Sparkle MFB Challenges the Norms in Nigeria’s Banking Scene
While Nigeria’s retail banking sector is largely dominated by traditional giants and fintech behemoths, Sparkle MFB, a digital bank licensed as a microfinance bank, is charting its own course.
Established in 2019, Sparkle MFB has a distinct vision: it aspires to become the ultimate destination for affluent banking while servicing startups and small businesses.
Cost Efficiency and Customer Loyalty at the Core
Uzoma Dozie, CEO of Sparkle, emphasizes a unique perspective, asserting that serving the masses is costly.
The bank is more focused on building long-term relationships and loyalty than conventional metrics like transaction volume or customer numbers.
Sparkle’s Impressive Numbers and Services
Despite its disinterest in certain metrics, Sparkle claims significant daily transaction volumes, processing 11,000 transactions for its 220,000 customers.
The digital bank’s app offers a diverse range of services for both individuals and businesses, including savings, bill payments, money transfers, inventory and invoice management, a payment gateway, tax advisory, and employee management.
Ambitious Plans for Expansion and Partnerships
Looking ahead, Sparkle has ambitious plans to expand its offerings, including insurance, securities, and investments.
To achieve this, the digital bank aims to forge more strategic partnerships.
Inclusive Lending and AI-Powered Private Banking
Sparkle MFB is venturing into the lending space with small-interest loans, leveraging data from platform transactions for informed lending decisions.
The digital bank is also confident about excelling in private banking through the use of artificial intelligence (AI).
Uzoma Dozie, drawing on his extensive banking experience, envisions an AI chatbot that acts as a personal advisor to customers, available 24/7.
Philosophy Centered on Digital Future
Sparkle’s philosophy revolves around serving startups and small businesses that favor digital banking.
With a belief in the digital future and improving infrastructure, the bank positions itself to be a frontrunner in catering to the evolving banking preferences of the population, especially as they transition to digital solutions.Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn