Sparkle, a digital ecosystem providing financial, lifestyle and business support services to Nigerians across the globe, has been launched.
Sparkle, which has been granted a banking license from the Central Bank of Nigeria (CBN), has been built to help Nigerians fulfil their potential. Sparkle offers comprehensive support for individuals, including flexible payments, savings and analytics to provide greater freedom, flexibility and control over finances and lifestyle once and for all.
Powered by data and technology, Sparkle is launching a mobile app – available for iOS and Android – giving customers full and free access to one account that offers multiple services and different wallets.
Sparkle’s users will be provided with visibility over spending patterns, with a detailed breakdown of payments by category. Tools such as Sparkle Stash, a savings tool aimed towards specific goals, are included. Users will also have the ability to split payments and bills, make utilities and bill payments, as well as send and receive money in the Sparkle network and with other local banks. Customers will also have access to Indy – a 24/7 financial buddy and customer services chatbot.
Sparkle has been founded by tech investor and financial inclusion advocate Uzoma Dozie, the former CEO of Diamond Bank. Uzoma currently fronts an online TV show called Tech Turks, shining a light on entrepreneurs and launched TechFest in 2018 in Lagos, Nigeria.
Uzoma Dozie commented: “Sparkle will be transformational for Nigerians across the globe and I am hugely excited to be launching it today. Sparkle is redefining Nigerian commerce by merging financial services with a seamless lifestyle solution. We are removing barriers using technology and data, driving inclusion at scale. In doing so, we are empowering Nigerians to fulfil their potential, democratizing access to valuable solutions for both business and personal needs.”
Sparkle is partnering with VISA, Microsoft and PwC Nigeria to provide expertise in APIs, cloud computing, data science, machine learning, tax and financial advisory services for the benefit of Sparkle’s customers. The services offered by Sparkle are all licensed by the CBN.
The launch of Sparkle comes at a time when most of Nigeria’s population (79%) have mobile connectivity, with 39% having access to mobile broadband connections, according to GSMA Mobile Connectivity Index. This young and growing population – currently over 195 million people (according to the World Bank) – are also digital natives, with social networks forming part of everyday life. The impact of Covid-19 continues to be felt across Nigeria, accelerating the transition to more digitally enabled lifestyles. As such, there is a real opportunity for digital-only propositions like Sparkle to meet Nigeria’s needs, for individuals and small businesses to remain connected and thrive, both now and in the future.
Uzoma Dozie continued: “We are working with global partners to unleash freedom, flexibility and transparency in Nigeria. We are helping to drive forward the growth of Nigeria’s budding entrepreneurs and individuals. Join us to make history as we enter the future of commerce and look towards this exciting phase of growth.”
Sparkle has recently joined Women’s World Banking, working to ensure greater financial inclusion for women, their families and communities in emerging markets, where Uzoma Dozie was previously a Board member. Sparkle has also joined Open Banking Nigeria, collaborating with Nigeria’s financial services industry to transform and advocate open banking in Nigeria, and to lead the way in Africa too.
Sparkle is a lifestyle and financial ecosystem providing seamless solutions to Nigeria’s retailers, SMEs and individuals. Leveraging technology and data, Sparkle’s mission is to help Nigerian’s fulfil their potential by democratizing to valuable solutions for their business and personal needs. Starting with current accounts and savings accounts, Sparkle will co-create with its customers and collaborate with its partners to improve value-add services and increase its user base. Current partners include VISA, Microsoft and PwC Nigeria.
In Kenya, the Equity Group, through its fintech division Finserve, launched a similar ecosytem like Sparkle’s called mKey for Android device users in 2018. Latest usage figures for the mKey platform remain unclear.
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