| Wallets Africa Review – Is this Fintech Company legit or a scam? What you |
| need to know. |
| Wallets Africa is a Nigerian fintech setup present in two other countries, Ghana |
| and Kenya to help consumers and businesses spend and receive money seamlessly. |
| But are they really legit? Or are they one of those online fintech scams? In this |
| article, we will look at Wallet Africa, its products and mode of operation, and |
| whether it is legit or a scam. |
| What is Wallets Africa? |
| Wallets Africa is a Nigerian fintech startup that aims to simplify the process by |
| which consumers and businesses send, receive, and spend money using a card and |
| an app. |
| It has physical and virtual US dollar VISA cards that allow Africans to pay for |
| global services and merchants such as Amazon, Netflix, and eBay seamlessly. The |
| company offers three types of products to meet its customer’s needs. |
| Wallet Africa Products |
| 1. Consumers |
| Wallets Africa allows consumers to easily transfer money to their local bank |
| accounts in Nigeria, Ghana, and Kenya. Additionally, you can use it to carry out |
| online transactions such as purchasing airtime and data, including cable TV |
| subscription. Also, it allows you to have a virtual dollar card here in Nigeria, |
| Ghana, and Kenya. |
| The Wallets Africa virtual card is accepted on many global platforms such as |
| Spotify, Airbnb, Uber, Amazon, Netflix, Facebook ads, Google ads, etc. |
| Also, with Wallets Africa, you can easily convert bitcoin into the fiat currency of |
| any of the three countries. |
| 2. Businesses |
| Wallets Africa offers business accounts for businesses in Nigeria, Ghana, and |
| Kenya to create virtual expense cards and instantly carry out business payments |
| online. |
| Also, the setup introduced an overdraft feature for businesses that allows small |
| businesses to carry out transactions of small amounts without funding their |
| account. However, the overdraft is given based on the business’s volume of |
| transactions from the previous month. |
| 3. Developers |
| With this startup, developers can offer financial services to their existing |
| customers via the REST APIs. |
The APIs have predictable resource-oriented URL that uses standard HTTP, verbs, and response codes. It also accepts form-encoded request bodies and returns JSON-encoded responses.
| Developers can integrate their websites with Wallets Africa. To access the |
| developer account, go to the platform’s dashboard through the ‘developer keys’ |
| option displayed on the settings menu. |
| Is Wallets Africa Legit or a Scam? |
Wallets Africa is duly registered as a third-party agent with Visa International. The Wallets Africa prepaid card is issued by the United Bank of Nigeria (UBA) and Global Technology Partners via a tripartite agreement. Also, the account numbers are issued through a collaboration between Fidelity Bank Plc and Woven Finance Limited. Looking at this, you can easily say the app is legit, but they have been complaints about the app lately. There have been complaints of transactions hanging in for three months, customer care not responding to complaints, and deposit funds not reflecting. So obviously, you cannot rely on such an app. So its legitimacy is questionable. However, it cannot be outrightly called a scam app. Here is a link to the Google Play wall to read some of the complaints about the app. If you must invest in Wallet Africa, do with caution.
Wallet Africa Account Opening
To open a personal account with Wallets Africa, you must be up to 16 years old.
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All you need to create an account is a valid phone number and email address.
Go to the Wallets Africa website via your browser to download the app. Also, you can download the app on Android and iOS.
Your business must be legally registered in Nigeria to be able to open a business account. Also, you must have an RC number and a business name duly registered with the Corporate Affairs Commission.
Wallet Africa Fees
Signing up and depositing money via bank transfer into the app is entirely free. If you want to deposit money via your card, Wallet Africa will charge you 1% of the total amount you are depositing. However, the fee will never go beyond N2000 and its equivalent in Kenya and Ghana.
If you fund your account via Bitcoin, you will be charged 5% of the total amount you deposited. Also, transferring money to a local bank account number attracts a fee of N25.
To get Wallets Africa’s Visa dollar card attracts a one-time charge of $5. Also, the minimum amount to fund your dollar card is $10. Furthermore, every dollar card transaction carried out with a merchant outside the US will attract a fee of $1.
Wallet Africa Contact Lines
- Twitter: www.twitter.com/walletsafrica
- Facebook: www.facebook.com/walletsafrica
- Instagram: www.instagram.com/thewalletsafrica
Conclusion
Carefully read about the app, including the recent complaints before investing in it. Wallet Africa cannot be out rightly called a scam, but it is risky to invest in it due to its suspicious nature. So take your time and properly read through it before deciding to invest or not.
