SumoTrust, a popular online savings and investment platform in Nigeria, offers a way for people to manage their money. Formerly known as SumoBank, the platform allows users easily automate their savings.
Many Nigerians are finding value in using apps like SumoTrust to improve their financial situations and make smarter choices with their money. SumoTrust has more than 10,000 downloads from Google Play Store and has a rating of 4.1.
The company’s headquarters is situated in Abuja. You can find the office at House 4, Suite 1, on Ifeanyi Okowa Street within River Park Estate in Lugbe, Abuja. This location serves as a central hub for SumoTrust’s operations in Nigeria.
Nigerians use savings apps for various reasons, which include:
- Convenience: Savings apps offer a user-friendly platform that allows Nigerians easily manage their finances from the comfort of their smartphones without the need for physical visits to banks or financial institutions.
- Automation: These apps allow users automate their savings, making it effortless to set aside money regularly without manual interventions.
- Goal-Oriented Savings: Nigerians use savings apps to work towards specific financial goals, such as buying a home, starting a business, or going on a vacation.
- Financial Discipline: The discipline instilled by savings apps helps Nigerians resist unnecessary spending temptations.
- Interest Rates: Some savings apps offer higher interest rates compared to traditional banks.
- Access to Investment: Many savings apps also provide investment opportunities, allowing Nigerians explore avenues beyond regular savings.
- Financial Education: Some apps offer financial literacy resources, helping users learn about budgeting, investing, and money management.
- Security: Savings apps often employ advanced security measures to protect users’ funds and personal information, which is particularly appealing in a digital age.
- Cashless Transactions: As Nigeria’s financial ecosystem becomes more digital, savings apps offer a seamless way to manage money without relying on physical cash.
- Tracking: Savings apps provide users with insights into their spending and saving patterns, empowering them to make informed financial choices.
- Rewards: Some apps offer bonuses, cashback, or rewards for consistent saving behavior, motivating users to save even more.
How Does Sumotrust Savings App Work?
The way SumoTrust Savings App operates is quite straightforward. You have the flexibility to set aside small amounts of money at your own pace; it could be daily, weekly, or monthly – all geared towards achieving your specific savings objectives. Once you successfully hit your desired target, you’re free to withdraw the funds.
There’s also an alternative option; fixed savings. By using this feature, you can lock away your funds, protecting it from any urges to spend. Your money will remain inaccessible for a minimum of 365 days, during which time it accrues a 15% annual interest payout.
If the fixed saving period is too lengthy for you, there is another feature. You can channel your savings towards a specific goal and withdraw the accumulated funds once you’ve successfully reached your intended target.
How to Register On Sumotrust
Registering on SumoTrust can be done either through their website or the mobile app. To begin, visit www.sumotrust.com/register and follow these steps:
- Provide your email address and phone number as required on the registration form.
- Once you’ve submitted your details, confirm your email address through the verification link sent to your inbox.
- After confirming your email, log in to your SumoTrust dashboard using the credentials you’ve just created.
- Follow the instructions to complete the verification process, which may involve providing additional information to make sure your account is secure.
Also, you can opt to use SumoTrust mobile app, available for download on both Google Play Store and Apple Store. Simply search for “SumoTrust” in your app store, download the app, and follow the prompts to register.
In general, considering the feedback shared by users online about SumoTrust, a considerable number of them express contentment with the services provided. But it is always wise to do your own research before making any decisions. While positive reviews indicate a level of satisfaction, individual preferences can vary, so taking the time to gather information can be very helpful.