Getting started · 3 min read
What Rainpay is (and what it is not)
How Rainpay works, who holds your money, and what you can do with your account.
Rainpay is a Nigerian money app. In one place you can keep money, receive it, send it to any bank, pay bills, save with interest, run contribution circles with people you trust, and earn rewards for inviting others.
Rainpay is a financial technology company, not a bank. Deposits, payouts and settlement are provided by our licensed partners — Beamer Microfinance Bank (a CBN-licensed microfinance bank), Platnova (a licensed payment service provider registered with FinTRAC and FinCEN and holding an FMLL licence), and Red Biller Technologies (a licensed International Money Transfer Operator).
What you can do
- Hold naira in your Rainpay wallet and see every movement in your activity list.
- Receive money into an account number issued by our banking partner.
- Add money instantly with a card, bank app or transfer through our payment partner's checkout.
- Send money free to other Rainpay users, or out to any Nigerian bank or wallet.
- Pay bills — airtime, data, electricity, TV and more.
- Save with a fixed tenor and earn up to 12% a year.
- Run contribution circles (group savings) with friends, family or colleagues.
- Ask another Rainpay user to pay you, with a memo they can approve or decline.
Who can open an account
You must be 18 or older, resident in Nigeria, and use your own identity. Every account is verified against your BVN or NIN with a live selfie, so nobody can open an account in your name.
Rainpay is a financial technology company and is not a bank. Banking, payment and deposit services are provided by licensed financial institutions and licensed payment service providers regulated by the Central Bank of Nigeria, currently Beamer Microfinance Bank, Platnova and Red Biller Technologies.