Can Fint Help You Grow Your Wealth? An Honest Review
By: Olumide Adeyemi
When it comes to handling money in Nigeria, you and I know it’s no joke. From rent to school fees, “emergency” family contributions, and trying to save for the future, it’s like playing a never-ending game of chess. So, when I first stumbled upon Fint, I thought, “Ah, another app trying to sell dreams.” But curiosity got the better of me, and I decided to give it a shot. Here’s my honest review of Fint, written as someone who has used it, not just some fancy words from the app’s marketing team.
What is Fint?
Fint is a financial platform that claims to help you manage your money, save, and invest smartly. It’s designed to connect borrowers and lenders while offering a structure for investments. Think of it as a middleman between people who need money and those who have money to spare. The app is fairly easy to download, and the user interface is decent, but we’ll get into the nitty-gritty soon.
My First Impressions
When I first opened the app, I liked the simplicity of the design. Nothing too flashy. It’s mostly clean, with a straightforward dashboard. But let me not lie, the onboarding process was a bit longer than I expected. You have to input a lot of personal data upfront, and for us Nigerians, where trust in online platforms is still growing, this might make some people pause. I even started wondering, “Abeg, hope my details are safe o.”
Thankfully, they have a clear privacy policy, and Fint is registered with the necessary regulatory bodies in Nigeria. That gave me small confidence to continue. Plus, I saw that they use encryption for transactions. Still, I think they could improve on reassuring users about data safety, especially during the sign-up process.
Features That Stand Out
After spending some time on the app, here’s what I noticed about its standout features:
Peer-to-Peer Lending:
This is the main selling point of Fint. The app allows you to lend money to verified borrowers and earn interest as they repay. For someone like me, who has always been interested in investments but doesn’t have millions to throw around, this caught my attention. You can start with as little as ₦20,000.
However, let me be honest with you—this feature is not without risk. Borrowers can default on repayments, and even though Fint claims they vet borrowers carefully, no system is perfect. I tried lending ₦50,000 to a borrower with a repayment plan of 8 months. So far, I’ve received three installments, and everything seems on track. But I won’t lie, I still dey watch am like hawk, just in case anything funny happens.
Investment Options:
Fint offers some structured investment plans with fixed returns. These are low-risk compared to the peer-to-peer lending. I tried one of their fixed-income investments, which promised an annual return of about 15%. It’s better than leaving your money in a regular savings account, where banks will just dash you 2% interest.
But here’s the thing—15% sounds good until you remember inflation in Nigeria is hovering around 20%. So, while Fint’s investments are helpful, they don’t completely solve the “my money is losing value” problem. Still, if you combine this with other investments, it’s a good way to diversify.
Savings Goals:
This feature is for people who struggle to save consistently. You can set specific goals—like saving for a car, wedding, or even December Detty December—and the app helps you automate the process. I set a goal to save ₦100,000 in 3 months, and so far, it’s been smooth. The app deducts a set amount from my account every week without me needing to stress. It’s almost like having a personal kolo (piggybank).
The Good, The Bad, and The Meh
The Good:
Low entry barrier: You don’t need to be a millionaire to start investing or lending.
Decent returns: While not mind-blowing, the returns are better than what most banks offer.
User interface: Navigation is easy, even for people who are not tech-savvy.
The Bad:
Borrower defaults: While Fint has a borrower vetting process, there’s still a chance of defaults. And when that happens, there’s no guarantee you’ll get your money back.
Limited investment options: Aside from lending and fixed-income plans, the options are not as diverse as platforms like Cowrywise or Piggyvest.
The Meh:
Customer support: I had an issue once where a repayment didn’t reflect on time. I contacted their support, and the response time was slow. They eventually resolved it, but the back-and-forth was tiring.
Security and Trust Issues
I know this is a major concern for many Nigerians, and rightly so. Fint does take security seriously. They use SSL encryption, and their transactions are processed through secure payment gateways. However, I still feel they need to do more in educating users about how their money is protected. For example, what happens if Fint as a company goes under? Will lenders lose their money? These are questions that remain unanswered, and it’s something they need to address more clearly.
Fint Versus the Competition
If you’re familiar with other Nigerian apps like Piggyvest, Cowrywise, or Kuda, you’ll notice that Fint is focused more on lending and borrowing, while the others lean heavily on savings and investments. This makes Fint unique in a way, but it also limits its appeal. For someone who’s looking for a “one-stop shop” for all financial needs, Fint may not quite cut it.
Fint is not perfect, but then again, no app is. It’s a decent platform for anyone looking to dip their toes into the world of peer-to-peer lending or earn better returns on their savings. However, it’s not without risks, and you need to go in with your eyes wide open. Start small, test the waters, and don’t put all your eggs in one basket.
For me personally, Fint has been a mixed experience—I’ve had some wins, but I’ve also spent time worrying about repayments. If you’re someone who’s risk-averse, you might prefer sticking to their fixed-income investments or using a platform with more predictable returns. But if you’re willing to take calculated risks and explore new ways of growing your money, Fint is worth a try.
At the end of the day, managing money in Nigeria is a hustle, and Fint is one of the tools that can help. Just remember, no app will do the work for you—it’s up to you to make smart decisions.
So that’s my two kobo on Fint. What about you? Have you used it before? I’d love to hear your thoughts!