₦airaland Forum

muhamm3d:
You came on a bit aggressive but you don't have to try to silence anyone doing analysis because I believe that's the purpose of the forum. There is nothing wrong with analysis cos the bulk stops on everyone's table to take a trade or not. When you analyse based on 5mins timeframe then you can call it guessing but when you analyse from the monthly down to the hourly then you are not doing much of guessing. You just waiting for it to play out. Moreover, if you are approaching the market from an absolute probability perspective then you don't need to go through the stress, just go on sportybet. For me, The fact that these instrument follow a set down pattern is what differentiates it from gambling. If you approach any market from guesses then you shouldn't waste your money. Strategy and Patience is what differentiates this from sportybet. If you don't have it, then you are just gambling.

You are right. Bullish trends in 2027. However I will like to ask how you people now avoid local bank restrictions as a result of p2p trading. Someone also said off-ramp exchanges like Luno and Breet are mandated to report large crypto transactions for tax monitoring. How do you all trade and safely get your naira conversions without account flagging

I hope you people won't disappoint..In this digital era, I expect banking to be super-easy and enjoyable with ultimate customer funds protection.

However is it true that platforms like yours report large crypto conversions to FIRS and EFCC even if the earnings are legit for tax reporting?

papiSNEH:
You dey mind them..wolf disguising as sheep..
if no b Luno i no do abeg

But is it true FIRS are monitoring your transactions on apps like breet and Monica so if you make huge conversions, these off-ramp apps are to alert them to freeze your funds in your local bank accounts? What do you have to say pls

Domainer1999:
Grey is the best, works for all websites and payments source, read here for more info;

https://www.nairaland.com/7995650/grey-solution-receiving-sending-dollars

I've heard about this but I don't know if they allow you to send money to someone in dollars abroad using a separate personal account and what their issuance fee would be in 2026

Pheumaticos, you are absolutely right. Ati zenith o, ati Wema o, right now, their dollar cards are not going for some major purchases☹️

@YINKEYS.

THANKS. STANDARD ACCOUNT OPENING AND FD SORTED AT STANBIC.

The day I wanted to move over 2M from Polaris to Stanbic, despite the last debit transfer occured on August and I have been banking with them as far back as 2012, taking fingerprint and matching my facial identity with my BVN slip, I was initially told that they cannot execute the outbound transfer because my handwritten signature which I used to open accounts with them did not tally with the signature on the transfer form. Amongst with several others, we were told to practise our signature on the form and you will be shown the one on their computer briefly. I asked of what use his fingerprinting and physical appearance then if there is a slight change in the stroke of the signature on the paper form. Over one's hard earned money? Are banks forgetting that we are asking them to just hold our money I.e to be custodians of our money until we need them and now they have turned themselves into an imperial bully on our account holdings. I had to call one of their senior bosses to get the outbound transfer done that day. As you know, their mobile app is not reliable. Before I contacted this boss, I was told to get a court affidavit, Valid ID, utility bill to update my signature on their system. Like in this advanced digital era, who relies solely on handwritten signature as a proof of identity? What happened to our physical appearance and fingerprint matching for Godsakes!! And the annoying thing is that Nigerian administrative sector unashamedly defend their archaic requirements. Introducing policies that only stress us out. Na wa o.

IchKampf:
Hello everyone,

I’m dealing with a persistent problem with ARM regarding redemption of funds from my ARM MMF account, and I need practical advice on how to force a resolution and/or hold them accountable.

Timeline of events:
.1 October 2026 : I submitted a fund redemption request. It stayed on “processing” status.
.6 October 2026: I emailed them about the delay.
.7 October 2026: The “processing” status disappeared from my transaction history and the money was returned to my MMF account. No explanation was given, and my email was neither acknowledged nor replied to.
..7 October (same day): I submitted a second redemption request. It remained on “processing.”
.9 October 2026: I called ARM customer care. The agent promised to call me back the same day with feedback and said the issue would be resolved ASAP. No call or update followed.
.12 October 2026: I called again and repeated the complaint. Another agent said she would give me feedback.
.13 October 2026: I called a third time. The agent told me the redemption was unsuccessful and that I should make another request. The “processing” status had again disappeared from my history with no notification or explanation. Instead, I only received a generic reply to my original 6 October email. I submitted a third redemption request the same day.
.15 October (today): Still no feedback or progress.

I need help with the following:
1. Which senior person or department at ARM can I escalate this to directly?
2. Is it advisable to escalate formally to the SEC, CPC, or other regulators?
3. Would it make sense to instruct my lawyers to take legal action at this stage?

Any practical suggestions or experiences with similar issues at ARM would be appreciated.

Thanks.

.

In fact this is now getting out of hand and this your testimony along with many cases + my personal experience today reminds me of a prophecy given by our own church seer two years ago. He said starting from late 2025 onwards he dreamt that registered banks began to steal from their customers by withholding their money and clearing some amounts in people's account balances despite all these KYC verifications and that many complaints will be forwarded to CBN but the central bank will keep mute about a large number of such complaints because he could see that they are behind the banks to steal from the masses. He said with pain in his voice that it would be better to tie our savings in land purchase. He further stated that even to retrieve your money from locked savings or to debit will be a big hassle with unlocked account clearing escalating leading to massive tears and eventually a big protest. Now, asides from this complaint you made sir, I have experienced a withdrawal problem for the first time in my current bank(soon-to-be-abandoned). I wanted to move a huge sum to my new bank account to be able to smoothly open a mutual fund account only for my first bank whom I had two savings accounts since 2012 to say my signature does not tally with what is on their computer and to rectify this I should go and get Court Affidavit, utility bill, passport photographs and a valid ID despite taking my finger print as well and can see my physical face matches that which is displayed on my BVN slip. You need to see how people were stalled at this stage. Any slight change of stroke in your hand-written signature will be dismissed, showing you a glimpse of what you used to open an account(s) with them_ in most cases, years ago_ for a second then asking you to practice on a paper until you get frustrated to leave without making the intended money transfer or cash withdrawal even if it is 50k. I had to call a senior manager of another branch to talk to one of their bosses. In fact I had made several transactions this year in thousands and two others in millions. Still, they were hell-bent on me changing my signature by securing those annoying documents. And that my bank, you'll think they fix issues quickly however the simplest resolve can take 3weeks to carry out so imagine if you wanted to withdraw for emergency purposes over one signature that even advanced countries pay less attention to since advanced biometrics have been introduced. Then to make matter worse, their USSD and mobile banking app are not working forcing you to go for the paper transfer form and if your signature doesn't match what is on their computer, they mercilessly will not execute the outbound transfer unless you push some buttons.

I then went to my new bank, a lady who knows a cashier there said "madam so so, can you pls quickly credit this person's account for me". The cashier replied in a low tone, thinking I won't hear "Our network has not been going through since Monday. Even if we debit you, it won't drop in the beneficiary's account and don't bother to use the withdrawal slip as well". Same thing there "I could not withdrawal cash. I was given one silly excuse and fear just gripped my heart, remembering what our church pastor cautioned us about. Then there are rising cases of account restrictions esp when you want to withdraw legitimately from some Fintech apps with complaints left unresolved for months or transactions not going through since the start of 2026. So I will advise you sir that if you know some relevant superiors at that bank or in a legal agency/institution, rather use them but just know that involving a lawyer will eat up your money. After police officers, lawyers are the 2nd corrupt law representatives in Nigeria.

Slimplush:
Has anyone here try sterling "one bank" app before here?

I'm enjoying every bit of it, the best feature I enjoy on the app is in case of theft, maybe gunpoint or like-case, you can login with your panic password and the bank will display only 10% of your total account balance

And hide the remaining until you login with the original pass,i never use other bank app that have the feature though!!

Oh really 😲. I really like such an anti-theft feature. Best suitable for our social landscape

In fact, I don tire for Polaris in Ibadan. I went to make a 2.5M inter-bank transfer. And the beneficiary is me as well. I was told for the first time that my signature does not match what I provided on the phone. I had to call a mid-level manager in another branch to talk to someone at the branch I visited for the execution of the branch. You needed to have seen how they kept people frustrated over even the slightest change in the stroke of your signature!! 😠. Pls what is physical appearance and finger-printing used for in these modern times? Before such a transfer is executed, you will be asked to verify ownership via finger printing. I just pity those who didn't know who to call to have their transfers authorized!!. Both the cashiers and helpdesk officers were rude. Eve. If the customer care lady is merciful, she only permits you to view the screen to mimic your signature and they sound irritatingly defensive as if they are giving the best protective service on personal account holdings. Still you hear millions of naira still wiped off from personal savings in several banks.

I was told that to change your signature on their system, you have to get court affidavit, utility bill, passport photographs, and a valid ID and one other thing. Now you would think Polaris will get this sorted within 2 days but nothing is solved cleanly and quickly at almost all their branches.

I mean you have seen the owner's face, taken finger-prints at the time of inter-bank transfer requestk

essentialone1:
This is the clearest warning sign yet, for Tier-1 banks.

*The headline numbers - H1 2026:*

- *OPay:* Revenue +136.50% to $467.1m (N623.8bn), Pretax +276.00% to $134.5m, Net +318.00% to $90.9m
- *Zenith:* Gross earnings -24.60% to N1.899trn, Net income -19.00% to N430.7bn (tax hit)
- *GTCO:* Gross +3.20% to ~N1.1trn, PBT +0.40% to N603bn, PAT -7.70% to N414.2bn, Fee income -9.00% to N123bn, Loan book flat at N3.14trn

OPay is now ∼33.00% of Zenith's revenue and ∼28.00% of its profit, from almost zero, just 4 years ago. 89.50% of OPay's revenue, is still from Nigeria.

*Where OPay is actually winning:*

1. *Distribution:* 50.1m MAU, 26.8m DAU (July 31), tripled since Q1 2024. 90.1bn transactions worth $558bn LTM. 800k POS terminals + agents vs 5 bank branches per 100k people in Africa.
2. *Lending pivot:* This is the real threat. New loans originated in H1 tripled to $927.6m (N1.24trn), 6.7m borrowers in Q2 (7x vs early 2024). Loan income $236.1m (+168.00%) is now its biggest revenue line. Outstanding $324.9m is still only 3.60% of Zenith's book and 14.00% of GTCO's, but growing 204.00%.
3. *Deposits:* 42m+ users with savings, $978.9m balances (N1.31trn) — NDIC insured, interest-bearing. That's cheap deposits, that banks are losing.

*Why GTCO's -9.00% fee income matters:*
OPay's transaction revenue +87.00% to $130.6m, while GTCO's fee income fell. Banks live on fees + cheap retail deposits. If salary, transfers, and savings sit in OPay first, banks lose the data, and the float.

Zenith's defense is working better — fee income +40.00% on digital, NIM widened to 12.40%. So Tier-1s can compete, but not with branch-led model.

*OPay's own risk is flagged in its October 9 NYSE prospectus:*
- Credit loss provisions = 25.00% of revenue (high-risk 100-day loans).
- Regulatory risk of rate caps
- FX trap: limits moving dollars out of Nigeria could block dividends to foreign shareholders

Bottom line:

It's not size, it's velocity. OPay has 66.10% of active users, across finance apps, in Nigeria. Banks still dwarf it, but the daily habit, has flipped to fintech.

You must be a seasoned economist or banking and Finance graduate. I don't understand all the statistics you outlined if not for your conclusive statement, I would have been so confused 😀🙏. Pls I am thinking to open a standard regular in Stanbic and to a open their fixed deposit account with them, based on your statistical records, do you advise one open a fixed deposit with Opay? How do you see Moniepoint and Piggyvest? Again, I am thinking of funds safety. I plan to maximize 4M through a solid financial investment instrument . Thanks

Pls what do you people have to say about someone seeking to open an savings account in Sterling bank. Is it still good and safe to use

Pls which is much better between Moniepoint personal for daily spending vs palmpay in terms of speed and fund protection?

Which is better for fixed deposit and no issues on and after maturity date is reached. I.e which protects your funds solidly and allows you withdraw after maturity.

And is it true that MONIEPOINT PERSONAL MASTERCARD CAN BUY A COURSE ON UDEMY?

Thanks 🙏

yinkeys:
Opxy is the best bank
Ease of doing business
Tiny cashbacks, incentives & free airtime,
Sadly it’s owned by a Chinese that doesn’t believe in Nigerias infrastructure or economy
It didn’t list in Nigeria Stock Exchange
It probably went to enlist in New York Stock Exchange
Opay plans to have 1 billion users by 2030 maybe

Worst bank for me is Polxres
Dead & difficult bank
Horrible & time delaying customer service
Poor customer service
Nigerian banks are failing, they better go learn from Opay if they want to be relevant in a decade

I also use Polaris. Very very terrible. Nothing is solved cleanly. Which do you recommend. I ran to Stanbic but just to open an account, but the stress is a bit too much and the fact that I have to go and terminate their fixed deposit in person sounds stressful.

Zankut:
I like your style Sha, you come in as a newbie to mmf.. shake bumbum everywhere and people rush to help the newbie, then once you've their attention, you stylishly introduce your own coy/product and then push the discourse away from yourself
Touche

Well, you quoted wrongly. I went to open a tier 3 standard account with Stanbic and to look into their mutual funds as well but no account number had been generated for the former and was discouraged to do the latter. I called them regarding that of standard and they said some entries were not made which I did. I aired my concerns to someone and that person told me that it only carries tier 1 and that they are sluggish so I should consider providus; that their interest rates are attractive & account opening process is seamless. I checked online and saw their rates but I have been advised here against recommendations of sort so decided to throw it out for those who have banked with them to advise me if this is true and safe to bank with this 2026. Never did I say I am a bank promoter anywhere. My current bank is acting poorly and at the same time i'm looking to maximize best returns on my money. So if anyone has experience with PROVIDUS, he/she should kindly share before visiting them I beg.

I have a question: Are bank statements of Fintech banks like Opay and PiggyVest now accepted as Proof of Funds for Canada and UK study or work travel plans? 😒

2. I have a relative seeking to travel to study in Finland/Canada starting from year 2031, he is planning to increase his Proof of funds. He currently has 6.5M naira. He is being advised to use PiggyVest but there was a time in 2024 a lot of their users called them "scam" and also lamented that they don't respond to withdrawal issues at/after maturity date with occasional complaints of not being unable to log in to use the interface after depositing their funds into Piggyvest or out of their subsidary PocketApp.

To attract the best interest rates, he is thinking of locking the 6.5M for a year_6months the minimum but plans to lock it for a year and renew until he is ready by 2031 so that the account balance will grow to a huge amount.

For current PiggyVest users, do you think it is safe to lock 6.5M for a year on the app, do you think he will be able to withdraw if he decides to move the whole new amount or a portion out after the 6month/365 day (1) year expiry date? How can he move the money out without issues? As a whole or in chunks? Thanks 🙏

walepepe21:
Good day, guys! 🙏🏾

Please, I need some guidance on behalf of my cousin who is interested in applying for Canadian (PR).

I would like to know if this is a good Nairaland thread/group to join for proper guidance, or if there is a reliable WhatsApp group, or anyone knowledgeable in Canadian immigration who can guide him through the process. I would genuinely appreciate any recommendations. 🙌🏾

His profile:

Age: 28 years old (Male)

Education: BSc in Chemistry with GPA 3.65/4.00 (WES evaluated) and graduated: 2022

CELPIP: Listening 12, Reading 12, Writing 12, Speaking 9 (Average: 11)

Work experience: 3 years with NAFDAC, Nigeria, working as a Chemical Analyst

Marital status: Single

He is ready to provide any additional information that may be required and is very open to genuine advice on the best pathway for him.

Please, if you have experience with Express Entry, CRS calculation, Federal Skilled Worker, NOC selection, or Canadian PR applications, your advice would be highly appreciated.

Thank you very much, everyone. 🙏🏾🇨🇦

This pathway is now extremely difficult this year. Their new prime minister has stated that people seeking federal skilled worker visa or provincial nominee visa should look at those of their French provinces as their database is now overcrowded with limited job openings for work permit renewal. However the French part demands a high French proficiency score which places us at a disadvantage. Best is to look for an approved university to pursue his master's and meet the requirements. Note that Canada will confirm all documents so must be traceable and valid. If he doesn't have the funds to study for now, he can save up to a particular year. That is what my cousin is planning to do.

Taal17:
2031 is 5 yrs away.
Seems this person in risk averse
He should
1 . Put 4mil in Treasury bills ( ask his bank if the buy Treasury bills) he can do 6 month rollover with the interest.
2. Put 1.0 mill in Money Market funds ( interest is variable but it's pretty low risk and the you can terminate anytime so it's good for emergencies needs.

3. Change 1.5 million to dollars at the bank and put that money market into a dollar fund with Stanbic Ibtc asset mgt That way he has money in forex earning interest whilst he waits to study.

go to any stanbic Ibtc bank and ask for their asset management desk, they will put you through and you'll be fine

Oh many thinks for this laid-out investment portfolio. But to earn interest on converted naira funds to dollars, one has to open a domiciliary account with them right and look for two guarantors using current accounts or what is now the new CBN rule regarding new personal dormicillary accounts?

Thanks 🙏

Wotowotoman:
2031 is 5 years away na. Haba. If you are so scared, why not go put the money for normal bank?

If I were you, my main concern would be what the GBP value of that Naira I’m ’locking’ will be in 5 years. Person wey lock better money for fixed deposit account in 2019/2020 will tell you how Tilumbu and Bubu help useless that money if he/she were to convert it to GBP today

You are right but in Nigeria of today, is there any other way of steadily increasing your account balance for such a goal except financial investment options. Pls don't bother to even suggest any physical business because we have committed an enormous amount in two hyped types but yielded poor revenues. So my relative is looking at fixed deposits until 2031/32.

Honestly we are fed up! ☹️

sweetjohn:
Abeg make Dey no spoil providus bank for me o. I love that bank for now. Very organized and very clean environment and customer care.

cedricksly:
Na pride wan almost kill providus bank.. Instead of offering their usual commercial banking, they carried Classism into it and started to selected customer with some specific income bracket. You can't open and account with less than 100k, you running balance must no go below 100k and so many unrealistic rules... I felt their exclusive customers they provide services to will raise the 200 billion for them...

In September, is this true: For a fixed deposit above ₦1,000,000, the interest rate you are actually offered depends on how you book it. While Providus Bank's promotional and basic digital app rate sits standard at 16% per annum, their real-world over-the-counter rates for structured funds are significantly higher.
Because the Central Bank of Nigeria's Monetary Policy Rate (MPR) is high in 2026, Providus-Unity is currently pricing aggressive offline deposits up to 20% to 24% per annum for clients bringing substantial, stable funds. What do you have to say about someone planning to deposit 4M with them? And someone stated that you can't open an account of less than 100k with them. How true is this and does this mean you can't drain your account below 100k as well?

cedricksly:
Na pride wan almost kill providus bank.. Instead of offering their usual commercial banking, they carried Classism into it and started to selected customer with some specific income bracket. You can't open and account with less than 100k, you running balance must no go below 100k and so many unrealistic rules... I felt their exclusive customers they provide services to will raise the 200 billion for them...

cedricksly:
Na pride wan almost kill providus bank.. Instead of offering their usual commercial banking, they carried Classism into it and started to selected customer with some specific income bracket. You can't open and account with less than 100k, you running balance must no go below 100k and so many unrealistic rules... I felt their exclusive customers they provide services to will raise the 200 billion for them...

In September, is this true: For a fixed deposit above ₦1,000,000, the interest rate you are actually offered depends on how you book it. While Providus Bank's promotional and basic digital app rate sits standard at 16% per annum, their real-world over-the-counter rates for structured funds are significantly higher.
Because the Central Bank of Nigeria's Monetary Policy Rate (MPR) is high in 2026, Providus-Unity is currently pricing aggressive offline deposits up to 20% to 24% per annum for clients bringing substantial, stable funds. What do you have to say about someone planning to deposit 4M with them?

So are you saying if you want to empty your account, you can't withdraw below 100k 😧?

cedricksly:
Na pride wan almost kill providus bank.. Instead of offering their usual commercial banking, they carried Classism into it and started to selected customer with some specific income bracket. You can't open and account with less than 100k, you running balance must no go below 100k and so many unrealistic rules... I felt their exclusive customers they provide services to will raise the 200 billion for them...

In September, is this true: For a fixed deposit above ₦1,000,000, the interest rate you are actually offered depends on how you book it. While Providus Bank's promotional and basic digital app rate sits standard at 16% per annum, their real-world over-the-counter rates for structured funds are significantly higher.
Because the Central Bank of Nigeria's Monetary Policy Rate (MPR) is high in 2026, Providus-Unity is currently pricing aggressive offline deposits up to 20% to 24% per annum for clients bringing substantial, stable funds. What do you have to say about someone planning to deposit 4M with them?

Update pls!!

Please House, who is aware of ProvidusUnity Bank. I was told that they offer roughly 20% to 22% per annum for these short-term tenors (3 months and 6months) and a bonus interest rate if you deposit over 1M with them. How true is this and how safe is your money with them? On what principal do you get 20-22% per annum?

I don't want to just take the advice of a promoter like that of Stanbic.

Thanks.

AncestralPowers:
I have been operating an account with firstbank for over two decades, March ending this year, about 95m entered my account from one of my matured treasury bills, I quickly sent a written order for my funds to be transferred into my mmf account immediately, it took my bank over two weeks to transfer my money into my mmf account, the bank manager called me twice and gave me all kinds of excuses why transferring the money into mmf is a very bad Idea, and he encouraged me to leave the money in fixed deposit that they will give me a better rate, but I insisted...

The following day, they sent a very beautiful damsel to convince me to leave the money with them, this girl was extremely beautiful that she almost succeeded in seducing me and convinced me to leave my money with them...

But with the help of God and my ancestors, I was able to overcome this Jezebel they sent to me, but it wasn't an easy temptation to overcome, some women's beauty is capable of defeating any strong man out there....

After these saga, I later vowed never to have any female as a banking officer again... I am very okay and more comfortable with my fellow men as banking officers till date..

Nawa o. Well I find all of them in my city of residence (men and women) to be unattractive. In fact, naa how to meet up living costs be on my head but I don't really blame them. 95Million naira when all of them are trying to meet regional and cBN targets

AncestralPowers:
Whenever you want to invest your money for maximum returns, our conventional banks are your number one enemies in achieving your financial goals/freedom.

Always do your personal research before going to any bank, and once you enter the bank hall, please 🙏 don't ask them how to invest your money, just tell them or instruct them with full confidence on how you want to invest your money, don't give them any room for financial advice, because you aren't soliciting for their financial advice.

Noted. 🙏

Yes I want to be their regular customer. My current bank has not met recapitalization targets twice in a row and seems dead in terms of staff retention and speedy customer complaint resolves. I went to Stanbic 2 days ago to open an account with them and for mutual before being discouraged to choose MMF but I am yet to receive the account number on the newly opened regular savings category. I dont know if this is normal in 2026 cos I opened my current bank account in 2012 when it was one of the best in my city of residence.

I will do as you say regarding mutual. I will cancel the fixed deposit subscription. I also went for standard account opening and wondering how long it will take them to generate an account number

Pls what can you all say about piggyvest..Is it safe to put 4M there?

Pls, I don't even know why these banks are ranked as tier 1. I opened a regular savings with Stanbic on Thursday. Thought I would receive account number instantly or today afternoon (Friday) but till today, I have not. I am starting to doubt their banking services. I will wait till Monday. Anyway, is there any other reliable traditional bank that you all can recommend in terms of customer care services and speedy network?

Pls can anyone tell me how long Stanbic IBTC generates account number for new customers for regular savings? I went there on Thursday. I thought it would be instant or within 24 hours and is why I have not added Mr Emmasoft just yet. I still need to go and cancel the fixed deposit as advised but the separate regular account I opened, no notification has been sent.

2. Is it a good idea not to apply for their ATM card? In fact I'm starting to wonder if this bank is worth it.

Thanks 🙏

Nawa o. Almost all these fintech apps have delivered poorly this year. Which then is more reliable and smooth then?

t33why:
Hi,
It's an intentional thing from bank staffs, they do an appraisal of you should you meet them asking about MMF and they can quickly tell people with limited knowledge, so they try to convince you to invest in fixed deposits and discourage you from investing in MMF using different scare tactics in order for them to meet their targets and earn commissions

Call their bluff, infact you do not need to visit any branch to complete the necessary steps to opening and running your MMF account

Okay. 🙏🤗. I am just happy I have not put the money in my standard for the fixed otherwise I will have to wait for 6months to terminate the auto renewal. Next week, it's me and them. I will do as you all advised. Pls how have been withdrawals for you on that app? How has been the success rating from January this year. I hope you have not experienced a lot of log-in issues or withdrawal delays. Thanks

Gotocourt:
Dem don bobo you . Insist on MMF, price fluctuate presently BTW 15-16. I didn't visit any Stanbic bank branch, i applied online. I followed emmasoft link, I'm enjoying my investment. Best decision so far 👌.

Thanks. I will tell them to stop the process next week 😠😞. Luckily for me, I have not credited my regular savings for the activation of the fixed deposit so no date has been entered on the form but just principal +duration + auto renewal which I signed on the form because I live so far from the regional office. So I was told once the money arrives, they will enter the date and proceed due to transport cost.
Is the Emmasoftlink on their app? Or it's separate? I thank God for this platform. A lot of us will have made misinformed financial decisions. Thanks too 🙏

freeman67:
There are some misinformation from the bank staff here.

Firstly, it's not a must to open a savings account with the bank in order to open a mutual fund with them but it's advisable because it ensure faster and smoother transaction with them most times.

Secondly, most often than not the interest of the Mutual Funds is higher than that of the Fixed Deposit at any given time even in that same bank nomatter how it fluctuates. For a while Stanbic MMF has hovered around 15% which is better than the 13.5% you are given for the Fixed Deposit. Yes, mutual funds rates fluctuates and Fixed Deposit once locked will remain so till the expiration/maturity of the investment tenure, I personally will still choose MMF over Fixed Deposit because of it's flexibility. You can withdraw or deposit more mutual funds without writing new contract every now and then.

Like I always say, the core bank staff are usually on target and pressure to deliver more customers and as such will go to any lent to attract customers for their own growth and incentives.

It's just that Stanbic are not very responsive these days and may delay opening the the mutual fund account. If not once you have an android phone and soft copy of your valid ID, passport, proof of address and the general KYC docs required; you can just download the Stanbic BLUENEST App on your phone and try to set it up from there is not proper Stanbic IBTC Asset Management Office in your location. If you encounter any issues you can either call or mail them and then they can direct to any bank branch. That way they will no longer be able to do anything again other than to assist you.

Oh many thanks for your swift reply🙏. Yes, I also opened regular savings because my current bank has not met CBN recapitalization target twice now and their banking services are frustratingly stressful. Nothing gets sorted out quickly.

Based on your reply, I will not move any money yet to the regular savings so that I can ask them to terminate the fixed deposit. No date has been entered on the form except principal and duration. I will ask her to terminate it otherwise I can do so after the 6month expires if she finds the request a bit stressful. Under such a condition, I will terminate the fixed deposit account before auto-renewal which has also been entered on the form pending the principal deposit into my newly opened regular savings. Then I will proceed with the blunest app. Is it stanbic 3.1.7? I was also asked to download this app, Stanbic 3.1.7 pending the e-arrival of my account number.

2. I also do not know if this a good decision: I rejected the ATM card subscription offer. I told them I am okay with their mobile app but I noticed the lady felt uneasy even though she affirmed ATM card was optional. Pls what is your experience of their Mobile Banking app and do you think I should get the ATM card or not? 🙏.


3! Based on your e-application and withdrawal history, how reliable is the blunest app for mutual funds investment? 🙏