₦airaland Forum

Mkobo Microfinance Bank marks its 10th anniversary this August, celebrating a decade of empowering Nigeria’s economically active population with accessible, tech-driven financial solutions.

The milestone coincides with the official launch of the new Mkobo App, a personal banking platform designed to make banking simpler, smarter, and more inclusive for salary earners, entrepreneurs, and gig workers. The new app features EarlyPay, an earned wage access product that allows users to withdraw up to 50% of their salary at 0% interest before payday.
Anchored by the theme “Mkobo @10: 1 Mission – Financial Wellbeing for All,” the campaign reflects the company’s commitment to expanding financial access and enabling Nigerians to thrive.

“For a decade, we’ve worked to make financial wellbeing a reality for economically active Nigerians,” said Habeeb, Managing Director of Mkobo MFB. “Mkobo @10 is more than a milestone; it’s our recommitment to giving every worker, entrepreneur, and hustler access to the tools they need to thrive, starting with our new digital platform.”

A Decade of Progress, A Future of Possibilities

Since its inception in 2015, Mkobo has served over 250,000 individuals and businesses, disbursed billions in credit and asset financing, and pioneered savings products such as Mkolo (flexi and target savings).
With the new Mkobo App, users can now enjoy a fully digital experience: seamless transfers, bill payments, savings, salary loans, and EarlyPay - all in one place.


Celebrating with Impact

To commemorate the anniversary, Mkobo is rolling out:
Deposit to Feed & Win Campaign: Deposit ₦10,000+ to qualify for weekly draws featuring airtime, Showmax subscriptions, Shuttlers credits, iFitness passes, smart gadgets, and more.
CSR Initiatives: Free medical outreach, donations to an orphanage, and donations to local schools.

Join the Celebration

The Mkobo @10 celebration runs till September 30, 2025.
Download the new Mkobo App today at https://10thanniversary.mkobo.com.ng/ and follow the journey on social media using #MkoboAt10.

For more information
Mkobo Microfinance Bank
13 Hughes Ave, Alagomeji-Yaba, Lagos
hello@mkobo.com.ng

Young people need all the financial knowledge they can get as this will ensure that they wisely manage their financial resources and do not end up broke and miserable in their latter years.

The more of this sort of information you have, the greater your chances of adequately managing your finances (money). So here are my financial management tips for you:

1. LEARN SELF-CONTROL:

You will not arrive at your destination financially speaking if all you do is spend impulsively on virtually everything you set your eyes on. , Rather, you need to make a conscious effort at all times to control the urge to spend outside what you have been budgeted for.

2. TAKE RESPONSIBILITY OF YOUR FINANCIAL FUTURE:

Humans are regarded as being high on self-preservation, which in essence simply means we are selfish towards our own needs and desires. With financial management, selfishness is one thing that is highly ‘encouraged’, as ultimately you are responsible for yourself, the management of your resources, and how well or otherwise you turn out financially in the future. Save more, invest more, and spend less and only on budgeted items; prioritize these three practices regarding how you spend your money and you will not go wrong..

3. SPEND WITH YOUR INCOME IN MIND:

Arguably the most important rule of thumb in financial management is to ensure that your expenses do not exceed your income and the best way to do this is by budgeting (daily, weekly monthly). When you spend bearing in mind how much income you earn, you will be a lot less likely to spend money frivolously or on non-necessities.

4. START AN EMERGENCY FUND:
It’s wise to set aside some amount of money in your budget to save in an emergency fund every month; this can really keep you out of trouble financially and help you save ahead for the rainy day.

5. START SAVING FOR RETIREMENT:
Open a retirement savings account and lock a fixed amount of money away monthly.. You may think that you need to wait a while before you really need to start thinking of & saving for retirement, the truth is that you are not too young to start planning for your future. Also, it is highly encouraged that you save towards other targets other than retirement and Festivesave sure helps with that and even gives a return of up to 10% per annum on your savings, which beats what is obtainable with commercial banks.

6. UNDERSTAND HOW TAXES WORK:

As a young person, it is important to understand how taxes work. When you are offered a starting salary by a company, you need to know how to go about calculating whether the salary will provide you with enough money after taxes to meet all your financial goals.

7. GUARD YOUR HEALTH:

Looking after your health can actually save you a bit of money over the years. Take preventive measures on a daily basis to keep yourself healthy and you won’t have to pay such high premiums on your health and life insurance.

8. GUARD YOUR WEALTH & BE WISE:
You should make it a point of duty to jealously guard and protect your money. Avoid the following:

a) Never invest in any opportunity to make money/make your money work for you, which internal workings and how the money is made, you do not understand, just does not add up or seems too easy. It may just be a scam.

b) Always investigate/research every business opportunity before you commit to it.

c) Never borrow money from individuals who you know do not have the wherewithal to refund same, cause they ultimately would not pay back what they have borrowed.

Apply these tips and you can rest assured that you would have succeeded in effectively managing your money.

Loan sharks are predatory money lenders who provide easy loans with little or no documentation or credit checks. They call it unsecured loans. Their loans often come with high, unexplained interest rates and surcharges.

And if borrowers fail to pay, these lenders resort to tactics such as harassment, intimidation, blackmail, and outright violence.

With the rise of digital platforms, loan sharks have found new ways to target unsuspecting victims. Smartphone apps that promise quick loans with minimal checks have made it easier for these lenders to cast a wider net. A comprehensive article by the International Centre for Investigative Reporting, on how loan sharks in Nigeria cyberbully, and trap customers in debt can be found here.

To protect yourself and your loved ones from the humiliation and harassment that digital loan sharks use, it is crucial to understand their actions and take necessary measures to safeguard yourself.

How to identify loan sharks
StopLoanSharks, a UK agency for investigating and prosecuting loan sharks gives a handy method on how to identify loan sharks. According to them, if you can answer yes to one or more of the following questions, then you may be dealing with a loan shark.

- Did they offer you a cash loan?
- Did they not give you the paperwork?
- Did they add huge amounts of interest or APR to your loan?
- Have they threatened you?
- Are you scared of people finding out?
- Have they taken your bank card, benefit card, passport, watch, or other valuables from you?

For digital loan sharks, the second question above is the most obvious red flag. Some digital loan sharks only need your bank verification number to issue a loan.

That it comes so easy doesn’t mean it doesn’t have dire consequences.

Digital loan sharks have also been known to ask for very high-interest rates often masked as weekly or monthly rates. That 5% per week can easily rack up fast when you multiply it by 4–8 weeks.

Why you should avoid loan sharks
It is crucial to avoid loan sharks for several reasons, and your peace and safety are at the top of the list.

While it is understandable that some individuals may need to borrow money to meet pressing needs, turning to loan sharks can lead to a vicious cycle of debt, anxiety, and unrest. What may have started as a small loan can quickly spiral out of control, leaving borrowers struggling to repay with high-interest rates and hidden fees.

Aside from the financial stress, borrowing from loan sharks can also negatively impact your health, self-image, and dignity. By avoiding loan sharks, you can protect yourself from the physical, emotional, and financial harm they inflict.

I borrowed money from a loan shark, what do I do?
Your first step is to hold off on borrowing from Peter to pay Paul.

There’s the immediate feeling to download another app, borrow and pay off the first loan. The danger is you get sucked into the dangerous cycle of borrowing from multiple apps. Here are some other steps you should take:

- Talk to someone about it.
- Seek help from close family and friends to offset the loan.
- Check yourself if any lifestyle habits may have led you to borrow. Make conscious efforts to fix them.
- Consider a lifestyle change to match your current income level.
- Get a job or start a business.
- Consider getting law enforcement involved.

Tips to protect yourself from loan sharks
- Where you need to borrow, ensure it’s for a purpose that will ultimately bring in income or get you on your path to generating income. As much as you can, avoid borrowing for non-essential needs.
- Ask yourself the questions above to identify if your lender is a loan shark. If yes, seek other alternatives.
- Consider taking soft loans from family and friends instead. But don’t abuse the privilege.
- Always have a loan payback plan.
- Pay back all loans on time.
- Consider accessing loans legally.

How to access funds legally to meet emergency expenses.
Thankfully, traditional banks have streamlined the loan application process using technology as well. However, they require proper documentation and, in some cases, you will need to open a bank account with them.

Earned Wage Access by Mkobobank
Mkobo.bank has designed an earned wage access solution called Earlypay to help boost the financial well-being of low-income workers in Africa. With Earlypay, salary earners can access up to 50% of their earned wages before payday at ZERO interest anytime.

This means that employees can access their accrued salary anytime they need emergency funds to cater to personal needs e.g. bills payment, emergency medical or family expenses, transport fares, home repairs, etc.

If improving your financial wellness or that of your employees is something you’re interested in, click here to access EarlyPay.

Final thoughts
One major area of concern is the lack of proper orientation on the part of borrowers, so it is important to sensitize the public.

Some borrowers think digital loan sharks are giving “free money,” so they go on a borrowing spree from multiple smartphone apps. You hear cases of people borrowing to gamble, for non-essential travel, or other unimportant needs.

Loan sharks are ruthless in loan recovery. Their rates and hidden charges are higher than the industry average, which they cloak with the perceived ease of providing loans to borrowers. There is a reason they are constantly being shut down by governments.

Avoid them or seek better alternatives if you must borrow.

Unexpected events happen, and proper preparedness helps us deal with them faster.

The oil price plunge in 2014–2016 led to thousands of job losses in the hydrocarbon industry, leaving some without income for months. But with an emergency fund, they could have navigated those tough times with less stress.

In financial terms, an emergency fund helps us reduce financial distress while we navigate out of challenging situations. Sometimes, it is may be mistaken for conventional savings, but rather it’s a fund with a clear plan for its use.

Do you really need an emergency fund?
Due to the realities of different economic groups, not everyone will subscribe to the concept of an emergency fund.

That being said, if you have a steady stream of income, an emergency fund doesn’t hurt to insulate yourself when things go sour. It’s like having a fire extinguisher — no one wants a fire, but it’s crucial to have a means of dealing with it immediately and minimizing the damage.

What constitutes an emergency?
What constitutes an emergency for you? Is it job loss, property damage, or health issues?

For most, the ability to earn can be significantly impaired during an emergency. If you have health insurance, a robust emergency fund solely for health purposes might not be necessary.

How much should be in my emergency fund?
With answers to the above questions, it becomes easy to have a mental image of your emergency fund goal. An example could be having up to six-month of living costs sorted or an extra 400,000 for medical costs.

What is my average monthly spend?
Where your income source is cut off, sustaining daily and monthly expenses can become difficult after extended periods. However, knowing your average monthly expenses can help you determine your emergency fund target.

For example, saving six months’ running expenses could be a reasonable target.

Here’s an assignment for you (if you’re yet to do this): document how much you spend for the next three months and take an average of it.

Doing this is not just great for planning emergencies but helps you track spending habits.

Where do I keep my emergency fund?
The general rule of thumb is to have your emergency funds easily accessible, such as in a savings account like the one offered by Mkobo bank. With the Mkobo bank app, you can easily open an account for your emergency fund in a few minutes. Saving to your Mkobo bank account and withdrawals takes a few button taps.
Avoid investing your emergency fund in short to long-term investments that are difficult to liquidate.

How to build an emergency fund
In most cases, building an emergency fund will take some time. You gradually save your way up to the target amount. Here are some tips to help you build an emergency fund:

1. Save from every paycheck
By now you should have a target for your emergency fund. What’s left is how you will meet this target over ‘x number of months’. Spread out the amount over this time and save from every salary.

You can automate the savings with Mkobo bank so your emergency fund is automatically credited every certain day of a new month.

2. Use a separate bank account
As mentioned above, ensure your emergency fund is saved in a separate bank account that is easily accessible.

3. Maintain the fund
Where you spend money from your emergency fund, ensure to promptly replenish it.

In conclusion, an emergency fund is an important personal finance tool to have in your arsenal. It can protect you from taking huge financial decisions in the wake of emergencies that may haunt you later. There’s also the added benefit of not being overly stressed thinking of how to handle tough times financially.

Where you have the means to fund one, consider having an emergency fund with Mkobo bank. On Mkobo you will have access to a suite of features to ease your setting up, automating and running an emergency fund. This is in addition to making some extra income from industry-best interest rates.

Do you have some thoughts to share on emergency funds?

Please share in the comment section below.

I recall a conversation with a friend who had fallen on hard times. She had moved to a new city to live with a friend but was now struggling to make ends meet. Her job provided a meager income, and with rent due in a few months, she was barely scraping by. Worse still, her relationship with this friend had deteriorated so she needed to rent her own place.

Sadly, this is a common story for many people today.

Life often throws curveballs at us, and we struggle financially. These situations can lead to worrying about how to afford necessities, which is further exacerbated by the current economic uncertainty.

Surviving tough financial times requires careful planning and persistence. As long as you don’t quit and apply the right tips, you can be on your way to better times in a short time.

This article will highlight some tips for coping with a lack of funds.

Assess your situation
Some financial hardships are self-inflicted, such as investing all of your savings in a Ponzi scheme. Therefore, it’s crucial to assess your financial situation and identify the root cause. Ask yourself if your current financial situation is due to any personal fault, such as a wrong investment or a bad habit.

By accurately diagnosing the problem, you can take proactive steps toward finding a solution.

Make a plan to get out of your current situation
Take where you are as “point A.” Think of a better place in the near future where you are more comfortable financially, and call this ‘point B. Now, think of the steps you need to take to get from point A to point B.

Write these down.

You can do this with a family member, partner, friend, or professional. This plan should be as actionable as possible and not based on vague dreams or lofty ambitions. Remember, your immediate goal is to move from a financial lack to a more comfortable phase.

Talk to someone
Lack of funds can easily devolve into financial stress. but don’t let it overwhelm you. Seek support from someone, like a partner or mentor, who can provide insights on your next steps. Emotional support is just as important during these trying times.

Don’t hesitate to pick up the phone and reach out to someone you trust, whether it’s your parents, a friend, or a partner. They may not have all the solutions in the world, but knowing that someone will listen goes a long way.

Make a budget
Creating a budget is a crucial tool to help manage your finances in good and bad times. It’s a non-negotiable step if you want to take your financial life more seriously and improve your situation.

Start by creating a basic budget that outlines your income and expenses. This will help you plan your finances more effectively in line with the steps outlined in your plan to get out of a financial rut.

Budgeting can also help you identify areas where you may be overspending and need to adjust.

Go frugal and prioritize yours
To weather tough financial times, it’s essential to prioritize your spending and adopt a frugal lifestyle. Cut down on non-essential expenses and focus only on the bare necessities.

Explore new ways to save money and make every kobo count.

For example, you could carpool or use public transport, switch to cheaper alternatives for items you usually buy, and so on. Another great idea is to open a bank account only for essential expenses.

The Mkobobank account comes with zero hidden fees and is a digital-friendly bank that allows you to easily track inflows and outflows.

Remember, being frugal is not just a lifestyle choice; it can also become necessary during challenging financial times. By prioritizing your expenses and being mindful of your spending, you can help ensure financial stability and resilience.

Get a new job or add a side hustle
I know a friend who, after losing his job, immediately joined as a part-time driver for a ride-hailing company. After expenses, he earns N20,000 per day on average.

In the case of job loss or an underpaid job, consider getting a side hustle or applying for better-paying jobs. The growing gig economy means that with the right skill, diligence, and persistence, you can make money from a side hustle.

You can consider driving for ride-hailing companies, dropshipping, messenger services, home cleaning services, or online freelance work such as writing and virtual assistant services.

Seek professional help
Where possible, or if you can afford it, seek professional help. A professional will be able to assess your financial health and provide advice on how to rebound from your current state.

Like the proverbial “light at the end of the tunnel,” you can always arrive at better days after going through financial hardship. Tough financial times can easily strain health, relationships, work-life balance, and everything in between.

Being deliberate and taking actionable, well-thought-out steps can make a difference on your path to financial comfort.

Click here to download the Mkobo app now - https://onelink.to/vetsj2

Last week was paycheck week, so I went shopping with a list of things I needed to buy. I had budgeted for this spend the week before and hoped to move through the market like a ninja.

In the end, I still bought two extra items that were not on my list.

This is known as impulse buying, and it occurs when you buy items that you did not intend to buy. Sometimes you don’t even need the item but believe it will come in handy soon.

Uncontrolled impulse purchases can have a significant impact on your personal finances, leaving you with items you rarely or never use. Anyone can be a victim of impulse buying, so it’s critical to take precautions.

Here are some tips and strategies to help you avoid (or at least minimize) impulse buying.

Have a budget
This cannot be overemphasized. Planning your spending ahead of time can be that saving grace when you want to overshoot your shopping budget for the month.
Of course, having a budget is one part of the pie and the discipline to stick to it is another. But it’s better than shopping blindly without understanding where you currently stand financially. You even risk the chance of incurring unexpected debts

Unsubscribe from marketing emails
Seriously, unsubscribe from them ASAP if you want to curb impulse buying. There’s always that fashion store that has discounts for almost every weekend. These emails often tempt you with discounts and promotions, making it harder to resist the urge to buy.

If you notice it’s making you impulse buy then it may be time to say goodbye. Unsubscribe.

Have a “shopping debit card” or carry limited cash
I have this friend that only carries a certain amount of cash when leaving the house. According to him, it’s his way of curbing impulsive spending. You can have a debit card that you only use when you want to shop.

You transfer some money into it and know that’s your shopping allowance for that period. This is also good practice for online safety especially if you will not be leaving much money inside.

Delay buying new items
I know someone who has this personal rule not to buy anything the first few days after receiving a substantial amount of money. Some people delay buying items for days or even up to a month.

This helps you process, if you really need the item or if it’s just a nudge to buy it.

Shop with an accountability partner
Shop with someone who you know can rein you in when you start getting overexcited and buying more than is necessary. However, it’s important to avoid friends who encourage you to overspend.

Reward yourself
Anytime you can shake off impulse buying, consider rewarding yourself. For example, instead of buying a new smartphone every year, you can hold on for about two years and then reward yourself with a much better flagship device.

Be conscious to pick on advertising
While shopping or scrolling the internet, be conscious enough to notice advertising. While it may be harmless on its own, you want to be intentional about not falling for ads and buying items you don’t need.

Always ask if you need it
When shopping, always ask if you need that item. Do you need to buy two extra pairs of shoes when you just need one for your evening stroll? It can be a tough choice but constantly evaluating purchases can be helpful so you don’t spend more than necessary.

Do you have personal tips you use for impulse buying?

How do you handle it?

Click here to get early access
https://mkobo.bank/

Mkobo Microfinance bank becomes Nigeria’s foremost bank to host its website on the “.bank” domain

The .bank domain is recognized as the global platform for growth and innovation in the financial services industry. Since its launch in 2015, thousands of banks have registered and are presently using .bank domains. Created and managed by banking and security experts, the .bank domain serves as a solid foundation for banks to securely and effectively engage with customers, stakeholders, and regulators.

Acquiring a .bank domain ensures a trusted, verified, and more secure location for your bank’s online banking services. All .bank domains are required to meet robust security technologies and practices and only verified members of the banking industry can register a .bank domain.

What does this mean for you?

More Credibility
Anyone can host a website on a .com domain, however, as security is one of the major concerns of Customers when deciding on their choice of financial partner we made the decision to implement a far more secure .bank domain that offers the best protection to your customers.

The rigorous process required for a bank to register and maintain the .bank domain verifies its trustworthiness, leaving no doubt as to whether or not the institution is credible. Now you can be confident that when you visit our website https://mkobo.bank, you are on a reliable banking platform that is trustworthy enough to handle your money and personal information.

Protection From Phishing Scams
Since anyone can purchase a .com domain, institutions that use the generic domain will face imposter domain concerns. Scammers, for example, can register domains such as thebank.com or banks.com undermining the legitimacy of bank.com.

This increases the likelihood that you may visit the incorrect web URL and provide personal information to a fraudster. The exclusivity of the .bank means you will become accustomed to the .bank domain to be associated with our bank’s website weeding out the fraudulent domains.

Enhanced Internet Security
The .bank domain extension has stricter security standards than other domain extensions. Regulated businesses lay the groundwork for limiting cybersecurity risks and providing additional protection to authenticated .bank users. This means fewer hacks and compromised accounts, giving you peace of mind when using online banking.

With more customers using mobile and internet banking, enhanced safety measures have become more crucial.

Get ready to enjoy fair, transparent, and secured financial services at https://mkobo.bank

Sign up @www.mkobo.com

Download the Mkobo App
Google Play Store - https:///3kLwy3S
Apple App Store - https://apple.co/409P32g

Meet Tunde, a sales executive in a retail company who has an average monthly salary of #150,000 (including commissions). He is single and loves the soft life (my guy na baller) He is also the ‘favorite uncle’ of his younger relatives and supports his siblings too. Things are seemingly good for him except, he almost always turns up broke before the end of the month.

There’s always that one friend we feel shouldn’t be complaining about being broke seeing the modest salary they earn. In any case, there are many factors that could be responsible for going broke with some being beyond our control (cries in the price of food items). However, there are personal habits we can imbibe to keep SAPA away regardless of our monthly salary.

Let’s look at some tips you can use to avoid SAPA as a 9 to 5 employee.

Live within your means
I know you have colleagues and friends who are living the life, or so it seems. But you don’t have to live your life on their terms. Many people spend money to impress people around them or keep up with the Joneses. Others just spend because they believe they can afford it and the money will keep coming.

For example, it’s not the smartest of financial decisions to rent an apartment that takes more than 2 months’ salary combined. It’s also not wise to spend excessively on hangouts, parties, booze, and expensive restaurants when your salary clearly doesn’t match that lifestyle. Live frugally, treat yourself nicely once in a while but above all, live within your means.

Have a budget
Creating a budget and financial plan is a masterstroke for avoiding SAPA. You can easily plan how to use your income efficiently. You can go the extra mile to track your daily expenses and use the data to inform how to plan future budgets or cut spending.

You don’t need to be a trained financial expert to have a budget plan and financial goals. There are many free online tools and templates to help you do this. MS Excel has a ready template you can adapt for personal use. Enjoy free access to personal finance management (PFM) features such as budgeting, real-time spending analytics, auto savings, and an account aggregation tool on Mkobobank.

Settle important bills first
After planning your budget, you will notice some non-negotiable bills. This includes things like food, loan repayments, utility bills, etc. Ensure you handle these once you receive your salary. Buying food in bulk, for example, can save costs while prompt loan repayments can save you from paying more interest. Settling essential bills is also great psychologically because you will be relieved of the financial stress which affects you at work.

Save for rainy days
“Pay yourself first” is one unforgettable lesson from the book “The Richest man in Babylon” by George Clason. This means for every income you receive, you put aside savings first before you spend. Admittedly, this can be difficult to implement but when done can be a superpower to avoid SAPA as a 9 to 5 employee. This is because you can save up an emergency fund when life issues hit, and be able to get back on your feet fast.

Diversify your income streams
Living on one income stream is an extreme sport in Nigeria today. There are business ideas you can combine with your current day job or have your spouse/relative manage on your behalf. Yes, having a manager is often risky but so is living solely on one income stream. Anything can happen at the workplace. Many companies are still reeling from the impact of lockdowns and whole industries and being upended by technology, so job security is not at its highest right now.

If a business or side hustle is too much to handle, you can also put your money to work by investing in stocks, real estate, and other portfolios. Ensure you have adequate knowledge of what you’re doing or you engage a financial advisor to help you.

Apply for a raise
There’s nothing wrong with getting a little extra income for your services. You know you’ve been improving your skills, you’ve probably done some personal development, or have been exceeding expectations at your workplace. If you’ve spent some time on the job and can demonstrate your value, why not apply for a raise?

Bonus tip: Invest wisely, and be careful with high-risk, shady investments
In summary, avoid Ponzi schemes and other unrealistic investments. If an investment promises to double your money within a short time, there’s a high chance it won’t stand the test of time. So many people have lost huge amounts of money to Ponzi schemes, MLMs, and other investments because they wanted unrealistic yields in a short time. Oftentimes, it takes months or even years to recover when these schemes crash.

Do you have other tips on how to avoid SAPA as a 9 to 5 employee?

Please share in the comment section below.

Want to learn more about earned wage access solutions from mkobo.bank?

Click here https://mkobobank.com/early-pay?sect=employees

Last week, I received a call from a childhood friend. After exchanging pleasantries, he went further to explain why he called. His family had been through some financial difficulty lately due to his wife’s sudden health challenges. Before now, he would have opted for a payday loan to meet this unexpected family expense. However, this has only caused him more financial stress, due to the high interest that comes with most payday credit. So he asked for my assistance, to which I obliged.

This story might resonate more with income earners who rely on their monthly wages to cater to their needs. In my last article, I shared some thoughts on an innovative solution namely earned wage access solution, which is an on-demand pay solution that gives income earners access to a portion of their already earned/accrued wages before payday (click here if you missed it).

Although this concept is relatively new in Africa, with a few earned wage access providers attempting to bring the product to market, it is important to clear some misconceptions that I have observed.

1 — Earned Wage Access (EWA) is a loan.
For many salary earners, the first choice for accessing money, especially in an emergency, is a loan from a financial institution or lending company. This loan will usually come with processing fees, interest, late repayment charges, and in some cases insurance fees.

For example, a loan request of N50,000 over 30 days may come with N1,500 processing fees and a 25% interest flat. This means that the borrower will repay a total of N64,000 for this privilege. If the borrower is unable to repay the loan in full as scheduled, the fees and interest continue to accumulate, often spiraling out of control. This scenario is very common with some loan sharks.

It is also to be noted that usually you can only access this loan once a month and cannot access another one until the current loan has been fully repaid.

What differentiates earned wage access from expensive payday loans or salary advance is the fact that there is no interest to pay or penalties for late repayment. The only cost you will incur for using the service is the transaction processing cost, which is usually a flat fee.


2 — It will alter our payroll process.
This concept of employees having access to their earned wages weekly or bi-weekly before payday may appear confusing posing questions such as

how will the funds be available?
how effectively can it track the timesheet?
On-demand access to wages has no impact on your existing payroll operations and requires no additional effort from the payroll team. Earned wage access providers like Mkobo.bank can integrate seamlessly into your existing HR technology systems, and track hours worked then determine the number of funds available to an employee at any given time.

Also, on-demand wages will be credited to the employee’s account by the provider so you need not bother about cash flow and repayment will be made when the employee receives his/her salary on payday.

3 — Employees will spend all their earnings before payday
EWA providers like mkobo.bank only give an employee access to 50% of their accrued wages. This means that they will still have 50% of their salary on payday.

Also, allowing employees to access their earned salaries saves them from having to delve into their savings accounts in the event of an emergency. This helps them build up their savings.

In conclusion, people operations and management are evolving. More flexibility and better benefits are desired by today’s workforce. Employee benefits like EWA provide employers with a competitive advantage over their competitors, as it helps attract and retain top talent. We propose that businesses should consider employee benefits such as earned wage access to assist their employees in improving their financial well-being.

Download Mkobo Bank App
Google Play Store - https:///3kLwy3S
Apple App Store - https://apple.co/409P32g

The other day I stumbled on an Ajo woman at the local market. If you don’t know what Ajo is, it’s a system of savings where people deposit money daily to a woman (or man) and receive the total savings bar commission at the end of the month.

Saving takes discipline and can be daunting for many people. In any case, you require a clear plan, consistency, and discipline to maintain a savings culture. While Ajo still works, there are more awesome tools and resources available to guide you toward saving and reaching your financial goals.

Let’s look at five practical tips you can build a savings culture.

1. Get a separate savings account
The first step to building a savings culture is to get a separate bank account specifically designated for saving. This account should be different from your regular account(s) and may not need an ATM card.

Using a separate savings account makes it easier to monitor your savings and progress. The Mkobo app makes it easy for you to open a savings account without having to visit a physical bank in 3 mins. With a few clicks and the provision of relevant documents for verification, you can have a new savings account.

2. Take advantage of direct debit or automated savings
One of the most effective ways to build a savings culture is to automate your savings.

Unlike Ajo, where you need to pay the collector cash every day, you can automate your savings feature on Mkolo fixed or flexi savings, to directly debit from your bank account to your savings account.

This means that a certain amount of money will be deducted from your account at intervals and transferred to your savings account. This feature ensures that you save consistently without having to worry about doing it manually.

3. Take advantage of returns
Another great way to build a savings culture is to take advantage of returns on investment. When you save with a cooperative, for instance, you can earn returns on your savings at the end of a specific period.

With the Mkobobank app, you can earn up to 15% per annum on your savings, which is higher than the returns offered by most traditional banks.

By earning returns on your savings, you incentivize the saving process, grow your money and achieve your financial goals faster.

4. Save on banking costs
A big hindrance to a strong savings culture is the one-too-many charges that often come with traditional banks. In fact, there are some bank accounts I had to abandon because of this issue.

With the Mkobobank app, you can save on banking costs by avoiding unnecessary fees and charges. The app offers free transactions, which means that you can save more money and worry less about how much charges your bank shaves off your savings.

5. Track your progress
Finally, it is important to track your progress when building a savings culture. The Mkobo bank app offers a range of features that can help you track your progress. This makes it easy to know where you are on your savings journey per time.

In conclusion, building a savings culture is an important step toward achieving financial stability and security. With the right tools and guidance, anyone can build a savings culture that will help them achieve their financial goals.

Using bank apps like Mkobo’s makes it easier to reach your savings goals faster. The Mkobo app comes with a range of features to help you build a savings culture, including automated savings, high returns, and low banking costs.

By following the steps outlined in this article, you can start building a savings culture today and achieve your financial goals.

Google Play Store - https:///3kLwy3S
Apple App Store - https://apple.co/409P32g

The shift to a cashless system has been challenging, especially in Nigeria where cash transactions are prevalent.

As of February 10, 2023, Nigeria’s Central Bank (CBN) officially discontinued the use of old 200, 500, and 1,000 naira notes, causing widespread panic and anxiety among citizens.

Despite efforts made to introduce the new notes and the supreme court judgment which extends the use of old naira notes till December 2023, a shortage of currency notes has forced numerous Nigerians to switch to a cashless way of life.

Knowing how to navigate a cashless economy will greatly ease the stress on numerous Nigerians. In this article, we will provide some tips to make the transition to a cashless system less hectic and safe for you.

1. Use digital payment methods

What’s a cashless economy without digital payment systems?

Advancements in fintech now means you have a plethora of digital payment channels at your fingertips. They include mobile banking apps, internet banking, QR payment, and USSD codes among others. More fintech products like Mkobobank are being launched to make payments and digital banking a better experience for everyone.


Ensure you have a good number of options at your disposal. However, let it be in such a way you can still manage your spending habits.

These payment methods are secure, convenient, and easy to use. With just a few taps on your smartphone, you can transfer funds, pay bills, and make purchases.

2. Keep track of your transactions
Imagine you have three legacy bank apps, three “fintech” apps, four ATM cards, and USSD codes attached to different banks — it becomes difficult to track what’s happening.


This is even more difficult when you’re forced to pay for goods/services using any of the above options when the first one fails. It becomes essential to be able to monitor your spending. Failure to do this could lead to issues down the road.

For example, you may not quickly detect when fraud happens in your bank accounts.

One way to track your spending is by checking your bank statements regularly or setting up transaction alerts either via SMS or email. You can also limit online spending to only select accounts. This way, you can easily detect any discrepancies or unauthorized transactions and report them to your bank.

3. Plan ahead
I think the major expense point for daily life is public transportation and small-scale purchases and services.

If you can plan to keep cash for these two major areas, it’s easier to go cashless. So avoid spending cash at the supermarket where they have POS terminals, and save it for when you visit Iya Funke at the local restaurant.

I expect more SMEs to get on the cashless train and adopt payment solutions that don’t require cash.

In any case, you want to plan your daily spending to know how much cash you may need for that day. This way, you can avoid the risk of running out of cash when the need arises.

3. Be Security Conscious
A downside of digital payment systems is exposure to online criminal activity. Criminal actors have become more sophisticated so you have to take your online safety more seriously.

Protect your personal information and bank details using strong passwords, avoid public Wi-Fi networks, and be more careful who you share your banking information with.


One trusted piece of advice is to have a separate debit card for online spending. This card will only have money earmarked for daily/weekly spending so in the event it gets compromised, your main account is not affected.

Also, avoid or take proper precautions when using your ATM cards at untrusted POS merchants and report any suspected fraudulent activities to your bank immediately.

4. Take Advantage of Financial Tools
Many financial institutions like Mkobo bank offer digital tools and apps to help you manage your finances more effectively.

For instance, the Mkobo bank app will be launching Mkolo Savings and Personal Finance Manager feature soon. These features will enable you to automate savings, track your spending easily, and earn up to 15% interest on savings to help you achieve your financial goals.

Other tools help you track your monthly spending which is great for monitoring how you spend using digital payment systems.

The cashless economy will only get more ingrained in Nigeria going forward. Learning how to navigate a cashless system will make life easier for you. This article has shared some handy tips you can use to achieve this.

Going cashless requires careful planning and preparedness. You also have to be security-conscious and take advantage of financial tools and resources on the Mkobo bank app.

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Apple App Store - https://apple.co/409P32g

Welcome to February!

Ahhh, I know the feeling when you survived the 45 days of January.
I won’t be surprised, if you are already counting down to the end of February.

The usual excuse abi?

Bills everywhere, and the money was not enough…

Many years ago, I learned that the feeling that my income was not enough wasn’t dependent on how much I was earning, but on what I was doing with what I earned.

When I learned these lessons, my finances changed.

Let me tell you a story about Seun.

Seun started his career as a customer service representative with a salary of N50,000. He took the job hoping that he could save some money for his master’s degree.

Three months into his job, someone from the head office of the company informed him of a cooperative program where he could save money and earn some interest monthly. So he decided to set aside N20,000 monthly from his salary for saving, signed a direct debit and no access to the account for the first three months.

Every other month, he worked to get additional bonuses to augment his expenditure. During the period, though he lived with his parents, he still had to pay bills like DSTV & Light bills which were about N7,000 at the time.

When his salary was increased to 70k, he increased his savings to N40,000. Now you might be asking, how did he survive with just N30,000 monthly in a city like Lagos?

Here are some things that helped him;

Staff bus — this means that he spent almost nothing on transportation.
Free airtime from his place of work

At the end of two years, he had accumulated about N450,000 with interest accounting for N50,000. By the end of his first- four working years, he had bought two brand new laptops, two televisions, a land in Sango Ota, and one Naija used car that he used to learn how to drive.

All these are on a salary of 50k — 70k. So it baffles me when you say that you don’t have money to save.

7 tips for avoiding debt and building wealth in 2023

Be smart, be like Seun, delay gratification and start building wealth using the tips below

Create a budget: One of the most effective ways to avoid debt and build wealth is to create a budget and stick to it. This will help you to see exactly where your money is going and identify areas where you can cut back. Click here to access a simple template for budgeting

Live within your means: [/b]To build wealth, it’s important to spend less than you earn. This means avoiding lifestyle inflation and living below your means, even if that means making sacrifices in the short term.

[b]Pay off high-interest debt: High-interest debt, such as credit card debt, can be a major obstacle to building wealth. Prioritize paying off this type of debt as soon as possible to free up more money for saving and investing.

Invest for the long-term: Investing in stocks, mutual funds, or real estate can be a great way to build wealth over time. However, it’s important to have a long-term perspective and not to get caught up in short-term market fluctuations.

Save for emergencies: Having an emergency fund can help to protect you from falling into debt if you face unexpected expenses. Aim to save at least 3–6 months’ worth of living expenses in case of an emergency.

Automate savings: Make saving automatic by setting up automatic transfers to a savings or investment account. This way, you’ll be less likely to spend the money on impulse purchases.


Continuously educate yourself: Keep learning about personal finance and investing to stay informed on the latest strategies for building wealth.

By following these tips, you can avoid debt and build wealth in 2023. It’s important to remember that building wealth is a long-term process and requires discipline, patience, and a commitment to making smart financial decisions.
The understanding of what you do with your income will determine if you will ever build wealth or continually go broke month-on-month, always hoping for a better job to change your state.

My advice is don’t succumb to pressure of the society to live above your income. Even the Holy book admonishes that one should plan, save and keep inheritance for future generations.

Achieve financial wellness with Mkobobank, click here to download the app and start automating your savings.

Do you have any other tips to share? Let us know in the comment section below

According to the February 2022 report by PwC on Employee Financial Wellness only 42% of 3,200 surveyed full-time employees stated their salary is keeping up with increasing costs of living, 1 in 4 full-time employees is working more jobs than in previous years to make ends meet, and 56% are worried about their finances.

The reason for this is not far-fetched.

Rising inflation rate plus the aftermath of the global coronavirus pandemic, has had a negative impact on salary earners who have a relatively fixed income.

In Nigeria, for example, recent data from the National Bureau of Statistics show the inflation rate hit an all time high of 18.60% in June 2022. This means that an employee's ability to provide for his basic needs is becoming difficult due to the high cost of goods and services.

In 2017, PwC published a report that links financial stress to employee productivity, and the negative impact on the overall profitability of the organization.

What is Financial Wellbeing?

In a broad sense, financial wellbeing can be defined as having peace of mind regarding one’s personal finances. Ideally, this cuts across one’s ability to control, plan for the future and meet day-to-day personal financial goals.

However, in reality, a salary earner is faced with utility bill payment, family expenses, transport fare, car repairs, hospital bills, high cost of living due to inflation and so on which leads to financial stress.

Employees' Financial Stress decreases Productivity.

The total well-being of an employee comprises their mental, physical, and financial well-being. It is important to note, however, that financial stress causes emotional stress, which can lead to health problems. When an employee is comfortable financially, their health is likely to be better, resulting in lower healthcare expenses for employers, increased employee productivity, engagement, and retention rates.

While employees are not expected to allow personal matters to interfere with their job, productivity is often tied to the physical and mental state of the worker. It is hard to separate employees from some areas of their personal life such as financial well-being.

According to the 2017 PwC survey, financially stressed employees were five times more likely to lose concentration while at work. Distraction at work accounts for up to 9 hours per week loss in man hours. 20% of full time employees have acknowledged missing a day of work to cope with financial difficulty.

Many experts have proposed various strategies for companies to help their employees overcome financial stress. Some solutions include revising their company's compensation packages to keep up with inflation, and providing free financial counseling. One other way to reduce financial stress is access to salary advance.

Mkobobank offers a solution to boost Employees Financial Wellbeing

Access to credit in an emergency is a HUGE problem in Nigeria today, this has given rise to a lot of Payday lenders charging up to 30% interest per month.

One reliable way of giving your employees access to salary advance is by adopting the Earned Wage Access (EWA) program.

Earned Wage Access (EWA) is an on-demand, interest free pay which gives an employee access to their wages as they earn them. When it's payday, the amount accessed in advance is withdrawn automatically from the salary.

Mkobobank is a digital bank for salary earners providing a solution to reduce employee financial stress. The vision is to improve the financial wellbeing of economically active Nigerians using the EARLYPAY feature in the mobile app. EarlyPay is an Earned Wage Access program which gives employees access to up to 50% of their accrued/earned salary at any time INTEREST FREE.

Mkobobank gives employees the ability to make everyday their payday using EarlyPay - earned wage access, anytime they need emergency funds to cater for personal needs e.g bill payment, family expenses, transport fare, home or car repairs, hospital bills etc.

EarlyPay breaks up the weekly, bi-weekly, or monthly pay cycles so workers can receive money that they've already earned before their salary to meet any financial emergencies.

Mkobobank is owned and managed by Mkobo Microfinance Bank Limited which is fully licensed by the Central Bank of Nigeria (CBN).

Visit www.mkobobank.com to learn more on how Mkobobank’s EarlyPay can boost your financial wellbeing or that of your employees.

The first batch of beneficiaries of Lifeline Asset Finance (LAF) from Mkobo Microfinance Bank in partnership with Kwik delivery, graduated in August 2022. Mkobo finances income-generating assets for individuals and small businesses who are normally excluded by traditional banks based on lack of credit or transaction history.

One key asset we finance is motorcycles for individuals and businesses in the logistics and delivery services sector. The advent of eCommerce has led to increasing demand for logistics delivery services, especially last-mile delivery. This has created an opportunity for self-employment which will help many Nigerians to get out of poverty.

The Founder/CEO, Habeeb Adeokun, said that Mkobo has impacted over 278 Riders through the provision of lease-to-own and hire purchase of over 250 motorcycles (Okada) in the last 24 months.

According to Habeeb, “Motorcycle ownership has improved riders’ lives by providing them with an asset to generate sustainable income.” This aligns with the company’s mission – to help improve the lives of economically active Africans and help eradicate poverty which is aligned with United Nations Sustainable Development Goals (SDG-1).

During the handover ceremony, one of the riders, Agamugoro Emmanuel based in Lagos, who was unemployed for over a year before joining the program, thanked the bank for giving him the opportunity.

He said, “as a married man, it has not been easy for me to cater for my family due to the high cost of living. However, with the opportunity provided by LAF, my finances have improved. I currently earn an average of N50,000 weekly which used to be my monthly salary, before I became unemployed.”

Aside from the 12-18 months lease/hire purchase, Mkobo’s Lifeline Asset Finance (LAF) also provides Riders with fully comprehensive Insurance, Life insurance, and Medical Cover and we are also working on providing Financial literacy and a free bank account with Mkobobank launching soon. Our long-term goal is to support over 10,000 riders through LAF in the next 3 years. This will provide them with a source of livelihood and contribute to Nigeria’s economy.

As a logistics firm or mobility as a service platform, the bank can also partner with your company to provide this opportunity to a large number of people to earn a living through self-employment.

About Mkobo Microfinance Bank

Mkobo Microfinance Bank is regulated by the Central Bank of Nigeria (CBN). We began operations in 2015. At Mkobo, our goal is very simple and that is to provide simple and affordable financial services to help improve the lives of 10,000,000 ordinary Africans by 2026.

As part of our efforts to improve the financial well-being of Nigerians, we will be launching Mkobobank – a digital bank for salary earners, self-employed and entrepreneurs. Mkobobank allows salary Earners to access 50% of the accrued salary before Payday at ZERO interest!

To learn more about Life Asset Finance by Mkobo - https://mkobobank.com/asset-finance