PennyTree launches retail banking app

Following this launch, the company aims to offer their customers, individuals, and merchants financial solutions to grow, scale or start their business operations. The banking app will provide financial and business advisory, while the customers can carry out with their regular banking activities, such as transfers to other PennyTree users , or other banks. 

Furthermore, the application will give the clients the opportunity to lock their funds in a secure savings wallet and ear returns, along with the possibility to create separate business accounts for new or already existing businesses. They can also generate invoices and receipts for their customers, or keep track of the inflow and outflow of their business.

Along with the redesigned version of their banking app, PennyTree has announced the launch of a new Merchant Community. This project was created to perform as a support group for clients and merchants at different levels and business stages, where they can collaborate and connect with one another. 

Allegedly, the community aims to create a safe environment for their clients, where they can learn from each other and have an easy access to advisory services. This platform allows businesses of any stage or level to enter the community, as the idea of it is to help merchants follow their growth process. Additionally, the company advises new merchants to join as well, as it could be helpful during their starting point.

PennyTree’s expansion plans in Nigeria

PennyTree  is a neobank  that offers their customers and users numerous individual financial services, such as fast and secure bank transfers, personal vaults, target servings and bill payments. The clients can open a separate business banking account with the Merchant Services offering. Using this platform, merchants can receive payments from vendors and clients, download a stamped bank statement in real-time, transfer up to USD 11,122  daily, and generate invoices and receipts. 

According to the Nigeria Bureau of Statistics (NBS), small businesses in Nigeria have contributed by approximatively by 48% to the national Gross Domestic Product in the last five years. Reports show that in Nigeria, the total number of enterprises was estimated at USD 41.4 million, extended across 36 states in the country. 

This represents one of the reasons why PennyTree has decided to help the small companies and businesses to reach their goals and potentials in the near future, as this will help with the national GDP growth process and economy. PennyTree’s aims is to offer small businesses a platform where they can save and invest their money securely, while collaborating with numerous other merchants.