₦airaland Forum

Systrom:
Can I put my GTBank account ?

Yes

c3000:
Does anyone here know if there is a section on this forum dealing with Commercial Papers? Drop me a link if you do pls

Of course https://www.nairaland.com/5010648/commercial-papers#81755749

Acidosis:
Banks (like GTB) are advertising and begging customers to take loans at ridiculous rates based on CBN directives. Now a larger part of this loan ends up in TBills. You see it makes no sense?

The essence of loans I believe is to encourage new startups and improve business processes. Sadly, many of these banks like GTBank give loans at 1.75% rate only to Salary earners (with salary account). Question is, how can a salary earner do business or encourage startup?

This directive seems like a 'cold war' between CBN and Banks, each trying to play smart.

By denying individuals opportunities to invest in TBills, salary earners will avoid loans, those taking the loans will divert to real businesses and startups (like franchise, agrictechs, fintechs, etc.), and banks will be forced to consider entrepreneurs without a salary account.

So those this mean that individuals cannot partake in TBills anymore? Cause I read somewhere that individuals who take loans cannot invest in TBills

dammybrite:
Can you recommend any?

https://www.nairaland.com/5358517/digital-agriculture-investment-platforms-options/3#83241497

U can try thrive agric

Obinnau:
nne eh. While I agree that this is a great way to secure the future with funds that you ain't having any designs on, I don't think this is for me. My 200k is my home and abroad and I need it to grow, say 20% per month. Sadly only few avenues are available for that kind of growth. 8 wonder how I will keep 200k and after 3 months I get 6k on it. I would rather leave it in the savings account where it was. Cost of stress to move funds to anew trading platform sef is equivalent to the 6k

U can try investing in agriculture. The rates are better. Some as high as 24% roi on 6 months investment

henryobinna:
Hi, I'm researching on what investment option to go in but I don't understand Treasury bill that's what am interested in due to the security surrounding it.

Please could you explain to me a little on it. I'm looking at going in with 500k, after how long can I get my money and charges and pretty much any little details I need to know.

Yesterday I contacted an investment company, I didn't really like all they said. thanks in advance

there is a lot to learn about Tbills. Try reading the last 30 pages it should help

SteveOfu:
So, say am investing 100k
Commission: 0.125%=12,500

Custody Fee: 0.10% per transaction (per investment)=10,000

Transaction Fee: N100.00 per transaction (per investment)=100

VAT= 630
Total=N23,230
What do I stand to gain then?

Let me help you.

you see that 0.10%?

you have to remove the percentage by dividing 0.10/100 this will give you 0.001.

So to get the custody fee, multiply 0.001 by 100,000 to give you 100

Therefore, the the custody fee is 100 naira.

I hope this makes sense

You can try this calculation for the others.

olujaidi:
How about reaching out to their customer service?

I reached out to them yesterday and they said t will be credited to my account but I have not seen anything yet

emmasoft:
No

Thank you

Hello guys,

Does anyone here use United Capital MMF?

I started funding my mmf account in Aug 2019 and this is the first week in October where I think I should receive my interest but I have not seen anything.

Should I be worried?

DigitalMallam:
I'm hoping 02/10/2019 Tbill rate climbed to 14% amidst speculation of Naira devaluation. 2019 rates at a glance.

I am hoping for better rates in Dec/Jan for 362 days.

Fingers crossed

Jesusbabygirl:
Yes, I was refering to N390K for a year...read again. Thanks.

Oh I understand now

Jesusbabygirl:
Okay, let me try...In the world of finance, rates are stated per annum mostly. So, first know that whatever rate you are told for t-bills is per annum. Now, the reason for higher rate with longer tenor (e.g. 13% for 364 but 10% for 90days) is because longer tenors carry more financial risks (risk of currency devaluation, inflation, basic economic stuff that drive purchasing power) and so the investor gets compensated for that risk he/she is taking on.

Now, let me use some numbers to explain so that, hopefully, it is more intuitive...
Following your thought that 10% should not be divided by 4, it means the bank pays you N300K on N3Million for investing for 90 days
While they pay someone else that invests that same N3 million for a whole year at 13% N390K
Now, you will go back and get N300K 3 more times that year making your total interest N1.2 million (4*N300K)
So, you make N1.2 million while the other person makes N390K. Why will anybody invest for a year then and not for 90 days or even daily and get maybe 6% per day?

I hope you understand now, that is sort of the best way I know to explain it.

I think your calculation is wrong. He would make 97,500 for imvesting 3M for 91 days at 13% and 390,000 for the whole year.

eagleeye2:
Everyone is allowed to comment on Christian threads, but the Islam threads require that I swear an allegiance to Allah and Mohammed. .... even here that is a faceless forum, hypocrisy abounds.

There was a time on nairaland when christains trolled every single islamic thread telling them that they are going to hell and blah blah blah. That measure was put in place to reduce that occurence.

We need to tolerate each other's religion if we want to be great as a country but some christains are too judgemental.

Just so u know, I am a christain

She probably doesnt know you and felt offended because u were trying to form "familiarity".

That being said, its still not an excuse to insult someone

Patriot9:
hello distinguish investors, recently I started operating a Money fund account with UNITED CAPITAL just about 2 weeks ago so I want to cash out/completely withdraw all my money by closing my account. Please how do I go about getting it done?
Secondly, it there any penalty involved?

Why do u want to leave tho. Could it be the rates?

These commercial papers are not cheap o.5m

Patriot9:
Hello please I need you guys to help me out.
I recently opened a Mutual fund account with United capital and I downloaded thier mobile app. However, whenever I trird to login with my customer i.d it wont just work.
I need someone to help me out on how to use their app as a first timer.

Use your email address instead of your ID to log in. That is how mine worked

We are both United Capital mmf first timers

Hello Everyone,

Thank you for your advice on the previous issue I had.

I need your clarification on this. I opened a mmf account with United Capital and I funded the account yesterday (one off payment). The money reflected today but with no interest. I saw a "Subscribe" button and I am not sure whether I am supposed to click on it before my money starts accruing interest.

Please help. This is my first mmf account

yemkaf:
This is united capital customer care whatsapp line 08168282396 talk to them, they will put you through on what and what to do

Thank you

emmasoft:
Note that when you complete online form you are working directly with the server of the organisation involved. It's not unlikely that the policy set on their server does not see KYC as a compulsory field required to open a new account. However the same server definitely will have another set of policies when redeeming and then KYC becomes a compulsory field which is the case for financial institutions. So I will advice you send your kyc to their customer care to avoid any denial when you are ready to access your funds. You can also double check to be sure the account name tally with what is given to you when transferring money into the given account, you can as well call the customer care rep.

Thank you. I will send the forms to them

freeman67:
You have to send the KYC details to them as soon as you get so you can be able to operate your MMF account hitch free. Most times its easy for financial houses to collect your money but when you want to redeem your fund, you would be asked for all the required details and that might take time. It would not matter then even if you need the funds very urgent..

Thank you

234ng44uk:
I guess your account is already opened like they said. But you should still send them the specified KYC documents by email otherwise you may have problem withdrawing your fund.

Thank you

Hi guys.

I initially wanted to open a mmf with FirstBank but it looked like it would require me to visit their office physically so I opted for United Capital.

I was filling out the form online and stopped where I was asked to upload my passport,utility bill and signature which I did not have handy.

I cancelled the application but lo and behold, i received a mail stating that my account has been activated.

It contained my new account number and requested me to pay in some accounts. I am really confused at this point cause the mail said nothing else.

Please help

olujaidi:
1. Yes. Just tick the reinvest option on your form
2. Yes

Thank you

Hello everyone!

So after reading a few pages of this thread, I have decided to open a mmf account with FBNQuest

I have a few questions tho.

If my principal amount is 100k and after receiving my quarterly dividend of 3k can I reinvest to make my principal 103k?

Also, can I have a standing order on that account? So each month my principal amount will increase(hopefully so will the dividend)

I hope my questions make sense.