Frequently Asked Questions

Overview

Sumobank is an automated personal savings/investment, finance management and learning platform that helps you save, receive and plan your finances effectively and make better business and financial decisions.

Powered By Sumo Tech Global Limited in Partnership with Entrepreneur Platform to help both old and young entrepreneurs, business owners, students, parents, career men and women save and raise funds for their proposed and planned project execution.

With Sumo Bank, you can save to raise money for something or invest your money to earn profit returns annually using the various account types.

How do you do that? It’s simple.

You simply save little amount of money from time to time which can be daily, weekly or Monthly for a chosen period of time to reach your savings goals. Once you reach your target, you can go ahead and withdraw your funds to serve the purpose which made you start saving in the first place.

There is also another option of fix saving your money to lock out funds and avoid spending temptation when it arises. This Fix Saving option on the Fixed/Investment account will make your money unavailable for a minimum of 365 before you can be able to withdraw with a 15% interest payout per annum. If the Fix saving option is too long for you to wait, you can save for a mission and withdraw when your savings target has been reached.

Sumo Bank is ever ready to help you save and manage your money by providing a simple, flexible and non-tech web tool and App to handle all that on the go using your mobile phone. It’s that easy.

You can also receive savings from anyone at any time.

Sumobank is helping fight unemployment and poverty in Africa, on this note, the platform is in Partnership with Entrepreneur Platform to provide FREE business academy to all Sumobank users which will enable Sumobank incubate, nurture and raise global job creators who will eventually create different jobs across different sectors. You will also get access to Entrepreneur social platform where Sumobank users can network and collaborate with like minds towards accomplishing a common goal.
Sumo Bank is very flexible to use and pays you 0.833% monthly, amounting to 10% annually and saves you the stress on going in and out of banking halls with all the hurdles attached to it which is not flexible with fixed deposit or spend2save accounts on commercial banks.

Also, there are no hidden charges on SumoBank apart from penalty charges that comes from making unnecessary withdrawals.
Sumo Bank is meant for everyone.
  • Entrepreneurs
  • Business owners
  • Civil servants/workers
  • Students
  • Freelancers
  • Parents
  • Artisans
  • Market men and women
On a deeper look
  • An entrepreneur can start making savings to kick start that proposed business/project in the coming year.
  • A Civil servant can start saving from his/her monthly salary against December holiday he/she is planning, save against retirement using the fix save account.
  • Students can start saving up from their pocket money to launch a new business, shop for something, next summer excursion, raise emergency funds, etc.
  • Freelancers can start making automatic savings for their next venture using Sumo bank.
  • Parents can start making savings and investment for their children and get 10-15% returns annually as long as they want. Only Investment account pays up to 15% per annum.
  • Employers can start sending savings to their employees against their next target based on request from employees.
Sumo Bank is very flexible to use and pays you 0.833% monthly, amounting to 10% annually and saves you the stress on going in and out of banking halls with all the hurdles attached to it which is not flexible with fixed deposit or spend2save accounts on commercial banks.

Also, there are no hidden charges on SumoBank apart from penalty charges that comes from making unnecessary withdrawals.
Sumobank does not just help you save and spend less, with our partnership with Entrepreneur Platform, you get to have FREE access to Digital business academy of Entrepreneur Platform which costs 30,000 Naira to 150,000 Naira depending on the business course you decide to learn from the platform.
You will be certified by Entrepreneur Platform once you finish your online business program and have access to business mentors at a subsidized rate, free business support and forum to work and collaborate with like minds.`
If your reasons for saving is not to start or grow a business, there are other tools and programs that will make life much easier on the go. These reasons can be have emergency funds, travel, school fees, shopping, buy property, grow your Sumo Point and access loan.
Every saving and tool usage on SumoBank platform is automated, to start saving on Sumo bank:
  • Kindly, create a free Sumo Bank account with your name, email address and phone number (Phone number based on your country)
  • Verify your account by clicking on the account confirmation link sent to your email to proceed.
  • Save your first amount (as little as N100). (Use your Visa, Verve, MasterCard, etc from any bank in your country).
  • Set your withdrawal date or leave it to use any of the free withdrawal dates from Sumobank.
  • Now, set a convenient savings plan as desired (AutoSave is highly recommended)
In cases where you miss a saving due to insufficient balance in your account, you can IntantSave the amount missed the previous day to make it up and reach your savings goal faster.
No! it's 100% FREE. There are no bank charges for debits and saving money to your Sumo Bank account.
You can ONLY save between:

N100 – N100,000 daily,
N1000 – N1,000,000 weekly, or
N5000 – N5,000,000 monthly on Sumo Bank

NOTE: The InstantSave option allows you add more funds to your savings at any time. You can add up to N500,000 per time.
1. Main savings account

Main savings account on Sumobank is an account type for regular savings account best for anyone who want to save and raise funds for emergency and not really tied to a particular reason. If you looking at starting a disciplined savings life, then Main savings is best for you, however, it is also best for everyone for all reasons. Automatically choose to save either on daily, weekly or monthly intervals and earn 10% interest per annum. Withdrawal here are restricted to only withdrawal dates or the exact date you choose to withdraw... In cases where you miss a saving due to insufficient balance in your account, you can IntantSave the amount missed the previous day to make it up and reach your savings goal faster.

One can save:
100-10000 naira Daily - Automated option
1000 - 100,000 Naira Weekly - Automated option
5000 - 5,000,000 Naira Monthly - Automated Option

2. Fixed/Investment account

The Fixed savings account on Sumobank allows you to Securely lock away your money for a long period of time (up to 365 days) and earn up to 15% interest annually. You can Fix Save any amount.

One can save:
100-10000 naira Daily - Automated option
1000 - 100,000 Naira Weekly - Automated option
5000 - 5,000,000 Naira Monthly - Automated Option

3. Mission savings account

Want to raise money for a particular project? Set your savings mission and amount and start saving until amount is raised. Withdrawals from this account is free until provided you have reached your savings target amount.
However, withdrawing money from this account type when you are yet to reach your savings goal attracts a PENALTY FEE of 4.5% charge.

One can save:
100-10000 naira Daily - Automated option
1000 - 100,000 Naira Weekly - Automated option
5000 - 5,000,000 Naira Monthly - Automated Option
Interest Payout here is 10% Per Annum.

4. Kick Account

What Is Kick Account?
A Kick Account is a sub-account where all interests, affiliates earnings, bonuses, etc earned on Sumo Bank are paid. You can withdraw your money from it at any time, without any charges.
All withdrawals from a kick account is 100% free.

Security

Sumo Bank is a product of Sumo Tech Global Limited which is registered with Cooperate affairs commission with a Physical Office Location in Federal Capital Territory.
Sumo Bank is built with the financial security of users in Mind and because of that, all customers’ financial information is encrypted and securely stored to PCI DSS Level 1 compliant standards. PCI DSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party.
Additionally, all transmission to our banking partner and on our site is via an encrypted 256-bit HTTPS SSL connection, making accessing our website very secure to use. IT IS VERY SECURE.
SumoBank has it’s head office in Abuja, the Federal capital territory of Nigeria. Our office is located at Suite 3F4, Katukoma plaza, off Oladipo diya way, Gudu, Abuja, Nigeria.
Contact Number: +234-8148008091
Yes, we know the implications of bridging the information of your card and as such might face legal actions, so on that, your security is our top priority. Your card details are extremely safe as they are never stored on SumoBank website. We work with a PCIDSS-compliant payment processor, Flutterwave and Paystack securely handles all your card details.
Sumobank is not a ‘Bank’ but a digital savings tool and have been in operation since August 2018, we are registered with the Corporate Affairs Commission as Private Limited Liability Company and to provide financial services to our users. We are in partnership with Flutterwave, a well trusted third party payment processors (Flutterwave) which is Licensed by CBN and funds collected are securely settled to UBA.

Savings

There is a flexible option to that. You can choose to login every time you want to InstantSave on Sumobank and there is another automated option (AutoSave) that allows you to automatically save. All savings transactions on your debit card will be shown in your account dashboard.
Also, we will send you an email receipt of your savings every time you save with your debit card and your bank will also send you an alert. Don’t worry, it's 100% secure.
Yes, you can pause and continue with your savings anytime you want, However, this is only possible if you have that AutoSave feature turned on for your savings to continually run. If your AutoSave is on, kindly login to your account and click on "Autosave" on your Main savings account, then click on "Turn off Autosave"
Yes, you can. To do that, kindly login to your Sumobank account and click 'AutoSave' under Mission Savings, then edit the amount. You can also edit your frequency to either daily, weekly or monthly as you wish.
We won’t do anything if you miss your autosave feature any day, week or month probably because you don’t have enough balance in your card. The InstantSave option is always available for you to manually make up for any lost day, week or month if you want. Highly recommended you do to especially if you’re saving for a goal.
We won’t be able to debit you if you don’t have money in your account. So you will need to make sure you have a minimum of your daily, weekly or monthly savings balance to be able to debit your card and credit your saving account on Sumobank
The InstantSave option is a savings feature on SumoBank that enables you to add more funds to your savings anytime you want. For example, if you set N2,000 daily and you miss a day or two, you can use the Instant save option to deposit N2,000 or N4,000 at once. This is to ensure you meet up with your savings target that you missed.
Withdrawing all or part of your savings is completely FREE of charge, however, you will be charged a 4.5% penalty fee if you withdraw your savings outside any of the FREE withdrawal dates given on Main savings and Mission savings account if you try to withdraw before reaching your savings goal.
You will not also be able to withdraw your money from Fix Savings/Investment account until after 365 days.
Withdrawals on SumoBank comes in various ways, you can choose to withdraw for FREE only on set Withdrawal dates or set your own FREE withdrawal date OR use Sumo Bank 4 fixed FREE withdrawal dates every year. Meaning, you have 5 days to make free withdrawals in a year.

After the withdrawal request has been made, funds will be sent back to your kick Account instantly and then you can withdraw to your set bank account anytime for free.
Withdrawals outside withdrawal dates will be sent directly to your bank after a fee of 4.5% have been deducted.
Yes, you’ll get up to 10% interest annually (0.833% monthly and 0.0277 daily).

We simply check your account on the 1st of every month and add an interest to your total savings from the previous month.
SumoBank is totally free. No hidden bank charges, no SMS charges and no account maintenance fee, almost everything is free.
At the moment, we don’t give out loans on the SumoBank platform, but making provisions for that.
This feature will allow you get access to personal and small business loan from SumoBank without collateral depending on your savings and community culture which will be calculated from your Sumo Credit balance and growth pattern.
Sumobank Mobile App is now available on Google Play Store, you can download the app via here and would soon be available on the Apple App Store.
Yes! it's called SumoBank affiliates. You earn 600 Naira for each person you refer who saves up to 7500 naira with Sumo Bank.
You can generate up to 60,000 Naira monthly into your Kick Account on Sumobank by telling your friends and Family to create account and start saving up to grow their money.
If someone visits Sumobank website with your referral link and didn’t sign up, then visits again without your referral link, you will still earn your 600 Naira commission.
Referral clicks are cached for 30 days and this allows you to earn for anyone who visits Sumobank again within 30 days after the first time with or without your affiliate link.

Academy & Partnership

Sumobank is a movement to fight poverty and help create millions of Jobs to Africans, on this, Sumobank is in partnership with Entrepreneur Platform to give and provide FREE business academy and networking environment for Savers on Sumobank to learn courses for FREE on Entrepreneur Platform Business Academy (ENBA).
However, to Have access to the Academy, you must have a minimum balance of 20,000 Naira in your Sumobank Main or Mission savings account.
When you are done taking any of the FREE courses on Entrepreneur Platform, you can withdraw your money from Sumobank and start the business you have learnt. Yes, Entrepreneur Platform will be kicking off its business Seminars, Hub Tours and Incubation program to help Africans who cannot learn online to learn faster. Mentors and business leaders across various fields will be invited to Entrepreneur Platform Hub to share their business guides with Sumo Lambs (Users accessing ENBA from Sumobank)
Yes, Entrepreneur Platform will be kicking off its business Seminars, Hub Tours and Incubation program to help Africans who cannot learn online to learn faster. Mentors and business leaders across various fields will be invited to Entrepreneur Platform Hub to share their business guides with Sumo Lambs (Users accessing ENBA from Sumobank)
No, you can’t, you will need to upgrade to a paid account before you can do that, aside that, everything is free. Login anytime and learn for FREE.

What Else?

Nothing else for now, but if you have urgent question that needs clarification, kindly call our customer care Hot line +2348148008091 and your question will be answered. We are available 24/7 to take your calls.