I have looked at some asset management companies which I believe savings apps invest users money(I stand to be corrected), many of which offers between 4 to 9 percent interest but many of these savings apps are offering between 10 to 20 percent per annum. How do they manage to pull this off?

Mostly fraud. 20% per annum in Savings is not sustainable

Millz404:
I have looked at some asset management companies which I believe savings apps invest users money(I stand to be corrected), many of which offers between 4 to 9 percent interest but many of these savings apps are offering between 10 to 20 percent per annum. How do they manage to pull this off?

fraud run ooo, if Opay the king of them all is offering little no one can offer better, run.

yuping:
fraud run ooo, if Opay the king of them all is offering little no one can offer better, run.

I don't really think it is fraud, opay offers 15 percent and 20 percent to first time users of fixed savings. Kuda offers up to 12.5% there are many that have been running between 10 to 15 without an issue for a long while

Millz404:

I don't really think it is fraud, opay offers 15 percent and 20 percent to first time users of fixed savings. Kuda offers up to 12.5% there are many that have been running between 10 to 15 without an issue for a long while

20% per annum at what minimum investment and duration? I used to work for some so-called finance company that claimed to offer these kinds of rates and more. Turned out to be a massive ponzi. If you check the Ts&Cs for Opay and the like you'd see that you will forfeit your interest (or parts thereof) if you do not keep the investment for the required duration and/or make minimum periodic deposit.

airsaylongcome:


20% per annum at what minimum investment and duration? I used to work for some so-called finance company that claimed to offer these kinds of rates and more. Turned out to be a massive ponzi. If you check the Ts&Cs for Opay and the like you'd see that you will forfeit your interest (or parts thereof) if you do not keep the investment for the required duration and/or make minimum periodic deposit.

Yes... almost all of them will take back ur interest if you try to collect ur Moni before maturity. Cowrywise does not even have an option to withdraw before maturity but that's not my point.