August was a pivotal month for Finna! While some took the August break, we focused on breaking our records from the previous month and we can say we did so satisfactorily. If you’ve been following us closely you’re probably up to date but we’ve compiled them into a more exciting & digestible read in this update!
Let’s dive into the highlights of August. 👇🏻
Product Development
App Launch! 🟢
Our much-anticipated app officially launched on the Play Store, and we’ve seen growth in downloads, signaling our users’ preference for mobile applications. The feedback has been incredibly positive, with users praising its ease of use and efficiency. This launch is just the beginning, and we’re committed to driving more adoption in the coming months. iOS is just around the corner.
Longer & Stronger Loans! 🟢
On the lending front, we made significant strides to make loans more accessible and flexible as our users have requested. By lowering our interest rates to 1.5% per month and extending loan terms to a maximum of 90 days, we’re ensuring that users have greater flexibility in managing their finances.
We also introduced partial loan repayments, making it even easier for users to adapt our services to their needs, no matter their circumstances. But that’s not all.
USD Waya Development 🟢
A new chapter is on the horizon with the upcoming launch of Waya, an exciting product that will further expand what users can do with their stablecoins. It’s a project we’ve been working on behind the scenes, and we can’t wait to unveil it to our community soon. We are bringing the new era of stablecoins.
New Asset Listing! 🟢
We also celebrated the listing of cUSD on Finna! Now, users can swap between cUSD and fiat seamlessly, while also using it as collateral for Naira loans. This expansion reinforces our commitment to providing diverse and flexible financial tools for our users. Have you tried it out yet?!
Alongside these major product developments, we’ve been hard at work improving the platform with bug fixes and enhancements. From better onboarding for Finna Lend to a more intuitive swap amount graduation to swap any percentage of your total asset with ease, ensuring a smoother and more reliable user experience.
Marketing & Partnerships
Finna 🤝 Celo Africa 🟢
Our strategic partnerships this month have laid the groundwork for some incredible opportunities. We partnered with Celo Africa DAO to strengthen our connection with the Celo Africa communities, aligning our vision with theirs. This collaboration positions us for deeper engagement and shared growth across the African Web3 ecosystem. A lot of events planned up for our communities!
Turning Up At EthSafari & Celo Gather 🟢
Our presence at EthSafari in Kenya is another major highlight. As the largest Web3 event in Africa, it will be a great opportunity for our founders to share their insights & connect with industry leaders. The energy and the connections we will secure here will undoubtedly propel us faster toward the future of Finna.
Continuing our Kenyan Web3 travels, we’ll join with the Celo family at Celo Gather to forge stronger ties with the community. These relationships are crucial as we look to expand our reach and solidify our contribution within the ecosystem. And this is just the beginning — there are even more exciting partnerships on the horizon that we’ll be announcing soon.
We are still Celebrating! 🟢
In celebration of our new partnership with Celo Africa & cUSD listing, we launched a cUSD airdrop worth $5,000. This initiative is beginning to generate tremendous buzz and bring even more users into the Finna fold, further strengthening our growing community.
Growth
August was nothing short of remarkable in terms of growth! We shattered our own previous transaction volume growth record. We witnessed an extraordinary 10x increase in transaction volume across our products month-on-month, reaching a total transaction volume of $10m to date due to a new strategic partnership. We also saw over 11% growth in users. This explosive growth is a testament to the growing trust our users place in Finna & our platform’s ability to deliver real value.
Our user retention metrics also saw a notable uptick, with conversion rates rising to nearly 50%. Not only are more users sticking around, but they’re also spending more time on the platform, closely monitoring how much they’ve saved against the fluctuating Naira. This increased engagement is a clear indicator that Finna is becoming a critical tool for financial empowerment in these volatile times.
With such strong momentum, it can only get better!
🟢 We rebranded on November 1st, 2024! Check most recent stories for links to our socials, communities & website. 🟢
