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Stellas Digital Bank marks one year, records impressive growth in user base

A Nigerian Fintech industry player, Stellas Digital Bank, is marking its first year anniversary with a pledge to stay ahead of the curve as it deploys technology to enhance the financial experience of its customers.

The stellas app

Since its launch on February 10, 2022, Stellas has grown to become one of the nation’s top digital banks, boasting a user base of over a million across the country.

During the launch of Stellas Digital Bank last year, the Managing Director, Mr. Bukola Solomon, noted that the bank’s emergence was in direct response to customers’ needs, emphasizing the bank’s commitment to deliver innovative banking solutions and enhance financial inclusion in Nigeria.

A year after, Stellas Bank has been a remarkable success, with its user base growing at an impressive rate.

Today, Stellas provides its customers with a variety of digital banking solutions, including easy-to-use mobile applications, online banking, and round-the-clock customer support services.

As a fintech player, Stellas Digital Bank has made significant strides, earning its team the reputation of pioneering a customer-centric bank that provides innovative banking solutions tailored to meet the needs of its diverse customers.

Without losing steam, the Lagos-headquartered bank is celebrating its first anniversary with a renewed commitment to remaining at the forefront of the industry where it can continue to develop new banking technologies to make financial services accessible to all Nigerians.

For industry analysts, Stellas Digital Bank’s success can be attributed to its unique features that cater to the specific needs of its users.

During its launch in 2022, the bank introduced features such as “ghost mode” and the “Stellas vault,” which proved to be a hit among Nigerians.

Through its “ghost mode” feature, users can hide their account balance from prying eyes, while the “Stellas vault” offered a savings option that paid 15% interest on all savings.

In addition to these features, the bank’s transaction fee of 10 naira per transaction was significantly lower than that of other banks, making it an attractive option for young Nigerians looking to do more with less.

This carefully crafted combination of features has invariably delighted the bank’s users, leading to a surge in its user base, which started at a small number to an enviable figure after a 12-month period of doing business.

With Stellas Bank’s users completing over 500,000 transactions to make total of 36 million dollars in a year, the feat highlights the frequency with which customers use the banking app.

The bank’s success serves as a testament to the growing demand for innovative digital banking solutions in Nigeria.

And, with its customer-centric approach and focus on delivering innovative banking solutions, the bank is poised to continue its growth trajectory and become a house-hold name in the Nigerian Fintech industry.

The bank’s ghost feature will continue to serve a good use as far as security is concerned, especially in areas of safety and identity theft.

In addition to leading innovation within the ecosystem, the bank has equally positioned itself as the financial partner of choice for young people, and over the course of the year developed a strong connection with this demographic.

In identifying with its users, the bank has actively supported and promoted young artists and entrepreneurs, showcasing their work on various social media platforms as well as sponsoring an art exhibition that brought together up-and-coming visual artists.

In 2022, Stellas Digital Bank invested into the promotion of the Nigerian tech industry through the sponsorship of the Government and Tech Summit (GAT SUMMIT) organised by Technext and Ripples Nigeria.

It is noteworthy to see the team achieve so much in its first year without any external funding.

The bank’s success will, therefore, continue to be a proof that bootstrapping can be an effective recipe for scaling in the Fintech industry.

Speaking on the milestones recorded, the Managing Director, Mr. Bukola Solomon, noted that the company’s goal is “to keep providing products that are reliable, safe, and simple to use.”

As the company continues to explore the financial landscape and seek out new and creative ways to provide the best possible service, it will undoubtedly continue to grow for even greater exploits in years ahead.

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