Following the proliferation of financial technologies, Fintech, there are now many Fintech companies , especially loan apps operating in the Nigerian financial sector. Some of these Fintech companies not approved by the Central Bank of Nigeria, which has regulatory authority over banking and financial institutions in Nigeria. It’s therefore very important to verify if any Fintech company has got the approval of the CBN before transacting with them, to avoid falling victim of shark loan providers operating in the Fintech sector.
Branch
Branch International Financial Service is a personal finance app that leverages financial technological to give Nigerians access instant loan of up to N1 million naira, transfer and receive money, and to make investments that offer up to 10% return on investment.
Countries Branch Operates
Branch International Financial Service currently operates in four countries — Kenya, Tanzania, Nigeria, and India. It also has office in San Francisco, California, USA where it has its headquarters.
Established in 2015, Branch has as of February 2022, raised $300 million in funding and was valued at $4 billion.
Branch has been powering mobile links and cross-platform measurement and records over 3 billion monthly users globally and has been selected by over 100,000 apps since 2014 when it was first launched, including Adobe, BuzzFeed, Yelp, and many more.
Services Offered by Branch
- Instant Loans
- Money transfer
- Investment opportunities
Money Transfer
Nigerians can transfer and receive money using Branch account number
Branch International Financial Service Account Number
Account number issued to you by Branch when you create account on its app works like any other regular bank account numbers. The account number be used to fund your wallet and receive money from any bank. To see the account number, click “Account Info” in the wallet section of the app.
Branch Wallet
The Branch Wallet enables you to carry out seamless transactions such making transfers to other banks, pay bills such as Electricity and Cable TV, and buy Airtime & Data via the Branch app for free.
How to Fund Your Branch Wallet
You can fund your Branch Wallet with a Branch loan, bank transfer to the your Branch account number, or debit card.
Is Branch Approved by CBN?
Information on Branch website says: “we are licensed by the CBN to provide fund management services, therefore we are able to manage the funds placed with us by ourselves. We also work with licensed fund managers who invest the funds on our behalf in approved investment opportunities.”
Our findings show that Branch is one of the CBN licensed Fintech companies in Nigeria as contained in the
list of licenses fintechs released by CBN in 2021.
The Central Bank of Nigeria on its official website
published information about Branch International Financial Service. These are proofs that Branch is licensed to operate in Nigeria by the Central Bank of Nigeria.
