Sparkle Bank: How to open an account, save & how it works
Sparkle Bank is a fast-rising Fintech company in Nigeria. This company aims to aid the transactions and lifestyles of Nigerians.
Sparkle Bank was founded by Uzoma Dozie, the former Group Managing Director of the defunct Diamond Bank. Uzoma Dozie’s founding vision was making good financial and business support available for Nigerians.
Sparkle Bank was launched on 3rd June 2020. Sparkle has an accredited banking license that was issued by the Central Bank of Nigeria (CBN).
Nigerians can create an account within minutes from any location in the world. All they need is their email address, Bank Verification Number (BVN), and their phone number for receiving a One-time-password (OTP).
In this post, we will be looking at how Sparkle Bank works, benefits, requirements, and many more that will be of help to you.
How Sparkle Bank works
Sparkle Bank works like most other banking apps. To create an account with Sparkle Bank, download its app from the Google play store or App store.
It is from the app that you will create your Sparkle account. Input all necessary details and you will receive your active account.
Sparkle lets you save like a bank. One of its inbuilt features, called Sparkle Stash allows a user to save and invest. This can be done periodically with a group of people.
Benefits of using Sparkle Bank
Sparkle Bank comes with many features and that means many benefits. Here are some of them.
- You can open an account and start making transactions in just 5 minutes. You don’t need to queue in a bank branch or fill long and voluminous forms.
- You can analyze your spendings and categorize them. This helps you to keep track of your expenses and how much you have spent. You can also get the daily, weekly or monthly reports.
- The Sparkle Bank mobile app allows you to send and also request money. This can be to other users on the Sparkle tribe or users of other Nigerian banks.
- You can top up your airtime, data subscription, pay cable and other utility bills.
- You can make use of physical cards. This will help you with online purchases. It will be delivered to anywhere you prefer in Lagos, Nigeria. Also, you can create a virtual card if you don’t fancy the idea of going around with a physical card.
Is it safe to use Sparkle Bank?
Sparkle Bank is a reliable financial body that provides numerous internet services to Nigerian retailers, SMEs, and other customers.
Sparkle Microfinance Bank is licensed by the Central Bank of Nigeria. Right now, Sparkle has had over 16M transactions carried out on its app, more than 3,000 physical and virtual cards have been issued to Nigerians.
Sparkle Bank currently has more than ₦400M deposited with them and about 21,000 users. They currently partner with Microsoft, PWC and VISA.
All deposits to Sparkle Bank are insured by the Nigerian Deposit Insurance Corporation (NDIC).
Requirements to open a Sparkle Bank account
Opening an account today with Sparkle is very easy. With a good internet connection, you should be done within a few minutes. Below are the requirements to open an account with Sparkle.
- You must be at least 18 years of age.
- You must have a valid email address for verification.
- A phone number for receiving OTP.
- Your Bank Verification Number (BVN).
Sparkle Savings (Sparkle Stash)
Also, known as Sparkle Stash, this feature allows you to save your money wisely. You can save by a percentage, by earning interest, or with a group of other Sparklers.
To get started, create a Stash. Personalize it with a name, featured image, and choose a category. Setup how you want to save, it might be daily, weekly, or monthly.
You can also make a setting that will save a particular percentage off any debit transaction you make. The deducted percentage will be automatically added to your Sparkle Stash.
Once you have at least ₦100,000 in your Sparkle Stash, you will get an annual interest of rate 3.75%. You are allowed to withdraw from your interest stash 2 times. After that, your interest will be forfeited but your principal is intact.
Also among the Stash options, there is a feature called “Esusu“. The Esusu feature enables you to save together with a group of people also on the Sparkle platform. You can also invite friends that haven’t joined Sparkle to create an account and save with you.
You can make payments easily with high security by making use of Sparkle cards. You can go for a physical card that would be delivered to you or a virtual card that can only be used online.
The Sparkle card has a crisp-looking colour with an enhanced colour palette. It also has a distinct Green-Orange gradient that’s pleasing to the eye.
The Sparkle card can help you settle payments in restaurants and malls, online, and even in POS outlets.
For security purposes, you can easily block and disable your Sparkle card in case there are emergencies, misplacements or if you are a victim of theft.
Still also for security purposes, you should know that your Sparkle card can no longer be reactivated once you deactivate it. You will have to apply for another card.
Aside from making payments and controlling your transactions, your Sparkle card makes you eligible to enjoy certain discounts and offers from partners of Sparkle Bank.
When paying through the app, your Sparkle card enables you to have a discount of:
- 15% off payment for GIGM.
- 10% off payments made at the bar, hotel or beach at the landmark.
- 10% discount off any food or meals you have at Nok by Alara.
How to open a Sparkle Bank Account
To sign up with Sparkle Bank, download the mobile app. Download for android from the Play store. iPhones users can download it from the App store.
Launch App and confirm your email
Launch the app and click on “I am new to Sparkle“. Input your email address and wait for a confirmation email in your inbox. Confirming your email will make it possible for you to retrieve your password in case you forget it.
Input your number
Input your phone number and your full name in the “about you” page. You should also upload a profile picture.
Complete OTP verification
An OTP will be sent to your phone number. Confirm it and you are almost done.
To make transactions on the Sparkle Bank app, you need to verify your BVN. Enter your BVN and take a photograph of yourself. The photograph should show only your face and it should be clear.
Your uploaded photo and BVN will be confirmed and checked if it’s linked to your details. Wait for approval and start cruising on the Sparkle app.
Sparkle Bank customer support – Chat with Indy
You can make use of Indy, a customer care bot designed with the latest Artificial Intelligence. Indy has been tested and can answer most FAQs about the Sparkle app.
To use Indy, click on the “chat with Indy” button on your dashboard and type in your questions.
Sparkle head office Address
SPARKLE MICROFINANCE BANK LIMITED (RC1589808) is situated at 76A, Samuel Adedoyin Street, Off Sinari Daranijo Street in Lagos, Nigeria. 10 employees are working in this office.
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