What’s New From Lenco-November 2022 Roundup

We’ve got some top-tier updates for you from November.

📠 Lenco Terminals (POS)

A lot of excitement for businesses using the Lenco Terminals (POS). Businesses 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 (that is, 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.

Customers who purchase the terminal outrightly do not have a minimum monthly transaction they must achieve.

Lastly, the Lenco Terminal is strictly for in-store collection and not agency banking!

Chat or email us to order yours today!

🗣 Tell Us What Features You Want

Yippee! You can now give us feedback and vote on features you will like to see on Lenco.

Join us on this journey as we build new products to give you 10x better business banking and financial operations experience. Let us know what you would like to see on Lenco.

💳 Lenco Corporate Cards are in BETA!

The Lenco Corporate Cards are in Beta, and we opened up card requests on the Lenco Mobile App for everyone who wants to use our cards in the BETA phase. We are 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.

< > The Lenco APIs

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.

📺 Customer review – Mark Essien, CEO of Hotels.ng

That’s all for now; see you soon.

Season’s greetings!

You can find other monthly updates here.

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