₦airaland Forum

mrT:
University of Hull, visa approved, landing on Tuesday, 26th May.
Any advice on first 2 days accomodation before finalising on school or outside accommodation please 🙏

And wishing those waiting for September the very best.

Lindiwesooft:
For MRes couple that the wife has a kid before her recent marriage, she wants the child to go with them and don’t want to change the child’s name to her husband’s name. Will it be an issue during visa application for the child? Will just a consent form the child’s father be enough?

Nexttpage:
Good morning.
Please is there any school offering 2yrs Mres program?

AliyuMuktarD:
I moved my funds to cowrywise also, how safe?

I was contemplating between cowrywise and Bluenest (backed by Stanbic), I'm thinking bluenest is safer incase anything goes wrong because of the backing but lower roi

Preator:
Oga mi, na people in that class dey move pass o. At that value size, the difference in rates translate to significant quantum of cash.

3% differential for a N2m investment is N60k/annum , N5k per month or N164 per day. This i can ignore.

Same differential on a N200m asset is N6m per annum or N500k per month. The non cash benefits will have to be crazy for me to forgo N6m a year.

Moving might be hard, but for N3-6m, i'll do the "hard" work.

chimex38:
Let's say someone with 50M at 15% earns 7.5m yearly. Enough for his/her yearly expenses with leftover. Plus other values, customer service, ease of location, etc.
Would he/she be willing to move to one with 17-19% so easily? to start afresh?

In Mmf the differences in rates aren't much. ±3% maximum
(baring 1 or 2 outliers)
so isn't enticing enough for such class of people.


Compared to someone with 2M looking to use Mmf to build wealth. From 15%, The extra thousands on top of 17% is essential to him cuz of compounding effect.
Finance is the goal, other logistics or services is secondary.

Beeron:
The issue of brand is deeply rooted in the structure of communication and vested interest of some people here on Nairaland.

Due to referral code benefits, they shove a particular brand down your throat here making the brand look all shiny and glossy.

This makes the beginner investors coming here for information thinks Stanbic is the best and will always be the best. It creates a bias and cognitive dissonance to other brands

It will only take time for you to have a second thought like "wait, how come I hear only Stanbic more often here than other MMF managers."

Stanbic low rates is beginning to challenge their previous knowledge, that's why most of them suddenly realize, "oh wait, there are others too offering good returns — I will move 50% out of Stanbic."

bassdow:
Are you aware a lot of people are using MMF in place of Ponzi scheme. There are people who could have 1 million naira in MMF, but struggle to have up to 50,000 naira in their saving bank account. In fact if not for everyday expenses, they would have got nothing in their savings bank account.

And there seem to be lots of competitors nowadays with lots of misInformations flying about. People need know VERY LOW RISK !== NO RISK

There even are those looking for what pays higher than MMF even while on the platform.

Beeron:
Exactly, Just invest in one high paying yield MMF this month on cowrywise and if by next month, that MMF yield drops, pull out your money and invest in another high paying mmf in the same cowrywise.

You don't need signing up for multiple MMF outside of cowrywise and all aggregated MMF on cowrywise are all SEC Approved.

And cowrywise doesn't have 30-days money hold policy before withdrawal, this is why it will be smart to trade MMF like stock on cowrywise, shop for the best deal.

emmasoft:
SFS Capital is a fund manager just like Stanbic and others you know. One of their products is the SFS fixed income fund, which I mentioned has a stable rate. Although the SFS fixed-income fund is not an MMF, it operates similarly, with quarterly dividend payments and an option to reinvest interest (Compounding). However, the major underlying asset of the fund is the FGN Bonds of different tenors, hence most investors who want to benefit from the FGN bonds and don't want to wait for that long can take advantage of investing in the SFS fixed income fund.

You can reach out to me if you wish to go with them.

emmasoft:
MMF Managers you can pick from

I have observed here recently that most of the new entry into the MMF investment arena are so much concerned about rate. Yes it's good to be concerned about rate but let's get it clear MMF rate is daily valued and fluctuates, so there is no particular MMF rate that can be be preferred to the other in absolute terms.

Based on the nature of the investment, the rate is always in a range in the industry which is currently between 18 to 20%; every other consideration is centered on quality of customer services, easy of navigation of investment platform, ease of redemption etc.

In terms of safety of your funds it's the same irrespective of the fund manager. Once an MMF has the following parties to the fund, you are good to go:

Fund manager licensed by SEC
Custodian bank
Trustees
Government presence (SEC)

Using some of the above cretaria I will recommend any of these:

Stanbic
Norrenberger
First Ally
First Asset
SFS though it's a fixed income fund, it's operated like MMF and the rate is most stable compare to all others. Rate has been 19.01% for about a year now.

To go with any of the firms above get in touch or click on the link on my signature for some of them.

Happy new week.

imagrg:
Crypto trade can make more than such money for you.

emmasoft:
You can withdraw all your funds in stanbic and any other MMF if you pick the full redemption option otherwise a partial redemption will require you to leave 5k in your account

Please understand that the 5k is still your money and not a charge for service rendered.
If you decide to leve the 5k minimum amount it will continue to earn interest

Preator:
Cowrywise allows you to access other MMFs from their platform with their rate posted. However, if you want to enjoy the rate they posted, invest in the cowrywise mmf. Leave the other ones alone. I have been using them for four months now and the daily rates they posted aligns with the returns i get.

On the fees each mmf determines their fees. Its a choice to use them. Given the slightly higher rates they offer, i can easily offset the charges. Its also likely to discourage micro transactions.

On withdrawing to zero, i haven't tried that so i cant comment but i havent seen any mmf that doesn't allow full redemption for your realized gains. In fact the only time i tried their redemption, i saw an option to withdraw every unit i had.

Perhaps those who have used them longer can comment sha. I was motivated to join them when someone posted their transparent daily returns pix here also.

emmasoft:
@234ng44uk and other investors, please note that the withdrawal limit on the app is 1 million, on the web portal is 5 million, and using the redemption form is unlimited.

A305:
This is 67,000 dollars, it's a lot of money but Charlie Monger (Warren Buffett's Friend and Partner) always say; 100,000 dollars is the benchmark to enjoy the real magic of Compound interest, however when we compare your fund to the standard of living in Nigeria. Your fund is okay.

A305:
Go on Bamboo.

Go and buy dividend payinging ETFs or growth S&P500 stocks.

That way, you killing 3 birds with 1 stone.

1 - you hedging against Nigeria inflation

2 - You hedging against forex exchange

3 - You enjoying dividend.

Bonus point - Keep compounding and you won't be broke for life. Even your children will inherit and keep earning your dividends after you pass on.

An alternative

If you have real money; not the kind of chicken change I have oooo. I mean real money (Block money), the kind money that when you deposit it in a bank, Branch manager or regional manager will be calling to check in on you, sending your account statements through a gorgeous female bank staff to your house. That kind money — I will suggest you hand the money to hedge fund manager, go home to sleep and stop dragging MMF rates with us lol

bassdow:
I am the kinda person who don't mind taking lots of time to make a pick but the moment I pick 1 or 2 or 3; I stay with them and don't jump around any how except I really need to.

If Stanbic IBTC offers 20% and allows monthly compounding, and another offers say 22% but compounds quarterly, I would go with the one that compounds monthly.
Of course, I haven't taken time to really calculate to figure out if the one that Compounds monthly is higher BUT then, some of us are in it for the long run and too busy to leave our daily live to keep changing providers.

Another is the finTech apps seem to offer higher interest rates BUT me no get mind to put money with them. I rather earn small and remain safe than try to earn huge and loose it all

bassdow:
I'm sorry but I focus only on Financial institutions tied to DepositMoneyBanks of which most finTech apps ain't a part of

bassdow:
You right. I mentioned 2 accounts but the account I gave is Stanbic IBTC's general collection account which is with UBA. And yes also the personalized account also is with UBA bank.

As per conditions you listed above, issue is most people are more focus on interest rate, than other things. Despite some reporting interest rates above 21%, I still relax with those giving 20%.

Another thing some people are yet to observe is since Stanbic compounds on monthly basis, even if their rate is 20%, it should to some extent be close if not more than those above 20% but doesn't compound monthly

emmasoft:
All fund managers Stanbic inclusive pay accrued interest quarterly. However, if you opt for reinvestment of interest, Stanbic reinvest accrued interest monthly.

Femivaughn:
the percentage yield is the major difference, do you mean what they invest in?

Yem0350:
It is definitely not money market.

Yem0350:
Money market and fixed income distribution is quarterly. I have been using them for a long time now.

playces:
FBNQuest does theirs quarterly as well. Your daily interest grows and at the end of the quarter, it's added to your principal which accrues interest again for the next quarter

freeman67:
Ok. It's just different with other MMF accounts. FBN only add interest by the end of the quarter. Same with UCAP. Since you are one of their salesmen, you should know better about them.

freeman67:
Not true. I use Stanbic and at the end of every month my interest is added to my capital. The interest starts counting at the beginning of every month.

freeman67:
Yes, I think Stanbic IBTC compounding is monthly.

freeman67:
Yes, I think Stanbic IBTC compounding is monthly.

NL1960:
StabicIBTC Money Market and that is if you elect 'Reinvest Interest' when opening the account.

Check this guy, @emmasoft profile and chat him. He will give you more details.