Full Review: Is myABmobile Legit?

myABmobile is a legitimate mobile banking and finance application developed by AB Microfinance for the convenience of its customers. It can be downloaded from Apple’s App Store as myABmobile and from Google’s Play Store as myABFlex.

Is myABmobile Legit?

AB Microfinance Bank holds a national microfinance bank license issued by the Central Bank of Nigeria (CBN). With a strong group of international shareholders committed to enhancing financial access in the country, including Access Microfinance Holding AG of Germany, International Finance Corporation (a member of the World Bank Group) in the USA, KfW (the German Development Bank), and the African Development Bank Group in Ivory Coast, this establishes once again that myABmobile is legit. To further assess its credibility, let’s delve into some user reviews from both Apple’s App Store and Google’s Play Store.

• “Nice app but why can’t I transfer and use my remaining loan money. It’s a loan with interest attached. How is it that the bank will withhold the same loan it gave me with interest?” – EMEKA NWAGBO

• “Very nice and convenient but I noticed they deducted #250 from my balance this month. Please, what is it for?” – Oladeji Mary

• “Very effective, easy to use, fast, and safe financial app I have ever come across.” – Dimeji Tolu Saka

Services Offered By myABmobile:

myABmobile stands out as the first FREE mobile banking app in Nigeria, allowing all customers to carry out transactions without incurring charges. This AB Microfinance Bank app offers speed, security, and simplicity, enabling users to perform basic banking functions directly from their mobile devices. The following transactions can be executed through myABmobile:

• Sending and receiving money.
• Bill payments.
• Airtime and data purchases.
• 24/7 account access.
• Loan repayments.
• Statement requests.
• Account balance inquiries.
• Transaction history viewing.

General Services Offered By AB Microfinance Bank

1. Loans: AB Microfinance Bank provides a wide range of loan products tailored to meet the diverse needs of entrepreneurs and businesses. These loans include:

• Micro Loans: Designed for micro-entrepreneurs and small businesses seeking relatively small loan amounts to fund various operational or expansion needs.
• SME Loans: Targeted at small and medium-sized enterprises (SMEs) requiring more substantial financing to support business growth, equipment purchases, or working capital.
• Housing Loans: Aimed at individuals and families aspiring to acquire or develop residential properties. These loans help make homeownership more accessible to a broader demographic.

2. Savings: AB Microfinance Bank offers an array of savings account options to cater to the financial goals and preferences of its customers. The standout product is the AB Savings Account, which offers several benefits, including:

• Competitive Interest Rates: Account holders enjoy attractive interest rates, helping their savings grow over time. 
• Flexibility in Fund Access: Unlike some savings accounts that penalize withdrawals, the AB Savings Account allows account holders to access their funds without forfeiting accrued interest.
• Free Statement of Account: Upon request, customers receive free statements detailing their account transactions and balances. 
• SMS Alert Services: The bank provides SMS notifications to keep account holders informed about account activity and balance updates.
• No Maintenance Charges: Account maintenance is hassle-free and doesn’t come with any hidden charges.

3. E-Banking (myABmobile and myABflex): This revolutionary mobile banking application, offered by AB Microfinance Bank, stands out as Nigeria’s first FREE mobile banking app. It empowers all clients to perform various banking transactions without incurring any fees. The myABmobile and myABflex app is characterized by:

• Fee-Free Transactions: Users can enjoy a wide range of banking services without worrying about transaction fees.
• Speed and Security: The app prioritizes speed and security, ensuring that users can perform transactions with confidence.
• Convenience: myABmobile enables users to manage their bank accounts and conduct financial transactions at any time and from anywhere, offering unparalleled convenience.

Pros of myABmobile

1. Cost-Free Transactions: myABmobile breaks the mold by offering completely fee-free transactions, eliminating the financial burden associated with banking activities. This cost-effectiveness benefits users from various financial backgrounds.
2. Convenience and Accessibility: The app’s hallmark is its accessibility. It ensures round-the-clock access to banking services, allowing users to manage their accounts and finances at their convenience. This flexibility is particularly valuable in today’s fast-paced world.
3. Diverse Transaction Options: Users of myABmobile enjoy a comprehensive suite of transaction capabilities. They can effortlessly: Send Money, Pay Bill, Purchase Airtime and Data, Access Account Statements, and View Transaction Histories.

Cons of myABmobile

1. Loan Usage Restrictions: While myABmobile empowers users with financial flexibility, some customers have reported limitations on accessing or using their remaining loan balances. These restrictions have raised concerns about the utilization of borrowed funds.
2. Unexplained Deductions: Instances of unexplained deductions from account balances have been reported by users. These deductions have left account holders seeking clarification regarding the nature and justification of these charges.
3. Customer Support Issues: A few users have faced challenges related to the responsiveness and effectiveness of customer support services. These issues have led to concerns about the reliability of customer assistance when needed.

myABmobile, developed by AB Microfinance Bank, is a legitimate mobile banking app designed to cater to the financial needs of its customers. Backed by its strong international shareholders and regulatory approval from the CBN, the app offers cost-free transactions, convenience, and a wide range of transaction options. However, users have reported concerns related to loan restrictions, unexplained deductions, and customer support. As with any financial service, potential users should carefully evaluate their needs and preferences before engaging with myABmobile. While it presents a valuable tool for managing finances on the go, awareness of potential limitations and issues is essential for a seamless banking experience.