Imagine driving a car without a dashboard. You’d be moving without access to critical information on the actual state of the vehicle. That’s clearly a bad idea, but it’s how most of us do our finances today: earning and spending without a data-informed process.
The need to have a clear picture of everything that has to do with our money is even more important in Nigeria. The Naira has lost an average of 32% of its value yearly since 1972. The inflation rate has grown in leaps and bounds over the last few years and surged to a 17-year high of 19.6% in July 2022.
We need to be well-informed about our money so we can be in better control of our finances in this economic reality. That’s why we are building Abacus so that you can track and manage all your money and assets in various financial accounts in a single, unified place.
Okay, why would I want to do this?
By combining your financial accounts on Abacus, you will be able to more easily move your money from one account to another, pay your bills, and see all your transactions, expenses, etc. collectively for better tracking and analysis. You will also get useful insights like total spending, inflow, earnings, fees, etc. so that you can have a bird’s-eye view of your financial activities.
Sounds amazing, but how does it work?
To use Abacus, all you have to do is download the app, register, and connect any of your available financial accounts. It is that simple! Here’s a guide:
Step 1: Connect your accounts and set permissions.
Register and verify your email address. Then select the financial institutions that you would like to connect to Abacus. Choose exactly what Abacus can do and verify that the chosen account belongs to you.
Step 2: Auto-generate great analytics and insights.
Now that you have connected your accounts, Abacus will fetch your recent transactions. It will then generate useful insights like your total spending, inflow and more.
Step 3: Make payments effortlessly.
You will also be able to make payments from any of your connected financial accounts. Please note that Abacus doesn’t have access to your money, and we can only create transactions on your behalf. We will always need your account’s pin or password to complete any transaction, as we don’t save it.
What about the security and safety of my accounts?
Your security and privacy lie at the heart of Abacus. We know there’s no room for compromise when it comes to your money, and we have put in place a bank-grade security system to keep your accounts and data protected. With BVN verification, industry-standard encryption, and 2-factor authentication, we protect your information like ours.
You are always in control of your accounts and data. You can change permissions, unlink connected accounts, or even delete your Abacus account at any time.
How does Abacus compare to other financial services?
I like what I am hearing. How can I get the Abacus app?
Abacus is currently in closed beta, and we are granting access on a first come, first served basis. This is so that we can get feedback from our most enthusiastic users and improve before we open it to everyone. If you’d like to be one of the first people to try out Abacus, please go to our website, request access, and we will send you a download link immediately.
You can also join our Telegram community to be one of the first to try out new features and hear about coming updates.
❤️
The Abacus Team
