Technological advancements brought convenience to banking. We moved from checkbooks and long hour queues in banking halls to executing millions of transactions from the comfort of our homes and even while on the go. Digital banking made this possible.
As each traditional institution rolled out its own app, giving its customers an easy way to send and receive money, virtual banks came into the mix, allowing users to open and own accounts without even getting out of bed. However, this technological growth came with its setbacks. As a user, you’re forced to download and install multiple fintech applications on your device. This is especially true if you own several accounts with different banks – most of us do!
We can all agree that it’s mentally draining to switch from one app to another every time you need to check your balance or make a transaction. USSD codes are a great alternative because they allow for swift offline transactions. However, with the stress of memorizing so many of them, they aren’t a perfect option either. Imagine trying to remember GTB’s *737* while struggling to learn Access Bank’s *901#. You might even find yourself searching Google to find these codes. We are busy individuals, and keeping track of all these numbers is exhausting.
Hover, a US-based company, understands these challenges better than anyone, which is why they developed Stax. This is a convenience-driven app that allows you to access and manage all your accounts from one app without switching between multiple financial applications. It aims to use the simplicity of USSD codes to help users link all their bank accounts to an easy-to-use interface.
Stax is a lightweight Android app that allows you to perform transactions from all your financial accounts while in one app. With a small size that barely makes a dent in your storage space, it’s all-in-one functionality is not the only reason it stands out. You can use this app without an internet connection! Whether you want to buy airtime, send or receive money, or check your transaction history and account balance, you can do all this while offline. Stax can achieve this thanks to Hover’s proprietary technology that automatically allows the application to read and dial USSD codes in the background.
Considering each bank has its own USSD code, it’s a hassle trying to memorize and remember every one of them. Even if you succeed in doing this, using them is a one-way journey. For example, once you manually dial a USSD code, you cannot leave the screen. If you exit at any stage, you have to start all over from the very beginning.
Stax aims to take away this burden. You don’t need to remember or dial USSD codes ever again! Simply open the tool and enter the transaction details, and the app will handle the rest. Stax does not access nor hold your money or bank details, it just makes it easier for you to manage and transact securely from multiple bank/MoMo accounts. The way your web browser makes it easy to surf the World Wide Web, Stax allows you to navigate the USSD world!
Stax currently covers 16 banks/MoMo services in Nigeria and Kenya, including 7 other countries where they aim to increase their reach by adding more services. Their objective is to grow roots in 50 countries by 2022, giving free easy-to-use financial access to Africans, with or without internet connectivity. That’s an ambitious goal!
What sets Stax apart?
While your regular banking apps allow you to send and receive money, among other things, you need an internet connection to use them. In addition, if you own multiple accounts with various banks, you have to download apps for each of them. Switching between 5 different financial applications each time you need to access your money is avoidable stress. Stax allows you to:
- Manage all your bank and mobile accounts from one app. No need to download and install several banking apps and no more switching between multiple financial tools.
- Do all your transactions from within the app while offline. Send and receive money from your clients and loved ones, purchase airtime, check your transaction history, and access your different account balances through a beautiful user interface. You can do all this without an internet connection.
- Create Payment links to request specific amounts on Facebook, Instagram, or WhatsApp, and receive the money directly into any of your bank accounts linked to Stax. Entrepreneurs will find this feature extra useful.
- You don’t need to sign up to start moving money with Stax. In essence, your information is not collected by the app. To begin, simply download the application and link your accounts with a few clicks. No complicated steps or KYC procedures required.
- Transact with no extra or hidden charges.
How safe and secure is Stax?
Stax prides itself in taking user privacy and security seriously. While it asks you to grant specific permissions, it only uses them when you’re active on the app. The moment you close the tool, these permissions become inactive.
For example, the Phone permissions allow Stax to detect your SIM and display all the MoMo and bank services available in your country. This way, you can easily select the financial institutions you already bank with and link them seamlessly with the app. In addition, it makes it convenient to choose a recipient’s number from your contacts without inputting it manually anytime you want to send them money.
The SMS permissions allow Stax to confirm when a transaction is successful by detecting SMS receipts. On the other hand, the Overlay and Accessibility permissions give the app consent to dial and navigate USSD codes on your behalf in the background.
In addition, before any transaction is executed, you will be required to input your PIN. This is a secure connection between you and your bank. Stax cannot store or view your PIN, thereby adding an extra layer of safety to the process.
Finally, before you can access Stax, you’d always be required to unlock it using your fingerprint or passcode and your accounts are always hidden by default.
Since using Stax over the past few days, it’s easy to see why users are flocking towards this tool. Its unconventional approach and security level are impressive.
Managing all your financial accounts in one app without worrying about your internet connection does add a new meaning to “convenience.” You can download the Stax app here. You can also learn how to use Stax here