New week, new feature, who dis?
Flex Naira just got better!! Flex Naira is a flexible wallet that allows you to fund and withdraw for free at any time. It has functioned, mostly, as an alternate wallet that helps you warehouse your funds and save for emergencies — and we have typically paid all the interest from your other wallets into it.
Today, we are introducing a new feature in the Flex Naira wallet to help you do more.
Introducing Labels: The easiest way to organise, separate and categorise your emergency funds.
What is Labels?
It is an easy way to manage your money within your Flex wallet. We know how hard it is to keep track of money you have set aside for emergencies when it is all combined together, and having to mentally arrange each emergency category can be such a chore.
With Labels, you’re able to do just that and more. Labels will allow you to name, categorise and divide your money into manageable chunks so you know how much money you have for different responsibilities and emergencies. Labels will help you plan your money.
How does it work?
Using Labels is as easy as 1, 2, 3.
- Open your Flex Naira wallet (make sure you have some money in your wallet. To learn how to fund your wallet, click here)
- Tap “New Label”
- Fill out the form and boom!, Label created.
N20,000 for Generator repair? Label it!!
Or is it N100,000 for your partner’s birthday? Label it!!
All Labels created are segmented from the general money available in your Flex. Think of it like literally setting aside the money so you don’t touch it until needed. When you need to access the funds, all you need to do is:
- Open your Flex Naira wallet
- Tap on the Label you want to access
- Tap release and ka-ching the money is released and accessible for you to withdraw as needed.
As always, withdrawing from your Flex Naira wallet is absolutely free. We believe that all of your money should be working for you. Even when it’s just sitting in an account — or a wallet.
If you need to add more money, take away a little money or rename a Label, simply:
- Open your Flex Naira wallet
- Tap on the desired wallet,
- Tap update, make the desired change and save.
What does this mean for you?
You’re able to do more with your Flex Naira Wallet. With Labels, you are able to stay on top of your emergency funds easily because you know exactly how much you have set aside for each emergency such as car emergency, health emergency, vex money etc.
Plus, you also still enjoy the same great features of Flex Naira — free withdrawals, up to 10% per annum, Flex Naira Account Number, Free Flex to Flex Transfers and so much more.
Frequently Asked Questions
Do I still earn interests?
Yes, you earn up to 10% per annum on ALL the money in your Flex Naira wallet. Note that you can miss out on some interest if you withdraw more than 4 times a month from your Flex Naira wallet. (The goal here is to keep you disciplined :) )
How are my interests paid?
Interests are paid out monthly into the available balance that has not been labelled. This is to ensure the money you have labelled is still intact and to avoid confusion. And yes, you earn interest on ALL monies in your Flex Naira Wallet (including monies that have been labelled)
Can I Label money already existing in my Flex Naira Wallet, or am I only able to Label new deposits?
You can Label any money that is in your Flex Naira Wallet, both new and existing.
How many Labels can I create?
You can create up to 25 Labels.
How do I release a label?
Releasing a label means you want to remove all funds from the particular Label, perhaps it’s time to access the funds. To do so, simply open your Flex Naira wallet and:
- Tap on the Label you want to access
- Tap release
- Tap release and ka-ching the money is released and accessible for you to withdraw as needed.
If you only want to release a portion of the money in a label, all you have to do is:
- Tap on the Label you want to release a portion of.
- Tap update.
- Enter the amount you wish to have left in the label (this means you gain access to the remainder).
- Tap Manage Label and you’re all set.
What is ‘Available balance’?
Available balance is the total money in your Flex wallet less the money you have labelled. We have it this way so that you truly don’t touch the money you have labelled for an emergency until you absolutely need to.
To start using Labels, make sure you have the latest version of the Piggyvest app on the App Store and Play Store.
With Labels, staying on top of your emergency funds is a lot easier. Got money for an emergency, Label it! #JustLabelIt
—
The PiggyVest Team
