo MFB has made referring your friends not only fun but as well accruing. You get paid for each user you onboard to the Bank.
All you have to do is invite your contacts to open an account with Eyowo MFB using your referral code. For every successful referral, you get N500 in your Eyowo wallet. And guess what? Your referrals also get N500 as a welcome bonus. How cool is that? You can refer as many people as you want and earn up to N50,000 per month.
Eyowo Mfb Revolutionary Bank Card
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Eyowo MFB should be awarded the owners of the most secure and amazingly designed debit card, They stood out and were unique unlike our normal bank cards, it doesn't display card numbers to limit ATM fra*d and works on all ATMs and POS terminals nationwide and from my record, it has only declined due to network issue in about 5% of the times initiated a transaction with it.
I have been using an Eyowo bank debit card for a while now and I love it. It is fast, secure, and convenient. I can shop online without fear of fraud or hidden charges. I can also access discounts and deals from various merchants. It is like having a magic card that can do anything.
Why you should Use Eyowo MFB
Judging from Eyowo Bannk's features, they have proven not only to be a better Bank but also proved to be one of the Best here are the Advantages of Using Eyowo Mfb
- Unlike traditional Bank users, you won't pay fees when you make Bank transfers, you won't be charged for maintenance, and it's completely a free Bank.
- Fast Deposits: take a Zenith Bank user for an example, deposits take minutes and time hours to reflect in their bank accounts, but as an Eyowo Bank user, you receive deposits in under 30 seconds.
- No paper works
- instant reversals on failed and debited transactions
- Higher interest rate
- Reliable and safe debit Card etc.
Why you should Not Use Eyowo Mfb Bank
Eyowo Mfb is a digital Bank and comes with several CONs few are:
- No physical Bank in your neighborhood
- higher rate of Frauds and scammers
- No physical Bank sp you will have to deposit via a POS or locate an agent
- No ussd platform for offline transactions.
Our Review
Eyowo MFB is an overall good Bank, but comes with few disadvantages.
it will work perfectly well for some, and might not work for you it all depends on your Banking Needs.
We give it 8.5/10 rating , its Trusted and offer several features your Banks don't have and also gives a free debit card which you will have to pay for the shipping and from a first hand usage, I rate the card 5 stars ✨.
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