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Frequently Asked Questions
Spark is a Social Finance app dedicated to Community.
You can come to Spark to discover and join Community Clubs that Spark and their Staff run as the Admin (for now), to ensure a secure experience.
Community Clubs are a place for you to network and coordinate with other like-minded people who share similar interests and have common financial goals.
You can also start your own private Communities that we call Clubs. We give all Clubs a free dedicated joint account frontend experience. Spark Club accounts are run by one Admin, who can customise the settings of the Club. All members can see the existing Club settings and are notified of any settings changes. Spark also offers an amazing peer-to-peer experience, where you can send and request money with your Contacts who also have Spark. All transactions between Spark users are 100% free and instant. We also provide easy to read transaction histories across all of your Spark activities. All personal Spark Accounts come with their own virtual Bank Account, allowing you to move between your Spark Account and existing Bank Accounts with freedom and ease.
No. Spark is focused fully on Community Finance and making it easy and safe for you to discover Communities or run your own private Community to coordinate finances together. We also offer an amazing peer-to-peer experience just in case you are not ready to join or form your own Community quite yet. In order to transact with others, they must also have a Spark Account and have their IDs verified by Spark.
Spark is not directly regulated at this time. We are focused on providing an amazing frontend experience for your Group financial activities and we leave the heavy finance lifting to our experienced and regulated partners. Spark currently works with Anchor, a licensed MFB, who also works with banks duly licensed by the CBN. All Spark users get a free virtual bank account powered by Anchor.
Spark works with multiple payment processing partners for your Spark TopUps and Withdrawals to ensure you always have the best service available at all times. Our well-regulated partners are; Anchor and Paystack.
Any of your personal Spark Account funds sit in a virtual Providus bank account, owned by you the customer, and powered by our partner Anchor. Any Club Account funds sit in a dedicated and secure Account at a Providus account, powered by Anchor. Neither Anchor nor Spark, can ever touch or withdraw your monies. You control where your money moves using the Spark App.
Spark currently makes money via different revenue models in the Community Clubs that we run. We may later offer direct financial integrations and plan to generate revenue on any such services as well. Transactions inside of Spark are, and always will be, completely free.
Yes. Your data is both encrypted and backed-up. Spark follows industry best practices and is also ISO Compliant.
Spark Chat transactions: Spark Sends and Approved Money Requests are and always will be free. We believe Spark-to-Spark transactions should always be free for our users and can stand by this promise. Both recipients need to be BVN Verified for Spark-to-Spark transactions to occur.
Spark Club transactions: If you are sending money to a Club Account, you are given 2 options – pay with Spark or pay with Paystack. Paying with Spark (which requires that you are BVN Verified) is free. Paying with Paystack costs 1.5% + N100 flat for any amounts of N2,500 or higher.
Spark directly passes on any third party costs associated with moving money into and out of Spark. Spark TopUps are currently free, with a legally mandatory stamp duty tax of N50 on any TopUps of N10,000 or more. Spark Withdrawals cost N50 flat, regardless of the amount.
No. You can only transact with people that are also on Spark. This is so we can ensure a fast and reliable transaction experience and provide you with free transactions inside Spark.
By viewing your phone contacts we can let you know who is on Spark that you can transact with. Your contact data we view is encrypted and highly secured and will never be used for any other purpose, nor shared with any other party.
In order to provide you with an amazing social finance experience, you must have an Android or iOS-enabled smartphone to use Spark. This allows us to reliably provide a fast, safe and social transaction experience, organised transaction histories, and seamless coordination with your Contacts and Clubs. In the near future, this enables us to connect more financial services to you, and provide you with more financial connections to transact with.
Yes. You can change your Spark Username inside of your profile on Spark.
For Apple devices: iOS 13 and above.
For Android devices: Android OS version 6.0 and above.
If your phone model supports these operating systems, Spark should work just fine on your phone model.
Spark will send you SMS alerts to the number you have registered with Spark in order to protect your account well. SMS alerts are sent when you have: done a Spark TopUp or Withdrawal, sent money, or approved a money request.
No. You need to have an internet connection for Spark to work. If the person you transact with has their internet data off, your transaction will still go through, and they will get a notification once their internet returns.
No. Our app is way less than most comparable fintech apps. Further, we have gone to great and thoughtful lengths to ensure that all activities on Spark keep internet data usage to a minimum.
Just like Mobile Money and Banks, we are legally required to verify your ID before you can transact. This also helps to maintain safety and integrity as you collaborate with others.
If you registered for Spark whilst in Nigeria, but then travel abroad, Spark will still work well for you anywhere there is internet. But, you will need to have access to your Nigerian SIM you registered to Spark with to receive SMS Alerts or OTPs (one-time-passwords) to perform actions like Spark Withdrawals.
1. Ensure your internet connection is stable.
2. Log in to the Spark app and try again.
If this problem persists, please contact Spark Support.
Please check the app store for your device to make sure you have the most updated Version of Spark. If you still have an issue please contact Spark Support.
In order to protect your account well, you must contact Spark Support before you can change the phone number you used to register with Spark.
Please contact Spark Support
1. Your version of Spark.
2. Your phone device’s make and model.
3. Your phone number is registered to Spark.
4. The ID you used to register to Spark.
No. Spark Support will NEVER ASK for your PIN.