Kwikee App provides financial inclusivity by offering access to a range of services, not limited to loans but also encompassing fundamental financial features like savings and investment opportunities. It empowers users to save money and earn interest simultaneously.
Is Kwikee Legit?
Kwikee is a fully registered savings and loans scheme operating in accordance with the Co-operative Societies Laws of Lagos State. Its registration number, LSCS 17919, identifies it as EM-marque (Opebi) Multipurpose Cooperative Society Limited. The platform holds funds in trust through a registered trustee, a company regulated by the Security and Exchange Commission (SEC). Additionally, Kwikee partners with Wema Bank and Monnify (Teamapt) to offer banking services. With over 65,000 downloads from App Stores, Kwikee demonstrates its legitimacy and continuous growth. Here are a couple of reviews from mobile app stores:
“This app is actually a waste of time and energy. They made me input my BVN yet were not ready to provide loans. I should let you all know that if any unauthorized debits happen in my account, I’m holding you people responsible.” – Claudia Jimmy
“The app is easy to use, the registration process is simple, swift, and straightforward, and the interface is very good. Kudos to the team that came up with this app.” – Seunolaf
Services Offered by Kwikee
- Save and Earn: Kwikee Savings offers highly convenient features designed to accommodate various lifestyles and budgets. This service comprises three categories:
- Kwik Max: This option allows you to lock your funds in the app for a minimum of 3 months. While funds in Kwik Max can be withdrawn, there is a penal charge of 5% of the amount withdrawn. Users earn a competitive 15% interest per annum, with a minimum savings requirement of ₦50,000.
- Kwik Lite: With Kwik Lite, you have unrestricted access to your funds at any time. You earn a favorable 10% interest per annum, and there is no minimum savings amount required. It’s a flexible and convenient way to save.
- Kwik Goal: This feature is designed for both long-term and short-term savings goals. Users can set daily, weekly, or monthly savings targets. There is no minimum savings requirement, and participants can earn an attractive 12% interest rate per annum.
- Loan: Kwikee provides quick access to cash whenever you need it. You can apply and receive funds directly into your Kwikee wallet in just 5 minutes. Additionally, there are cashback loans available to investors using Kwik Max savings. The maximum loan amount is 75% of your fixed savings, and loan tenors depend on the KWIK Max tenor chosen, with an interest rate of 24% per annum.
- Kwikee Virtual Credit Card: Kwikee offers a virtual credit card that allows you to access up to 40% of your income within the Kwikee App. The repayment duration ranges from 10 to 40 days for first-time applications. Money withdrawn must be repaid on your next salary date and accrues a daily interest rate of 0.95%. An overdue interest of 1.5% starts accumulating once your repayment duration elapses. The virtual card/wallet is automatically refilled every 30 days upon repayment. Notably, interest is only charged on withdrawn funds, so you don’t pay interest until you use the money. Moreover, there are zero interest charges on weekends. Utilizing the Kwikee Virtual Credit Card ensures ease and convenience in managing your finances throughout the month.
Pros of Kwikee
- Regulatory Compliance: Kwikee operates within the legal framework and is registered under the Co-operative Societies Laws of Lagos State. Users can trust that their funds are secure.
- Trusted Partnerships: Collaborations with institutions such as Wema Bank and Monnify (Teamapt) reflect Kwikee’s commitment to building reliable relationships within the financial industry.
- Diverse Financial Services: Kwikee offers a wide array of financial services, including savings, loans, and virtual credit cards, making it a versatile platform for users.
Cons of Kwikee
- Limited Availability: Kwikee’s services may be limited to specific regions, potentially excluding users from areas where it is not accessible.
- Penal Charges: The penal charge for breaking funds locked in Kwik Max may deter some users from utilizing this savings option.
- Interest Rates: While Kwikee offers competitive interest rates, some users may find the interest rates on loans relatively high compared to traditional financial institutions.
Kwikee App presents a legitimate and regulated platform that offers essential financial services, including savings, loans, and virtual credit cards. With robust partnerships and user-friendly features, Kwikee has garnered a growing user base. While it provides accessible financial solutions, potential users should consider their specific financial needs and the associated charges when using Kwikee’s services. Overall, Kwikee App is a viable option for individuals seeking inclusive financial services.