Nigeria’s fintech space evolves as Stellas Digital Bank launches, activates Ghost Mode

Disruptions within Nigeria’s tech space have been further stirred as Stellas Digital Bank on Thursday launched into the fintech community.

The online bank arrives the market with a new App featuring the Ghost Mode, a unique banking offering.

The Ghost Mode allows users to transfer funds to beneficiaries or make payments incognito. This service meets the yearnings of many users who want to make payments confidentially or donate to a cause, occasion, event and exercise a humanitarian gesture anonymously.

“The Ghost Mode feature is guaranteed to revolutionize customer experience and breed a whole new community of Anonymous Angels.
“Beyond this, the feature ultimately protects Stellas Digital Bank customers by encrypting their transactions and isolating them from fraudsters,” said the company’s Chief Technology Officer (CTO), Anselem Uba.

According to Uba, Automated Deposit, another unique feature, allows users to transfer funds from any bank account into the Stellas app without manually transferring from one bank into the other. This functionality, he said, saves them the rigours of deploying several Apps in other to perform a transaction, thereby creating convenience, speed and efficiency.

“The Budgeting tool is a helpful feature released on the Stellas app, enabling users to plan and allocate funds to monthly expenditure similar to how individuals conventionally make a list of how to disburse monthly income. One of the benefits of the Budgeting tool is the ability to compare their actual spending to the budget real-time and periodically, keeping users in check on spending habits”, the CTO noted.

He added, “The App bouquet also allows users to request loans online, with a pre-set risk management policy to notify applicants on loan eligibility.”

READ ALSO: Nigeria launches digital currency, as CBN mints 500 million eNaira

Powered by Stellas Technologies, a financial technology company, Stellas Digital Bank is fully licensed by the Central Bank of Nigeria (CBN), and has all its accounts insured by Nigeria Deposit Insurance Corporation(NDIC).

“The emergence of Stellas Digital Bank is a strategic response to many months of industry and market analyses which show that Nigeria’s Fintech space, despite observed growth, still has some niches yet unserved,” Managing Director, Bukola Solomon, said.

Complete digitization of Stellas Bank’s processes means customers on its platform will be able to conduct transactions in real-time and get much-needed support online.

The neo bank unveiled its cross platforms digital banking systems: Web, Android, and iOS apps at a launch event on Thursday in Lagos.

Beyond the anticipated disruptions, Stellas Digital Bank is set to offer the lowest transaction charges in the industry, with a cost not exceeding N10 per transfer.

Bank on the move, the challenger bank’s new tagline restates its promise of simplicity, style, and convenience in service delivery.

Encrypting transactions to fight fraudulent activities in Nigeria

So while the financial market has migrated into digital banking to make banking easier, it hasn’t innovated to curb fraudulent activities, and this has led to Stellas Microfinance transforming into a digital Bank to solve this fraud problem.

According to Solomon, Stellas is introducing what will become a new normal that eases customer banking and answers the questions spilling over from the cryptocurrency market that provides the crypto community an encrypted service cloaking their transactions from third-party.

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