Lenco 2022 Roundup

Welcome to the 2022 Roundup for Lenco! Last year was an incredible year of growth, development, and success for Lenco and the businesses we serve.

Since the beginning of 2022, we’ve been hard at work building, revamping, and improving the Lenco product for businesses. Some Milestones include:

We got Backed by Y-Combinator

In the first quarter of the year, Lenco got backed by Y-Combinator, and this investment has enabled us to grow and expand our team and product offerings.

We Added Login with Email

We added the ability to login into your account with your email address. Which is:

  • More personal
  • Easier for you to remember
  • More flexible

We Revamped The Web Dashboard

We made several updates to improve our web users’ experience. We added the bill payment, share receipt, and file attachment feature, which was once only available on the Lenco Mobile App.

They are all amazing feature updates which will help you:

  • Pay Bills On The Web

Buy and pay Airtime, Data, Cable TV and Electricity bills.

  • Share Receipts After Transactions

Don’t rely on screenshots only to share receipts. Quickly share receipts of your transactions to any email address or as SMS via phone numbers.

  • Attach Invoice and Receipts of Payouts

Attach files of invoices and receipts to the actual expense record for expenses made. This keeps all necessary expense proofs and attachments organised in one place. 😊

We Launched Live Uptime status for our services

You can get all updates on how our systems are doing. We are ensuring that you get alerted if interruptions occur to any of our services.

📠 We Launched Our Terminals (POS)

With our terminals, businesses that run in-store payment collections now have a new best friend.

  • Same-day settlement.
  • The lowest fee, 0.4%, capped at ₦300 per transaction, compared to traditional banks that charge you 0.5%, capped at ₦1000.
  • Delivery in 3 working days.

The Lenco Terminal (POS) was designed to help solve the major challenges businesses face with in-store collections, and below are two ways you can get yours:

1. Free:

The free option is only available to businesses that process over 200 transactions per month (an average of seven transactions per day) and have their outlets located in Lagos, Benin, and Abuja at the moment.

2. ₦75,000 Outright Purchase:

All businesses can also purchase the Lenco Terminals (POS) outrightly for ₦75,000.

Businesses that purchase the terminal outrightly do not have a minimum monthly transaction they must achieve.

💳 We Launched the Lenco Corporate Cards in BETA!

We opened up card requests on the Lenco Mobile App for everyone who wants to use our cards in the BETA phase. We are still taking requests, but delivery is not instant as we only allow a few people into the beta testing.

We made the Lenco corporate card product with your business in mind, just like we do everything else at Lenco. Best for all your local transactions.

  • Built with Flexibility: It was built with superpowers to help you manage your business expenses in a way that does not affect your business bank account. This means that when you create a card for a team member or department, you can fund the card with the team’s/ individual expense budget. This ensures that no one spends more than they are ever assigned.
  • Team cards: Create and issue physical cards to your team members. Managers can top up cards on request.
  • Track in real-time: Finance and accounting can see all spending on the dashboard, which helps reduce fraud and the need for expense reconciliation. Take your Lenco corporate card everywhere you go.

What else to expect from the Lenco cards:

  • Your first card order is free (minimum ₦2,000 bank account balance required). Subsequent card orders for your other team members would cost ₦1,000 each.

< > We Expanded The Lenco API Documentation

Do you know that with the Lenco APIs, you can access all your accounts and sub-accounts, their transaction histories, and much more?

Customize your experience with the Lenco APIs. Here are some of the things you can do:

Disbursement: Make instant and automated payouts to customers, partners, etc

Virtual account (Collections): Issue instant virtual accounts to collect payments from your customers or partners. There are two types: Static and Dynamic.

  • Static account: This is best for marketplaces where a customer would have a dedicated account number that they can credit at any time to fund their marketplace wallet.
  • Dynamic virtual account: These are best for one-time funding/payments.

Pay with Bank Transfer: A copy and paste code to receive payment anywhere. You do not need to be a developer to use the code, and it helps you get money instantly.

We’re incredibly proud of our progress in 2022 and are excited to continue pushing the boundaries of what a digital bank for black-owned businesses can do.

As we look ahead to the future, we are committed to continuing to provide our customers with the best products and services in the industry.

Thank you for joining us on this journey, and let’s continue to work together to make the world of business banking even better.

You can find other updates here.

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