When Housing Finance launched their HF Whizz app last week, I thought to myself here goes another banking app. However, the app has actually made an impression on me due to that fact that it is targeted at entrepreneurs. This is specifically, the young hustlers and the micro-entrepreneurs among us aka the mama mbogas who are often overlooked when it comes to banking.
Being an entrepreneur, I decided to check it out and here are reasons why you should get it;
Account Opening
In the traditional banking setting, one had to go to the bank, line up, open an account and wait for a day or two for the account to be fully operational. However, Housing Finance recognize that when you are running a small business, you don’t have time to do all that. Using HF Whizz, one can open a fully operational account in a matter of seconds and be able to transact in a jiffy. All you need is your phone number and identity card number, basically, with the Whizz App no one has an excuse of not having a bank account.
Automated deposit from Mpesa
The Whizz App has automated the process of depositing funds from your Mpesa wallet. All you have to do is login to the app, click on deposit from Mpesa, indicate the amount you want to deposit, insert your Mpesa PIN and in a matter of seconds, funds are in your account. This saves you the time needed to go to the Paybill, insert the bank’s paybill number and finally the account. Also, a mistake in keying in the account number can prove disastrous because it might end up in someone else’s account and reversing such funds is usually a hustle. Talk about convenience.
Loans
Being an entrepreneur means that once in a while, you will need someone to lend you some money to keep the business operational. The HF Whizz App simply looks at your transactional history on Mpesa and using algorithms is able to determine how much money you qualify for in a matter of minutes. In the case of a mama mboga, she can wake up early in the morning, take a loan from the app. Go to the market to buy her wares, sell them and repay in the same day or say in twenty days. The more you take and repay the greater your loan limit hence ensuring that the mama mboga/entrepreneur stays in business and is also able to expand.
Budgeting
Coming up with a budget and sticking to it has never been my forte because for one reason or another, I usually find myself deviating from it. However, the people at Housing Finance recognize that for one to be a good manager of their funds, they have to budget. Hence, they have put an option where you can create a budget and set spending limits at the beginning of every month. When you pay for stuff within the app, the budget is updated and at the end of the month one can be able to track your spending. The app even generates graphs which easily illustrates your spending habit helping you determine what you need adjust so as to be able to save and invest more.
If you don’t have the HF Whizz app as yet, head over to Google Playstore, download it and start banking in a whizz.