The Truth About Wallet.ng: What You Need to Know
By Seyi Adebayo
If you’ve been around Nigeria's fintech space lately, you’ve probably come across Wallet.ng. It’s one of those apps that’s been making noise about making payments seamless and banking easier, especially for us young folks who are always on the move. I’ve spent the last six months using the app, and I’ll be very honest with you—there are things I really like, some things that made me frown, and a few that left me shaking my head like, “Ah ah, what’s this one now?”
Let me break it down for you so you’ll know whether this app is worth your time or just another overhyped fintech product.
What Wallet.ng Promises
Wallet.ng brands itself as a platform to simplify payments. The idea is simple: you can send money to friends, pay bills, buy airtime, and even manage your finances—all from one app. They also offer virtual dollar cards for international transactions, which is a big deal because, let’s be real, dealing with banks in Nigeria when it comes to international payments is not even funny.
At first glance, the app looks like it’s all about convenience and speed, but does it actually deliver on those promises?
My Personal Experience with Wallet.ng
Getting Started
Setting up an account was pretty straightforward, and I liked that. You just need your phone number, email, and BVN. I know some people are skeptical about giving out their BVN (because, well, Nigeria), but it’s standard for most fintech apps these days. The interface is clean and easy to navigate. It reminded me of some of the bigger apps like Paystack and Flutterwave, which is a good thing because nobody wants to be struggling to find basic features.
Sending Money and Paying Bills
This is where Wallet.ng shines. The app is super fast when it comes to transferring money. I’ve used it to send cash to friends who bank with different institutions, and the transfers are usually instant. One time, I sent money to my guy who banks with a smaller bank, and it still went through in less than a minute. That’s impressive because some apps will have you waiting hours—or even days—before the transaction reflects.
For bill payments, like buying electricity units or paying for DSTV, it works perfectly. I’ve used it to buy airtime too, and I didn’t have any issues. The app also gives you small cashback when you purchase airtime, which I think is a nice touch. Even if it’s just N50 or N100, it’s still something.
The Virtual Dollar Card
Okay, this one is a lifesaver for me. If you’ve ever tried to pay for Netflix, Amazon, or even something as small as a Canva subscription using a Nigerian bank card, you already know the struggle. Wallet.ng’s virtual dollar card works without wahala. I’ve used it to pay for Spotify and a few other foreign services, and it’s smooth. The only downside is that the exchange rate they use is higher than the official rate. I get it—they need to make their money—but sometimes it feels like they’re chopping us too much with those rates.
The Good, the Bad, and the Ugly
Here’s where Wallet.ng gets it right:
Speed: Transfers are crazy fast. No story, no excuses.
Ease of Use: The app is intuitive, and even if you’re not tech-savvy, you won’t have issues navigating it.
Virtual Dollar Cards: This is a game-changer for online shopping and subscriptions.
But it’s not all rosy. Here are some things that annoyed me:
Customer Support: Ah, Wallet.ng, you people need to do better here. I had an issue once where my transfer didn’t go through, but the money was debited from my Wallet.ng account. I contacted their support, and it took them over 48 hours to resolve it. That’s two whole days of me dragging them on Twitter and sending emails! In this kind of business, customer service should be sharp.
Hidden Fees: While the app is mostly transparent, there are some charges that aren’t immediately obvious. For instance, the fees for using the virtual dollar card can catch you off guard if you’re not paying attention.
Exchange Rates: I’ve already mentioned this, but it’s worth repeating because it’s that annoying. Sometimes, the rates they use for the virtual card are just too high.
Limited Features: Compared to some other fintech apps, Wallet.ng feels a bit basic. There’s no option for savings or investments, which would be a great addition for people like me who want to manage all their finances in one place.
Is Wallet.ng Worth It?
Here’s the thing: Wallet.ng is a solid app for payments and international transactions, but it’s not perfect. If you’re looking for an app that does the basics really well—like sending money, paying bills, and handling subscriptions—it’s a good choice. However, if you need more advanced features like savings plans, loans, or investments, you might need to look elsewhere.
Would I recommend it? Yes, but with a caveat. If you rely heavily on international payments, then Wallet.ng will make your life easier. But if you’re the type of person who needs an all-in-one financial solution, you might find it lacking.
At the end of the day, Wallet.ng is a decent app that delivers on most of its promises. It’s not perfect, but what app is? If they can improve their customer service and maybe reduce some of their charges, they’ll definitely climb higher in the Nigerian fintech space.
So, what’s your own experience with Wallet.ng? Have you tried it? Or do you have another app that you swear by? Let me know—I’m always curious to hear what works for others.