Godspeed0:
too poor i was expecting something like 100k risking 1 million for 9k is not encouraging

100k wetin? LMAO

It's not risky because your principal is guaranteed. Plus, how much has your bank added to your bank account since you left that 1M with them?

ogawisdom:
Do they tax interest on MMF?

On the compounding aspect does it mean if i invested 1000000 and it earns 300 daily then after day one the next interest will be calculated on principal of 1000300?

Trying to make a return to MMF with Stanbic, left for fixed income for some time now.

Yes, your position on the compounding question is correct.

Asfor the first, it is tax free.

SimpleGuy001:


100k wetin? LMAO

It's not risky because your principal is guaranteed. Plus, how much has your bank added to your bank account since you left that 1M with them?

boss i shock when i hear 9k as return but how do they pay is it upfront?

ogawisdom:
Do they tax interest on MMF?

On the compounding aspect does it mean if i invested 1000000 and it earns 300 daily then after day one the next interest will be calculated on principal of 1000300?

Trying to make a return to MMF with Stanbic, left for fixed income for some time now.

For Stanbic, compounding is done on monthly basis. I doubt there is a financial company that does daily compounding. If daily is 300 on investment of 1,000,000, then a 30-day month will be 9k and month end. So first day of new month calculation will be done with 1,009,000.

Godspeed0:
boss you self check am the money small naa not even 20k how do they caculate it sef

Maybe you should try the riskiest one which is cryptocurrency. That your 1,000,000naira can even fetch you upto 10,000,000 in a month or in a year if you can spot a good coin early. . .
But the chances of making it is 1% while chances of loosing your money is more than 99%

FuckingNaira:

Maybe you should try the riskiest one which is cryptocurrency. That your 1,000,000naira can even fetch you upto 10,000,000 in a month or in a year if you can spot a good coin early. . .
But the chances of making it is 1% while chances of loosing your money is more than 99%

Wicket advise

Will SFS Funds pay Quaterly Dividends this January? I am asking because they are not showing any signs of remitting money

DonationWorld:
Will SFS Funds pay Quaterly Dividends this January? I am asking because they are not showing any signs of remitting money

They will before the end of the week..abi? @emmasoft

enque:


They will before the end of the week..abi? @emmasoft

Yes. Normally within the first week of a new quarter all accounts are balanced with reinvestment and interest payment concluded while the accrued interest is posted.

Just be patiently the needful will be done. There is nothing to worry about.

Pls how does gtco mmf work and if I invest 800k how much will I get after a year?

emmasoft:


Yes. Normally within the first week of a new quarter all accounts are balanced with reinvestment and interest payment concluded while the accrued interest is posted.

Just be patiently the needful will be done. There is nothing to worry about.

For your information, everything as per interest payment, reinvestment, and posting of the accrued interest from 1st Jan till date have been done today.

Skudi:
Pls how does gtco mmf work and if I invest 800k how much will I get after a year?

I have not followed them since Investment One sold their mutual fund business to them. I think it will be operated just like other MMFs.
I currently do for Stanbic and SFS.

Depending on the rate, which is between 9 to about 12% in the industry you will have about 90k plus some fractions all things being equal.

emmasoft:


I have not followed them since Investment One sold their mutual fund business to them. I think it will be operated just like other MMFs.
I currently do for Stanbic and SFS.

Depending on the rate, which is between 9 to about 12% in the industry you will have about 90k plus some fractions all things being equal.

Gtco claims that their mmf is at 13.51% as at Jan 2nd.
My issue with them was no app to monitor investments

enque:


Gtco claims that their mmf is at 13.51% as at Jan 2nd.
My issue with them was no app to monitor investments

Please note that the rate displayed is gross, not net. No MMF is up to 13% net in the industry.

Read the few lines at the bottom of whatever they displayed you will get it.

emmasoft:


Please note that the rate displayed is gross, not net. No MMF is up to 13% net in the industry.

Read the few lines at the bottom of whatever they displayed you will get it.

Same problem I have with them, plus their staff and IT service is grossly incompetent, to withdraw your money will become a problem and the customer service will not pick calls, they will allow your credit run out

I am using SFS Funds but their rate is too low (11%)

DonationWorld:


Same problem I have with them, plus their staff and IT service is grossly incompetent, to withdraw your money will become a problem and the customer service will not pick calls, they will allow your credit run out

I am using SFS Funds but their rate is too low (11%)

SFS rate is not low compare to other fixed income fund in the industry. They are d best in terms of rate. You can check. Even it's already 11.02% today.

The advantage of fixed income fund is that investors are able to invest in FGN Bonds indirectly because the bond is one of the underlying assets.
It has more than treasury bills and CP like MMF and the rate is relatively stable compare to MMF.
One of the best practice is to have both MMF and fixed income fund to enjoy all classes of debt instruments.

DonationWorld:


Same problem I have with them, plus their staff and IT service is grossly incompetent, to withdraw your money will become a problem and the customer service will not pick calls, they will allow your credit run out

I am using SFS Funds but their rate is too low (11%)

Left Gtco last year and I haven't looked back. Issues plenty on top my money.
Stanbic n sfs is ok for me for now
Stanb

GTCO Assets Management no be am na... They worst part is that they are not even willing to improve. Customer feedback for them is just something to be trashed.


Na wa for Stanbic ooo. They deducted my December Interest/Profit From my MMF since 3 days ago and up till now, it's not be added/reinvested as I instructed or even paid to my account if they override the instruction.

MMF vs TB secondary market

Why would you do MMF instead of TB secondary market.

Someone that has recent rates should compare the two.

Has everyone used Optimus app by afrinves, I’m just download it but yet to be approved

freeman67:
GTCO Assets Management no be am na... They worst part is that they are not even willing to improve. Customer feedback for them is just something to be trashed.


Na wa for Stanbic ooo. They deducted my December Interest/Profit From my MMF since 3 days ago and up till now, it's not be added/reinvested as I instructed or even paid to my account if they override the instruction.

No mind GTCO Asset Mgt. They think say banking and asset mgt na the same. Instead of them to keep good hands and strategies from IONE them they do over sabi see where it landed them.

For Stanbic, I think the instruction to reinvest has not been effected because reinvestment of interest was done on 31/12/2023 for investors who already have reinvestment of interest running. The delay in bank credit is mostly likely between the custodian bank and the registrar since your in-house account has already been deducted.

emmasoft:


No mind GTCO Asset Mgt. They think say banking and asset mgt na the same. Instead of them to keep good hands and strategies from IONE them they do over sabi see where it landed them.

For Stanbic, I think the instruction to reinvest has not been effected because reinvestment of interest was done on 31/12/2023 for investors who already have reinvestment of interest running. The delay in bank credit is mostly likely between the custodian bank and the registrar since your in-house account has already been deducted.

My reinvestment instructions has been from day one and all through 2023 it was reinvest without me asking. It means I will have to contact their customer service then.

Thank you.

JEmma1:
Has everyone used Optimus app by afrinves, I’m just download it but yet to be approved

I have been using it for about 2years now. It's okay. No issues so far.

Desanta:


I have been using it for about 2years now. It's okay. No issues so far.

Wow. Interesting, I was thinking that they just launched it.
Do you used the dollar mutual fund? I’m wondering if I fund it in dollars now, when I’m to withdraw my funds they’ll process it in dollars to my Dom account too?

JEmma1:
Has everyone used Optimus app by afrinves, I’m just download it but yet to be approved

I once downloaded it before now but wasn't using before the phone was stolen. So last December they called and was asking when I will start using it. I told them it's this year. So maybe I will consider it later.

freeman67:


My reinvestment instructions has been from day one and all through 2023 it was reinvest without me asking. It means I will have to contact their customer service then.

Thank you.

Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

freeman67:


Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

This is serious.
I’m yet to be paid till now also

Please can you provide the number I can call them on also.

FBN quest has paid since 2nd of January


What’s happening with Stanbic please ? @emmasoft

I'd advice you use the statement from the web and not the one from the app. That of the webpage is more detailed

freeman67:


Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

Freeman67

I had this same issue with stanbic. I checked my balance on 31st night and then on checking again in January, I saw a totally different figure.
Downloaded the statement from the app, but it didn't contain the balances so it was hard to reconcile the figures. I had to log in to web to get a more detailed statement before I got clarity.

for now, I'm keeping a close eye on the account.
Doesn't even help that the app doesn't allow screenshots.

simplebb:



This is serious.
I’m yet to be paid till now also

Please can you provide the number I can call them on also.

FBN quest has paid since 2nd of January


What’s happening with Stanbic please ? @emmasoft

This is the number I called 0 1 2 8 0 5 5 9 5, it's a landline and it's like MTN customer service where sometimes you will call and wait while they play you their commercial till it's picked. You can use it if you wish but I am not sure any serious explanation will come out of it. Just start keeping records ooo

freeman67:



This is the number I called 0 1 2 8 0 5 5 9 5, it's a landline and it's like MTN customer service where sometimes you will call and wait while they play you their commercial till it's picked. You can use it if you wish but I am not sure any serious explanation will come out of it. Just start keeping records ooo

Thanks so much

It’s well

simplebb:
This is serious.
I’m yet to be paid till now also

Please can you provide the number I can call them on also.

FBN quest has paid since 2nd of January

What’s happening with Stanbic please ? @emmasoft

FBNQuest stands out for consistent dividend payments with a user-friendly app, in my opinion.

On the contrary, Stanbic has a history of payment failures. I've personally experienced this 2 or 3 times, with instances of dividend reinvestment without instruction.

They sent out an email last week, apologising and promising payment by January 8th (yesterday) which they still have not done as at the moment of making this post.