₦airaland Forum

Satoshi2019:
Hello gurus. Pls any info on credibility on fixed deposit of Renmoney? Has anyone tried it. Thinking of fixing 1m

I’m also considering them alongside Wema ALAT as the two offer almost the Same ROI.

According to their website, they make it known w they are regulated by the CBN and Deposits are secured (NDIC)

Picture 1 shows a return on 1m

Picture 2 may boost your confidence with in them.

Frank0001:
Please can you confirm if wema ALAT truly pays at month end if you invest ₦1M as protrayed in the screenshot you uploaded?

I will be balancing my books for 2019 by the end of this Month as a block, most or all my investments will be maturing this January, I intend to channel a chunk of my funds to ALAT (8.8% PA) before February as i have decided to be on the sidelines and watch how things go for Q1 2020. I will keep you informed as it plays out.

if the figures branded by ALAT Wema Bank are anything to go by (10% PA with interested paid every month giving room for compounding) I see it as a very viable option which will allow you maintain fantastic liquidity and security (holding period is 30 days).

it will likely serve as my transition account as i wait for better opportunities

Demo on the App shows a daily return of N246.58 for 1Million Naira

Monthly return: Average - N7,397.40

This falls around 8.8% PA, I guess larger sums may attract more %

A little piece of advice from the little knowledge i continually build on as we all learn everyday.

A lot of us are mixing stages of financial progression and distorting the “build” process. Its a difficult thing to say but you sometimes have to understand that at an earlier stage in finance, savings is key rather than investment as the end goal or target for an investment is to give you passive income or compound your investments.

There’s nothing totally wrong with gradually building capital and focusing on opportunities to add to your savings before venturing into investments.

Coupled with the not so friendly rates in the market averaging 5% for a risk free investment a real life scenario means:

N1 million will return about 49k after deductions for a year.

49k spread in 12months means an average of 4k every month.

4k today can’t be termed passive income as it is 13% of minimum wage.

Personally, if my portfolio size hovers around this, I’ll rather seek business opportunities or provide finance for a trusted contractor, consultant or supplier around that could pay me commission above the 4k monthly average.

This is just my opinion and it shouldn’t be taken in a wrong way as we all learn and are open to clarifications or superior suggestions.