Banking News

Fintech firm launches retail banking app

A fintech company, PennyTree, has redesigned its app to provide retail banking services for individuals and merchants looking to scale and grow their business operations.

The co-founder of PennyTree, Abayomi Ogunjobi, explained that the app was a necessary solution designed to provide individuals and merchants with the needed financial and business advisory and to find their foot in their industries or look to scale their operations.

He further explained that users could carry out regular banking activities like transfers to PennyTree users and users of other banks, lock their funds in secure savings wallets and earn returns, create business accounts for new or existing businesses and generate invoices and receipts for their customers.

He added, “In the last five years, small businesses in Nigeria have contributed about 48% of the national Gross Domestic Product. A lot of these businesses are already thriving on their own and we believe that with the right support we can help them reach their potentials faster and even scale quickly. This is the next phase of the PennyTree journey. We want to help these businesses do more in terms of getting their stories out and getting the support they need to expand.

“For merchants, the new PennyTree app provides a secure business account to manage transactions, keep track of inflow and outflow and grow conveniently.”

The company also announced the launch of a Merchant Community to serve as a support group for merchants at different levels of scale.

Another co-founder of the company, Ayo Ogunlowo, said the community would serve as a platform for merchants to connect, collaborate and grow together.

He said, “With this community, we want to provide high-level support to business owners, create an environment where they can get easy access to advisory service and learn from each other. The community is open to merchants irrespective of where they are on their growth journey. We even have room for individuals looking to kick off side hustles but do not know where to start from. The PennyTree Merchant Community is an ideal place to start.

“The community currently boasts of merchants like Thames Spice Haven, Lela’s Foodmart, Conspicuous Cakes, Oja Oye, Ade Badol, Gizmo Stores, BFH Designs, Arabella Beauty Affairs, Pink Velvet, Dami Interior, Dimex Bars, HairbySteph, Mimi’s Bakeshop, and Maskin Luxury.

“In addition to supporting merchants who already have their businesses running, we are supporting individuals who are looking to start theirs. We want to democratise the process of setting up a business by eliminating the blockers they face and providing guidance to help them set up and start transacting.”

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