Why Bother About Loans When You Can Save Money: The Need For Sumo Bank

Why Bother About Loans When You Can Save Money: The Need For Sumo Bank

Hi guys

For many startups and indeed everybody in every facet of life, there is always the need for money. I cannot begin to tell you the things, wonderful and wicked, that money can achieve for you. Sometimes, you will need to take a loan to handle some of the things. But, there is good news for you. By the time you will finish this article, you will understand the need for sumo bank in your life and why you may not need to take a loan.

The question you should ask yourself is “Why bother about loans when you can get the money from saving?” There is really no need for that.

Does it make any business or financial sense? It is within your grasp to get that which you can borrow to achieve.

There was an experience I had that I want to share.

I remember the last project I wanted to handle. That was back in 2016 as a youth corps member. The project was supposed to cost 150,000 Naira. I won’t tell you what exactly the project was but the important thing is that I handled the project. How did I do that? I will tell you.

Bear in mind that the salary of an average youth corps member is 25,000 when you factor in the money you will receive from your PPA. That was how much I was making monthly from service and I needed to carry out a project immediately after service.

The worst part of the whole story is that this was happening at the time when it was almost impossible to live in Nigeria. Nigeria had just gone into recession and the cost of living was very high.

But I had to handle this situation before it got any worse. I had to raise money within one year and I figured that if I raised the money through a loan, I would still have to struggle to pay back with interest.

More so, I didn’t have properties to sell and if I had, I wouldn’t just sell them without justification. But I needed to raise money and I needed to do that fast. I resorted to saving money.

Do you know that in some months, I could save up to 20,000 Naira and still lived well, still went out and still made some other good investments? It is safe to say that I had other side hustles that brought in money but I was able to raise the money in 8 months from my meager salary.

The truth is that I’m not alone in this testimony of how saving has helped in carrying out one project or the other. You can see that there is the need for Sumo Bank.

I intend bringing to your notice clearly laid out features of Sumo Bank that makes it interesting as a platform for saving money, but first things first, let us look at what Sumo Bank is.

What Is Sumo Bank

saving money on sumobank as a student

I will not sound too technical so that anybody reading this will understand what Sumo Bank represents. This bank is a digital platform (everything is online) that enables you to save money and carry out other financial transactions.

From its name, it is obviously a bank but it is a bank that does not require you to locate its offices before you can carry out financial transactions. Everything is done online and it is quite easy.

Have you ever considered sitting at home to carry out all transactions, more of total mobile banking? Then, this platform offers you just that.

Sumo Bank is automated digital platform or better put, an automated personal savings and financial management tool that helps you save, send, receive and plan your finances effectively and make better business, finance and mission decisions regarding fundraising.

This should be enough on what it is. The need for sumo bank will be understood more when you understand the features it will provide for you.

The Need For Sumo Bank: Features Of Sumo Bank

  1. 10-15% interest rate

Did I just hear your heart skip a beat? Don’t worry; you are not the one paying the 15%. The bank pays you for saving with it. You will receive 15% interest on any amount you save at the end of every 1 year.

Let’s do the calculation; if you save up to 1 million Naira in a year, you will get 150,000 Naira extra. That is quite interesting if you ask me.

So, tell me, is there a need for sumo bank or not? My guess should be as good as yours.

  1. Guidance on what to do with your money

At the inception of your journey towards saving money, you will be directed to state your reason for saving, the duration and the amount you want to save. When you get to that threshold, you will be promptly reminded of your reason for saving.

That is not all. Sumo Bank is in partnership with Entrepreneur Nigeria which is one of the leading business coaching platforms in Nigeria. The dedicated team will guide you with the business you want to start if you saved for a startup. They can guide you too on buying the house or car you saved for or any other reason.

The essence of this is to make sure that you don’t lose focus on what is right and wrong and on what led you to save in the first place and how you intend to achieve that.

  1. Affiliates

The platform comes with an opportunity to make money for serious-minded fellows.  There is an affiliate program for people who can get to Sumo Bank fast. When you have saved with the platform, you can refer people with the affiliate and referral links and make a certain amount of money when the person saves up to 10,000 Naira on the platform.

So, for people who can work hard, this presents an added opportunity for them to make money through the platform hence the need for Sumo Bank.

  1. Charges on premature withdrawal

This is not in any way meant to punish you or defraud you. It is quite the opposite. It is meant to discipline you. The reason many people don’t succeed with saving in a bank is that they always run back to the bank to withdraw the money at the slightest provocation. This doesn’t make much sense.

Sumo bank will ensure that you don’t withdraw before the date you preset for withdrawal. If you withdraw before the withdrawal date, you will have to pay a certain amount of money. This money is meant to deter you from premature withdrawal. Remember, the essence is to help you succeed with your plans.

For now, I will stop at these four points. More points coming your way shortly. What we can categorically say now is that the need for Sumo Bank cannot be overemphasized. You can check out our Twitter handle and Facebook page and stay connected to Sumo Bank updates. Make the decision to save today and you can invest without tears.