₦airaland Forum

Neurotika:
You can’t easily track your accrued interest on this platform the way you can with others. Some days it shows, other days it doesn’t…it almost feels like it’s updated manually at their discretion. When you top up/redeem, it can take nearly two days before the settlement is done. For a fund manager that’s been around this long, it’s honestly disappointing. At times, you can’t even log into the app. The only positive is the display of daily rates on the app; everything else is just appalling.

True about the daily rates displayed in the app bit. The app looked good, so I was about to give it a shot, thinking they were better since the KYC process was pretty seamless in-app. Thanks for the heads-up.
Meristem has yet to even acknowledge my pending KYC for two months now. I've reached out to them severally on Twitter, but it's like they are determined not to care about me or the KYC and they have marketers looking for customers here and there while missing a lot of them unaware. Sigh.
This seems to be a Nigerian business culture problem.

Care to share what issue you got with FSDH in particular?
You might be saving a life

Neurotika:
Most of these fund managers seriously need to get their act together. The processes are shoddy across board. Asides Stanbic, I’ve sampled ARM, Norrenberger, Cowrywise, FSDH (this is worse)…and it’s been one disappointment after another. Not even trying to de-market; just sharing so others are careful. From terrible customer service & operational procedures to misleading rates…the industry just feels like a mess. At this rate, Stanbic will keep owning the space by default, even with their mediocre returns, because the competition isn’t even close.

nickae:
I am using this and using the Login ID generated and send to my email after completing the online Access not my customer ID.
I just logged in now without issues as attached

dammit.. just discovered my fiber broadband ISP was what is not accessing the portal after their upgrade. The website is accessible quite alright but i must switch to mobile ISP to access the portal.

nickae:
, na age dey worry them. But I was able to login seamlessly in the new platform

na "client login" i dey use from their website. Same lonk dey send to my email, e no dey ever open. Abi e get another link wey you use dey use?

Making this client portal accessible for login or registration has become rocket science for FBNQuest.

alezzy13:
I have both Stanbic and United capital equity funds and really like others noted, it's not for the faint hearted.

I opened them about two years ago following the surge in stocks at that time. To my shock however, they both dropped sharply by almost 30% early 2024. Thankfully though my Stanbic funds has currently almost doubled while UCAP is about 50% higher.

Just to emphasize again that it is extremely volatile so potential investors should be very cautious.

STANBIC equity fund still never had a losing year regardless, so you never needed to panic. Just to hold through.

Really weird that FBNQuest let their website hosting expire. Very unprofessional of a fund manager, or it had better be part of their user data integration project.

lilsyd:
I actually reached out to raise the concern, and their initial response was that the companies offering higher rates were relatively small outfits that might not be sustainable in the long run. I found that amusing. But once I mentioned Stanbic, the tone shifted — suddenly the difference in rates wasn’t "so significant," and there were reassurances that they would bounce back soon.

..might be time to reconsider options.

You must really love them so much to waste productive and airtime calling them to lick your ears with oily lies.
When it comes to getting value for your hard-earned money, you had better be ruthless in your decision rather than being a fanboy.

You already paid the penalty with 20% of the interest accrued from the moment you deposited the 100k to the day of the 5k withdrawal

TinaJoe:
Pls I funded my stanbic money market acct with 100k and decided to withdraw 5k after few days just to test run the app and I was paid the next day. My question is, will the 20% penality come the interest 100k will give me after one month or what the 5k would have given me after one month?

emmasoft:
Oh okay. Get to their website, then to products and services, under umbrella funds you will see the conservative fund among the other two in that category.

I think you are talking about Stanbic website and not BluNest's. Coz there's nothing like umbrella funds there.

lilsyd:
emmasoft greetings sir.

Please what's the average MMF rate as at today. UCAP has been under 20% for a couple of weeks now.

Makes we wonder.

those ones have been consistently under 20%. Even when others are giving 21+. A worrying wonder it is.

emmasoft:
The same thing I just said. It's on the website, not the app. You can even find all the factsheet on the website.

I perhaps didn't make that part clear. I mean, I was talking about the BluNest website, where I can't find it. Yes, it's on the factsheet page but not on the mutual funds listing page.

emmasoft:
I don't think it's because of your account level. The funds they refer to as umbrella funds, where this Conservative fund falls under, are only visible on their website, not the app, whether it's the old or BluNest. Others are Absolute Return and Aggressive Funds

It was on the BluNest website and not app where I see the performance metrics of all mutual-funds except for that very one.

emmasoft:
Login to your account via BluNest and click on investments, all the funds managed by Stanbic and their rate or price will be displayed

I noticed the Stanbic IBTC Conservative fund isn't listed in the available funds on BluNest. Is it because of its exclusive nature, with a 20 million minimum investment capital?

Perhaps it's coz I'm not on Premium Tier yet?

iamL:
Please do you have any ideal of FBN current rate for TB?

sorry, I don't.

Care4:
I started with wealthbuddy this year. No issues.

how do contact these guys. A phone support or account officer?

Tolu2024:
So other assets management are experiencing this too?

You must be really new to this, and I'm really scared for you. Having committed such a significant sum of money to something you have no inkling of its workings.
It's Money Market, not Cowrywise market. Any rates you see are from the money market. This is not CBEX, and my worry is something happens now, which you probably could have decided better on, but due to limited knowledge, you probably skipped that and face an adverse outcome, then you come out to say Cowrywise is a scam and stuff.

I urge you to please take 30 minutes with ChatGPT to ask just about anything on Money Market Funds that pops up on your mind (no matter how silly) and carefully read the responses. Always be ready to read to get knowledge about anything that involves your money. This is not sarcasm. Stay safe.

To reiterate, no other asset manager is giving close to what you are currently getting on Cowrywise. 20+% is the prevalent rate this week while Cowrywise is giving 22% (21.95% today)

A305:
Expect more reduction as Nigeria inflation numbers are coming down, the economy has been stable since the start of the second quarter of this year. FX is stable. Dangote and NNPC are reducing fuel price everyday and the last shocker: People in capital market are slowly moving money to equities, commercial paper and ETFs.

All you have to do is wait as you in a safe investment space. BE HAPPY, Nigeria is getting better lol.

Please don't forget to let me know when you've fixed a date for your comedy show. You do have a lot of potential and will need all the organic support you can get.

Care4:
Due to minor changes in the rates. I do not monitor daily rates.

the rates in the app never changes. I guess they just post daily earnings to your account and nothing more.

Jeoma2024:
yes my number is on WhatsApp

Thank you very much

The FBNQuest guy reached out to you multiple times on Monday, but you neither picked up your calls nor called back.

Tolu2024:
What is APR and how do you make the calculation?

APR is the annualized percentage rate, which determines how much you get daily with respect to your investment capital. The higher it is, the more your daily payout.

To estimate your daily payout, divide your APR by 100 and multiply it by your capital, then divide by 365.

nickae:
Hello @0ubenji, do you know if FBNQuest is now accessible to new users, I tried but still not working.

you are in the spirit. I just got off a call with my contact there, and he told me there were issues with the launch. It will be completed next Wednesday, but just for the website portal. The mobile app fix for new users will come much later. Once the stuff is launched for the web portal, new users will be able to log in and track their investments.

The main issue is that new users have alphanumeric logins, and the existing system does not support that, which explains why newbies can't have access until that fix is live. I will keep you posted.

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

As nickae already said, it's a market issue, nothing to do with Cowrywise. In fact, they are the only ones offering 22% at the moment. The rest are doing 20-21% mostly. It can get to 10% even. They never promised it would stay above any percentage. You are the one setting some expectations for yourself.

What you are seeing is what the market is giving, not Cowrywise. By the way, the screenshot redaction was unnecessary; the mathematics is simple. Given your APR and the daily interest, it's pretty easy to figure out that your capital is about 9.5 million.

Care4:
I started with wealthbuddy this year. No issues.

I am about to use that too and wanted to confirm how you see the daily rates and if it tallies with the amount you recieve?

Youngzedd:
I have issues trusting fintech with my money.

I prefer the biggest two fund managers in the country, this way I feel relaxed because there's enough liquidity.

Yunno, not too many people understand why HNIs still patronize these traditional fund managers over the fancy but undeniably highly efficient fintechs.

They see Cowrywise, Risevest, and the likes not having as much AUM as the seemingly sluggish StanbicIBTC, ARM, FBNQuest, etc. and never actually wondered why.

Over the years, I have come to understand why HNIs often demonstrate astute decision-making skills. One's thought processes evolve when the potential for significant losses in business endeavors becomes increasingly evident.

Oladele2393:
why do you fear fintech when they are certified by cbn,insured by NDDC

this your comment reeks of premium, blissful ignorance and it'll take a needless back and forth to educate you on why those largely theoretical factors particularly holds no water in the scheme of things.

And I mean this with all due respect to your person.

Youngzedd:
It takes Stanbic IBTC forever to compound interest.

Till now they haven't added last month interest to the principal.

This is something FBNQuest did on the 1st day of the month.

Stanbic IBTC is cheating us.

Cowrywise own na instanta.. those ppl dey try.. it's just this Fintech phobia.

temi4fash:
Yes i do..

Did you just join recently?

temi4fash:
You have an account officer with FBN Quest.
Lucky you.. Hopefully i would get one soon

I don't, yet. There's a guy who's acting as the interim pending when my onboarding is completed. Do you have account with them yet?

Jeoma2024:
. Thank you, I have removed my number

Is Norenberger account opening done online, and what is their minimum start amount for MMF

hope that number is on WhatsApp coz I've shared it with my Norrenberger contact as well. That one is very serious, he'll reach out tomorrow.

PS: You can open online but account verification will be unsuccessful until they manually handle it from their end. So, it's recommended you just deal avoid opening online and getting stuck. Emmasoft can also help if he's available but that guy (my contact) will reach out and eventually become your account officer if you onboards you.

Norrenberger is not as responsive; you just happen to be linked to a serious person. I got one serious guy there, too, and ensured he was my account officer. I even referred two people to him, and they have invested too with prompt assistance from the guy.

FBNQuest is indeed notoriously unresponsive. If I was not able to get hold of this guy acting as my interim account officer, I would have given up on them too.

temi4fash:
You should unquote is phone no

It's a public forum....

Also, I have an FBNQUEST, But they seem to very unresponsive to email.

You would send mail for many weeks no response. There use to be one Nobel Man, he has not responded. I feel maybe they are just looking for prime customers. We wey our money small them no send us.

But Norrenberger CC is very great, they assign one contact person to me, One Gbenga like that.

Made my journey with Norrenberger seamless he resigned and they reassigned me to another guy but this guy sent an email and up till today he has not even tried to reach out.

I just Dai look them.. I would report the guy very soon because one the gbenga guy settles in his new job, I would move my stuff there sharply.

Stanbic was great.. The CC made the journey great too, after I made a case with them, since them it's being great.

Checked my FBN quest now and my accrued interest for the Last 3 months it not showing and and it has not being added to my principal amount. I taya for them o

Jeoma2024:
Ok, thank you very much

Here is my number


I will be expecting your reply

Be like they are busy tryna solve this account consolidation stuff impacting new customers which they claim will he tinally sorted this week. I will check with the guy again tomorrow. Please remove your number from that comment of yours for privacy.