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Home Startups

Sparkle, Nigeria’s ‘Bank of the future’ granted banking license, officially launches

Milcah Lukhanyu by Milcah Lukhanyu
8 months ago
in Startups
7 min read
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Photo by: Kelechi Amadi-Obi (www.kelechiamadiobi.com)

Photo by: Kelechi Amadi-Obi (www.kelechiamadiobi.com)

 Sparkle, a Nigerian digital platform for financial, lifestyle and business support services has officially launched to the public after being granted a banking license from the Central Bank of Nigeria (CBN).

Sparkle, which offers flexible payments, savings and analytics to users to provide greater freedom, flexibility and control over finances and lifestyle once and for all.

According to Uzoma Dozie, Chief Sparkler: “ We are removing barriers using technology and data, driving inclusion at scale. In doing so, we are empowering Nigerians to fulfil their potential, democratizing access to valuable solutions for both business and personal needs.”

Aimed at serving Nigerians at home and in diaspora, Sparkle is also expected to redefine Nigerian commerce by merging financial services with a seamless lifestyle solution. Sparkle will be available for iOS and Android – giving customers full and free access to one account that offers multiple services and different wallets.

The platform will give users the visibility over spending patterns, with a detailed breakdown of payments by category. Tools such as Sparkle Stash, a savings tool aimed towards specific goals, are included. Users will also have the ability to split payments and bills, make utilities and bill payments, as well as send and receive money in the Sparkle network and with other local banks. Customers will also have access to Indy – a 24/7 financial buddy and customer services chatbot.

Sparkle has been founded by tech investor and financial inclusion advocate Uzoma Dozie, the former Chief Executive Officer of Diamond Bank. Uzoma currently fronts an online TV show called Tech Turks, shining a light on entrepreneurs and launched TechFest in 2018 in Lagos, Nigeria.

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Sparkle is partnering with VISA, Microsoft and PwC Nigeria to achieve its vision of redefining Nigerian commerce. The partnerships will provide industry leading expertise in APIs, cloud computing, data science, machine learning, tax and financial advisory services for the benefit of Sparkle’s customers. The services offered by Sparkle are all licensed by the CBN.

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The launch of Sparkle comes at a time when most of Nigeria’s population (79%) have mobile connectivity, with 39% having access to mobile broadband connections1. This young and growing population – currently over 195 million people2 – are also digital natives, with social networks forming part of everyday life. The impact of Covid-19 continues to be felt across Nigeria, accelerating the transition to more digitally enabled lifestyles. As such, there is a real opportunity for digital-only propositions like Sparkle to meet Nigeria’s needs, for individuals and small businesses to remain connected and thrive, both now and in the future.

 “We are working with global partners to unleash freedom, flexibility and transparency in Nigeria. We are helping to drive forward the growth of Nigeria’s budding entrepreneurs and individuals. Join us to make history as we enter the future of commerce and look towards this exciting phase of growth,” added Uzoma Dozie.

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Sparkle has recently joined Women’s World Banking, working to ensure greater financial inclusion for women, their families and communities in emerging markets, where Uzoma Dozie was previously a Board member. Sparkle has also joined Open Banking Nigeria, collaborating with Nigeria’s financial services industry to transform and advocate open banking in Nigeria, and to lead the way in Africa too.

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Milcah Lukhanyu

Milcah Lukhanyu

Milcah Lukhanyu covers daily news briefs at TechMoran. She is the person who will probably read your press release and get the story out of it or totally trash it. Send tips to [email protected]

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