BANKING

Why You Should Study Your Bank Statement Monthly

Published

2 years ago

Why You Should Study Your Bank Statement Monthly

If you’re earning enough but can’t understand why you’re always broke or unable to take advantage of important opportunities due to a lack of money, then it’s because you’ve not looked inward well enough.

You need to make lifestyle changes to have a better chance of changing your financial situation. There might also be other things outside your control that are limiting your financial growth. Whichever one it is, a mere study of your bank statement within specific periods is enough to reveal that to you.

This article discusses vital reasons why you should study your bank statement monthly. But first, you’ll learn what a bank statement is and how to access it at any time.

Why You Should Study Your Bank Statement Monthly

What is a Bank Statement?

A bank statement is a document provided by a bank or financial institution to an account holder, detailing their financial transactions within a specific period, usually monthly. It contains crucial information such as your account information, starting and ending balance of your account, service charges and fees, date and description of transactions, running balance, etc.

How Do You Get a Bank Statement?

Most banks and financial institutions send bank statements to their customers each month or quarter. If you opened an account with your email and agreed to receive notifications through it, your bank will most likely send them to your email.

However, you can also manually request it at any time of the month, either through the bank app or physically. To request your bank statement through the app, simply:

Log in to your bank app
Go to account statements
Choose the period you want to view
Then submit your request.

Your bank will forward your bank statement to your email account almost immediately. Doing this regularly, especially monthly, has a lot of benefits.

6 Reasons Why You Should Study Your Bank Statement Monthly

Here are six reasons why you should study your bank statement monthly:

1. Error Detection

The banking system isn’t perfect, especially in Nigeria, where customers still complain about issues like incorrect charges, failed but debited transactions, and unauthorized transactions on their accounts. Reviewing your bank statement monthly helps you detect and correct some of these errors on time.

Oftentimes, when you detect these errors and report them to your bank for resolution, it takes weeks or even months to resolve them. Now imagine what would happen if you never checked. It means they’d never be corrected, and you’d constantly wonder why your account balance is always below your expectations.

2. Fraud Detection

If you fail to study your bank statement regularly, you might fall victim to bank fraud, either from your account managers or external parties.

Introducing point of sale (POS) terminals in Nigeria has increased the rate of identity theft, as people can easily access your debit card details. With your debit card information, people can initiate transactions on online platforms, using your card to make purchases.

Sometimes, the debits might come in huge amounts and in quick succession, prompting you to block your card details. However, you might not notice this early if the transactions are made in small amounts at different times unless you check through your bank statements.

3. Tax Preparation

Good knowledge of your financial dealings is vital when preparing your taxes. Reviewing your bank statements regularly makes it easier to prepare your financial records and accurately report your income and expenses.

Furthermore, if you claim itemized deductions on your taxes, you must prove them when filing for tax deductions. The only way to prove your itemized deductions is by examining your account statement and noting how much you spent and what you spent it on.

4. Budgeting and Expense Tracking

These days, each time you go out, you incur unplanned expenses that might have crippling effects on your account. It is best to constantly review your statements and budget your income properly to ensure funds are used for what they were budgeted for.

Monitoring your account statement monthly lets you track your expenses properly, allowing you to adjust them as you want. You’ll have a clear view of what you spend the most on, enabling you to identify unnecessary expenses and make informed financial decisions. Furthermore, if you’re a freelancer, reviewing your account statement monthly helps you keep track of your income, enabling you to create a budget that’s within your income levels.

5. Identifying Subscription Payments

Sometimes you might subscribe to certain things online and forget to cancel them at the end. These might be recurring subscriptions that, if left unchecked, can lead to significant deductions on your account. By reviewing your bank statement monthly, you can discover these subscription payments and cancel or adjust them accordingly.

6. Financial Awareness and Control

If you want to take charge of your life and become as rich as you want, then you must be mindful of your financial habits and take proactive steps to reach your financial goals.

This requires you to be aware of your current financial situation and the reasons behind it. And the good thing is that you have your bank statement as a starting point for this self-introspection. Your bank statement is the only document with detailed information about your extravagance spelled out for you.

From your bank statement, you can see specific expenses you make that are limiting your financial growth, allowing you to think of better investments those monies could have gone into.

By reviewing your bank statement monthly, you can take charge of your finances, drop poor financial habits, imbibe new ones, and then take proactive steps to improve them.

Conclusion

Unlike your mind, bank statements don’t make excuses for your unjust and unnecessary use of money. They clearly show you how undisciplined you’ve been with your income and why your account balance is stagnant.

By reviewing your bank statements regularly, you can enhance your overall financial awareness and take bold steps to make your life better. Hopefully, this article has given you insights into why you should study your bank statement monthly. Cheers to a better financial life!

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FINTECH

Fincra Granted Payment System License in Tanzania

Published

2 weeks ago

Christopher

Fincra Granted Payment System License in Tanzania

Fincra Receives Payment System Provider License from the Bank of Tanzania, Expands Regulatory Footprint in East Africa

Fincra, a leading pan-African payment infrastructure company, has received regulatory approval from the Bank of Tanzania through its 100% controlled local entity to operate as a licensed Payment System Provider, enabling it to deliver secure, scalable, and compliant payment services across Tanzania.

Fincra Granted Payment System License in Tanzania

This approval, granted under the Payment Systems Licensing and Approval Regulations, 2015, authorises Fincra to provide payment services in Tanzania. The license represents a significant milestone in Fincra’s East African expansion strategy and underscores its commitment to working closely with regulators to build trusted financial infrastructure across the continent.

“We are thrilled to receive this license from the Bank of Tanzania. It reflects our long-standing commitment to regulatory integrity and positions us to deliver even more value to businesses in East Africa,” said Wole Ayodele, CEO at Fincra. “This is a key part of our mission to build the rails for an integrated Africa”

The license allows Fincra to offer its suite of payment products and services to businesses operating in Tanzania, including local collections, business payouts, and API-based infrastructure for real-time payments, all while maintaining full compliance with the regulatory framework set by the Bank.

Fincra’s entry into Tanzania is strategically aligned with the country’s growing digital economy and its push for financial inclusion. Businesses in sectors such as fintech, logistics, travel, retail, and remittance will now be able to leverage Fincra’s infrastructure to scale faster, move money more efficiently, and expand across borders.

This development follows Fincra’s earlier regulatory approval in South Africa as a Third Party Payments Provider (TPPP) and cements the company’s position as one of the few African fintechs actively building a multi-market regulatory foundation to support a truly pan-African financial ecosystem.

About Fincra
Fincra is building the trusted financial infrastructure for businesses in Africa to move money locally and globally. Through a suite of APIs and no-code solutions, Fincra enables secure collections, payouts, and settlements across borders, with full regulatory backing in every market it operates.

Create a Fincra account in 3 minutes here.

FINTECH

Fincra Secures South African TPPP License

Published

2 weeks ago

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Fincra Secures South African TPPP License

Fincra, a leading provider of payment infrastructure for local and cross-border payments in Africa, is proud to announce receipt of another Third Party Payments Provider (TPPP) in South Africa.

Under this license, Fincra is now authorised to process the following types of payments:

Credit Card
Debit Card
EFT (Electronic Funds Transfer) Credit
Real-Time Clearing (RTC)
Rapid Payments

The license reinforces Fincra’s ability to facilitate seamless, secure, and compliant financial transactions for businesses operating within and across South Africa.

Fincra Secures South African TPPP License

This development marks a pivotal advancement in Fincra’s mission to build the rails for an integrated Africa by creating the infrastructure to simplify how African businesses pay and get paid globally.

“Securing the TPPP license in South Africa is a significant step toward realising our mission to build the rails for an integrated Africa. It reinforces our commitment to building compliant, reliable infrastructure that powers cross-border trade at scale. We’re excited about the opportunities this opens for businesses across the continent.”

— Ayowole Ayodele, CEO and Co-founder, Fincra.

Fincra’s new capabilities enable businesses across Africa and beyond to integrate directly with South Africa’s core payment systems and banks, offering faster settlement, greater reliability, and compliance with the country’s stringent financial regulations.

IFincra is now better positioned to support a broader range of merchants in industries such as e-commerce, logistics, B2B marketplaces, travel, and more.

“This license strengthens our ability to serve our merchants with faster, more secure, and locally compliant payment options in South Africa. It’s a game-changer for businesses looking to expand or operate in the region, and a strong signal of Fincra’s continued focus on enabling growth for our customers.”

— Emmanuel Babalola, CCGO, Fincra.

For Fincra, this is not just a regulatory achievement, it’s a signal of what’s next for the African payments space.

As Fincra expands across the continent, its growing regulatory footprint and partnerships with Tier-1 banks provide the foundation for scale and innovation.

About Fincra
Fincra is a leading payment infrastructure provider enabling seamless cross-border transactions across Africa.

Fincra empowers businesses, fintechs, and financial institutions to collect payments globally and make payouts locally, all through one powerful API or platform. With Fincra, launching remittance products, automating payroll, and expanding into new African markets becomes effortless. Fincra is building the financial rails that power trade, innovation, and scale across the continent.

Create a free account in 3 minutes at fincra.com

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BANKING

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Published

4 months ago

Christopher

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The African Development Bank Group (www.AfDB.org) and Standard Bank Group (SBG) on Monday signed a landmark financial agreement to enhance funding for small, medium, and micro enterprises (SMMEs) and expand trade across Africa.

The agreement includes a R3.6 billion investment in a social bond and a $200 million Risk Participation Agreement (RPA) for Standard Bank of South Africa Limited (SBSA). This initiative strengthens Standard Bank’s lending capacity, ensuring greater access to finance for SMMEs, a critical driver of economic growth and job creation in South Africa.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises

The social bond investment promotes inclusive economic development, particularly for SMMEs with a turnover below R300 million and loan sizes under R40 million. This financing will support up to 4,000 businesses, helping them scale operations, create jobs, and contribute to economic resilience.

Kenny Fihla, Deputy Chief Executive Officer of Standard Bank Group and Chief Executive Officer of SBSA, welcomed the investment, stating: “This landmark partnership strengthens our ability to support SMMEs, the backbone of South Africa’s economy. With approximately 3.2 million SMMEs accounting for 60% of jobs, ensuring access to finance is crucial. This initiative aligns with our Sustainable Finance Framework and our commitment to financial inclusion.”

In addition to the social bond, the $200 million RPA enhances trade finance across Africa, focusing on Low-Income Countries and Transition States. This agreement enables local banks to increase lending by sharing risk, bridging the trade finance gap, and promoting intra-African trade.

African Development Bank and Standard Bank Unite to Support Small, Medium, and Micro Enterprises (SMMEs) and Boost Trade

Leila Mokaddem, Director General for Southern Africa at the African Development Bank, highlighted the broader impact: “This collaboration marks a significant milestone in our long-standing partnership and is a testament to our shared commitment to supporting SMMEs’ growth and enhancing trade finance across Africa. Expanding financial inclusion and trade opportunities empowers businesses to drive economic transformation and regional integration. The Standard Bank Group remains a strategic partner in our shared vision for economic development on the continent.”

This initiative aligns with the African Development Bank’s Ten-Year Strategy (2024–2033), which prioritises industrialisation, regional integration, and improving the quality of life in Africa. It also supports Standard Bank’s Sustainable Finance Framework, reinforcing both institutions’ commitment to fostering green and inclusive growth.

“We are proud of this transaction, demonstrating our shared commitment to sustainable financing. By supporting businesses, we create long-term economic opportunities and financial resilience,” stated Ahmed Attout, Director of the Financial Sector Development Department at the African Development Bank.

Kenny Fihla reaffirmed the significance of the collaboration:

“By providing much-needed capital, we are helping enterprises overcome challenges and thrive. This partnership illustrates the power of collaboration in driving meaningful economic and social change in Africa.”