Hi everyone,
wats ur tots on the high interest rates in microfinance banks, with some of them offering 17% pa for fixed deposits while u cant get 10% pa in any commercial bank. Is it rili safe putting lik 500k in fixed deposit in a microfinance bank.
Ideas on any other financial product dt can yield beta pa (lik 20% n above) is also welcomed.
Mod do well to put on fp, this ll help alot of ppl..

Leave ur tots after reading

divinelove: Hi everyone,
wats ur tots on the high interest rates in microfinance banks, with some of them offering 17% pa for fixed deposits while u cant get 10% pa in any commercial bank. Is it rili safe putting lik 500k in fixed deposit in a microfinance bank.
Ideas on any other financial product dt can yield beta pa (lik 20% n above) is also welcomed.
Mod do well to put on fp, this ll help alot of ppl..

wben u have like btw#250k - #500k then its better to go into any bizness that can give u nothing less than 100% of ur initial capital like importation & don't 4get to look 4 what'll move fast in market like electronics gadgets/devices

Business is good but not everyone has the time and skill, If you need a secure investment opportunity of 20% returns in a yr...I can give you that, show your interest here...No hidden biz.

Damolux01: Business is good but not everyone has the time and skill, If you need a secure investment opportunity of 20% returns in a yr...I can give you that, show your interest here...No hidden biz.

wat investment can yeild 20% p a dt is risk free

there are lot of ways by which your money can works for you with at least 7 to 10% ROI every month, save and secure with a manager of one of the best forex broker in Nigeria.

Comments on this type of educative post tells you exactly how narrow minded Nigerians are and why we are where we are.
If this post was about Naked stripper it would have gotten to 318 pages.
SMH.

Its show the numbers of ppl that strive 4 success, I know that they won't comment because there's nothing to offer all the thing abt is quick cash. May God help this country.

Good Topic OP...Have heard many times about Micro-finance banks offering such high rates n i wonder how can it be? well have never tried inquire about it though.....but kind of sound somehow.

Hoping for more educating comments here

divinelove:
Hi everyone,
wats ur tots on the high interest rates in microfinance banks, with some of them offering 17% pa for fixed deposits while u cant get 10% pa in any commercial bank. Is it rili safe putting lik 500k in fixed deposit in a microfinance bank.
Ideas on any other financial product dt can yield beta pa (lik 20% n above) is also welcomed.
Mod do well to put on fp, this ll help alot of ppl..

Why some non banking financial institution offer rate than commercial banks is because of the kind of business they do with the funds that came in for them which commercial banks are not allow to do . But always be careful if a non Banking Financial institution is offering you a rate beyond the MPR. Cos they are regulatory guidelines crafted out by CBN for non banking financial institution . Google Microfinance bank Policy, Regulatory and Supervisory for more info.For me, 17% to 20% is ridiculous even if you are fixing 200M for 180 days .
there is nothing wrong with you fixing above 500k in finance houses but the challenge people really have with a non banking financial company is confidence issue, but then, distress in a finance company does not start and blow out the same day, its a gradual and period (months or even years). So these are few of the Things you need to make enqury about before fixing your money with a non banking financial institution , Cos people are really giving a bank a run this day .
1, do a back ground check on the company you intend to place our funds
2, what business are they into, ie risk level
3, is the rate been offered realistic (40% for your investment in one month is too juicy to be true)
4, Apart from the fund you are placing can you buy or do any other business with them?
5, asked for your funds before maturity as a test on their liquidity level, they may charge a percent age of your interest as penalty it is better
to loss a fraction of your interest than the entire funds. if it takes longer than 24 hours or at most 48 hours if is a hugh fund to pay you then
technically there is a problem, so at this point you can decide on the next step to take.non banking financial institution are not like bank
so their payment time is a little longer than the over the counter bank payment. Their banking procedure is also a factor (issue
you a cheque to go and queue up to collect you money)