How to Use Standing orders on Fintech Apps
Standing orders are one of the most underrated tools in modern banking, yet they are extremely useful—especially for Nigerians managing recurring payments through fintech apps. Whether you are paying rent instalments, supporting family monthly, saving consistently, or handling subscriptions, standing orders help automate payments without stress.
With the rise of digital banks and fintech platforms in Nigeria, setting up a standing order has become easier, faster, and more flexible than it used to be with traditional banks. This article explains what standing orders are, how they work on fintech apps, and how you can use them effectively to manage your finances better.
What Is a Standing Order?
A standing order is an instruction you give your bank or fintech app to send a fixed amount of money automatically to a specific account at regular intervals. This could be daily, weekly, monthly, or on a specific date you choose. Once set up, the payment runs automatically as long as your account has enough balance and the standing order is active. Unlike manual transfers, you don’t need to remember the payment date every time.
Standing Order vs Direct Debit
Many Nigerians confuse standing orders with direct debits, but they are different:
- Standing Order: You control it. You decide the amount, frequency, and when to stop it.
- Direct Debit: The recipient controls the debit. Commonly used for cable TV, internet, or utility bills.
Most fintech apps in Nigeria focus more on standing orders because they give users full control.
Why Standing Orders Are Useful on Fintech Apps
Fintech apps are designed for convenience, and standing orders fit perfectly into that system.
Automated Payments : No more forgetting rent contributions, savings transfers, or allowances.
Better Financial Discipline: Ideal for people trying to save or budget consistently.
Time-Saving: One setup can handle months or years of payments.
Reduced Transfer Errors: Once details are saved correctly, the risk of sending money to the wrong account is lower.
Transparent Tracking: Most apps allow you to see upcoming and completed standing order transactions.
Common Uses of Standing Orders in Nigeria
Standing orders on fintech apps are commonly used for:
- Monthly savings to another account
- Rent or housing contributions
- Family support or allowance payments
- Cooperative society payments
- Business partner settlements
- Church or association dues
- Investment funding schedules
How to Set Up a Standing Order on Fintech Apps
While interfaces differ slightly across fintech apps, the process is mostly similar.
Step 1: Log Into Your Fintech App
Open your app and sign in securely.
Step 2: Locate Standing Order or Scheduled Payments
This is often found under:
Transfers
Payments
Automation
Scheduled Transactions
Step 4: Set the Amount
Input the exact amount you want transferred each time.
Step 5: Choose Frequency
Select how often the payment should run:
Daily
Weekly
Monthly
Custom dates
Step 6: Set Start and End Date
You can choose:
A specific start date
An end date, or
Leave it open-ended until you cancel it
Step 7: Confirm and Authorize
Use your PIN, password, or biometric authentication to confirm.
Once completed, your standing order becomes active.
Important Things to Know Before Using Standing Orders
Before setting up a standing order, keep these points in mind:
Insufficient Balance: If your account doesn’t have enough funds on the payment date, the transaction may fail.
Transfer Charges: Some fintech apps still apply transfer fees. Over time, this can add up.
Edit or Cancel Anytime: Most apps allow you to pause, edit, or cancel standing orders easily.
Public Holidays and Weekends: Some transfers may be processed the next working day, depending on the app.
Notifications: Enable notifications so you are alerted when payments are made or fail.
How to Manage Standing Orders Properly
To avoid surprises, follow these best practices:
- Review your standing orders monthly
- Align payment dates with your salary or inflow dates
- Avoid setting too many standing orders at once
- Keep emergency funds separate
- Cancel unused or outdated instructions promptly. Are Standing Orders Safe on Fintech Apps?
Yes, standing orders are generally safe when used on reputable fintech platforms licensed in Nigeria. These apps use:
- PIN and biometric authentication
- Transaction alerts
- Encrypted systems
However, users should still protect their devices, avoid sharing login details, and regularly monitor account activity.
In Conclusion: Standing orders have become an essential feature for anyone using fintech apps in Nigeria to manage recurring financial commitments efficiently. In a fast-paced environment where expenses, savings goals, and responsibilities continue to grow, automating regular payments helps reduce errors, missed deadlines, and unnecessary financial stress.
By setting up standing orders, users gain better control over their cash flow, encourage financial discipline, and create a predictable payment structure that supports both personal and business finances. Whether it is monthly savings, rent contributions, family support, or cooperative payments, standing orders allow you to plan ahead and stay consistent without relying on memory or manual transfers.
As Nigerian fintech platforms continue to evolve, standing orders are likely to become even more flexible and widely adopted. Learning how to use them effectively now puts you in a better position to manage your money smarter, save consistently, and stay financially organized in a digital-first economy.
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