₦airaland Forum

petomas:
Thank you very much for putting me through. I signed up on Saturday, subscribed only 5,000 naira to the Money Market Funds but the challenges I have are; I was not given an e-account as at then and I was also not aware I was to add t on the description of the transaction so when making payment through manual bank transfer, I used Stanbic IBTC Money Market Funds plus my name at the description part. And after some seconds, I got an email confirming my made subscription but would be notified once it's confirmed.
Under my investment activities, it shows that the transaction was completed but I don't know why it's not reflecting.
I understand that Saturday wasn't a working day but is it normal for the delay up till this time despite the fact that i've filed a complain to their email yet, no response?
I want to be sure of the next thing to do as the little amount was to use in testing it to know how it works before I'll think of investing more.
Pls experts here should tell me what's obtainable. Thank you all.

Since you didn’t use the reference attached to your Stanbic mutual funds account, your money won’t be credited . All you can do is report to your bank to help you do a refund or call stanbic and tell them the situation , they will help .
To make it much easier for you , login with their bluenest , you will have a dedicated stanbic account number to your name only . You can top up or withdraw straight to any of your bank account within minutes.

emmasoft:
Exactly, that means you opted for interest reinvestment. Watch out, by the end of July, you will see the same transaction, and it continues like that, except you change your option as I described in my previous post.

can I open a second account with Stanbic mutual funds?

cucumbar:
can I open a second account with Stanbic mutual funds?

Yeah

cucumbar:
can I open a second account with Stanbic mutual funds?

Yes, you can. Make sure your wallet is funded, as you login to your BluNest, click wallet and select buy fund, click on MMF instead of top up to existing fund click new and follow through.

As Stanbic IBTC remitted interest for Q2 please

The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

I beg oo, just singed up on the cowryswise yesterday. Please don't hesitate to share any observation you make here as per you having been with them for some times. But the variation up there shouldn't cause for alarm shaa

FRANKLYex:
I beg oo, just singed up on the cowryswise yesterday. Please don't hesitate to share any observation you make here as per you having been with them for some times. But the variation up there shouldn't cause for alarm shaa

Its not a cowrywise issue, its general, the interest rate fluctuates, can go higher or lower, so its normal.

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

As nickae already said, it's a market issue, nothing to do with Cowrywise. In fact, they are the only ones offering 22% at the moment. The rest are doing 20-21% mostly. It can get to 10% even. They never promised it would stay above any percentage. You are the one setting some expectations for yourself.

What you are seeing is what the market is giving, not Cowrywise. By the way, the screenshot redaction was unnecessary; the mathematics is simple. Given your APR and the daily interest, it's pretty easy to figure out that your capital is about 9.5 million.

FRANKLYex:
I beg oo, just singed up on the cowryswise yesterday. Please don't hesitate to share any observation you make here as per you having been with them for some times. But the variation up there shouldn't cause for alarm shaa

Can someone share is experience on Renmoney .....?

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

Can someone share is experience on Renmoney .....?

MONEY MARKET FUND- Multiply money with rest of mind

As I read through some posts, I see that some of us have expectations and a wrong perspective of MMF.

Please understand this:

Not all mutual funds are MMFs, and they are not to be compared. All mutual funds are not MMFs, but all MMFs, irrespective of the fund manager, are mutual funds.

MMF is a low-risk investment, and you are not supposed to have any form of fear or panic about it.

The basic promise made and attraction for MMF is that it gives higher interest than the regular savings or fixed deposit with the MDBs.

Also note that the benchmark rate for any MMF is the rate of 90-day Tbills.

All Fund managers operate under the SEC rule governing MMF, but they could apply it differently, so sometimes it may not be very wise to compare except the application of the basic principles is the same across the firms.

Rates of MMF are daily valued, and that one is higher than the other today doesn't make it better in the long run; they are virtually the same.

Remember that fintech and traditional fund managers are not actually the same; the law guiding them differs one way or the other. Some of these fintech apps are platforms where the traditional fund managers sell their products, so the fintechs themselves don't actually have a mutual fund; rather, they sell for fund managers. Fintechs themselves invest in MMFs with the money you save with them.

Get this very clear, MMF is a low-risk investment; it's not an investment one needs to do and worry about. If you are talking of riskier investments like stocks, that is understandable.

Remember, no two human beings can be the same, so with fund managers, services are bound to differ, and in the long run, they will be rated by individual opinions and judgment about them. Even though we say customers are always right, we know this is not always the case.

Some of us here have seen when MMF was less than 6% and TBills less than 5%. We have also seen when it was 28% or more.

In all, let's try not to expect more than what the law permits for MMF.

Enjoy your investment in MMF without stress; it's worth it.

For more on mutual funds and stocks, get in touch.

0ubenji:
As nickae already said, it's a market issue, nothing to do with Cowrywise. In fact, they are the only ones offering 22% at the moment. The rest are doing 20-21% mostly. It can get to 10% even. They never promised it would stay above any percentage. You are the one setting some expectations for yourself.

What you are seeing is what the market is giving, not Cowrywise. By the way, the screenshot redaction was unnecessary; the mathematics is simple. Given your APR and the daily interest, it's pretty easy to figure out that your capital is about 9.5 million.

Why are you exposing our millionaire nau?

Don’t you know there are kidnappers on this thread too?

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

It's the market.

0ubenji:
As nickae already said, it's a market issue, nothing to do with Cowrywise. In fact, they are the only ones offering 22% at the moment. The rest are doing 20-21% mostly. It can get to 10% even. They never promised it would stay above any percentage. You are the one setting some expectations for yourself.

What you are seeing is what the market is giving, not Cowrywise. By the way, the screenshot redaction was unnecessary; the mathematics is simple. Given your APR and the daily interest, it's pretty easy to figure out that your capital is about 9.5 million.

Hello @0ubenji, do you know if FBNQuest is now accessible to new users, I tried but still not working.

0ubenji:
I am about to use that too and wanted to confirm how you see the daily rates and if it tallies with the amount you recieve?

Due to minor changes in the rates. I do not monitor daily rates.

0ubenji:
As nickae already said, it's a market issue, nothing to do with Cowrywise. In fact, they are the only ones offering 22% at the moment. The rest are doing 20-21% mostly. It can get to 10% even. They never promised it would stay above any percentage. You are the one setting some expectations for yourself.

What you are seeing is what the market is giving, not Cowrywise. By the way, the screenshot redaction was unnecessary; the mathematics is simple. Given your APR and the daily interest, it's pretty easy to figure out that your capital is about 9.5 million.

What is APR and how do you make the calculation?

nickae:
Hello @0ubenji, do you know if FBNQuest is now accessible to new users, I tried but still not working.

you are in the spirit. I just got off a call with my contact there, and he told me there were issues with the launch. It will be completed next Wednesday, but just for the website portal. The mobile app fix for new users will come much later. Once the stuff is launched for the web portal, new users will be able to log in and track their investments.

The main issue is that new users have alphanumeric logins, and the existing system does not support that, which explains why newbies can't have access until that fix is live. I will keep you posted.

Tolu2024:
What is APR and how do you make the calculation?

APR is the annualized percentage rate, which determines how much you get daily with respect to your investment capital. The higher it is, the more your daily payout.

To estimate your daily payout, divide your APR by 100 and multiply it by your capital, then divide by 365.

Jeoma2024:
yes my number is on WhatsApp

Thank you very much

The FBNQuest guy reached out to you multiple times on Monday, but you neither picked up your calls nor called back.

Care4:
Due to minor changes in the rates. I do not monitor daily rates.

the rates in the app never changes. I guess they just post daily earnings to your account and nothing more.

0ubenji:
you are in the spirit. I just got off a call with my contact there, and he told me there were issues with the launch. It will be completed next Wednesday, but just for the website portal. The mobile app fix for new users will come much later. Once the stuff is launched for the web portal, new users will be able to log in and track their investments.

The main issue is that new users have alphanumeric logins, and the existing system does not support that, which explains why newbies can't have access until that fix is live. I will keep you posted.

Nice, thanks boss.

0ubenji:
the rates in the app never changes. I guess they just post daily earnings to your account and nothing more.

You may not have noticed, however, that the rates also adjust to the CBN MPR rates, as well as DMO issuances.
For you to see this, zoom out, and look at a rate sometimes erlier in the year and the current status.

emmasoft:
MONEY MARKET FUND- Multiply money with rest of mind

Get this very clear, MMF is a low-risk investment; it's not an investment one needs to do and worry about. If you are talking of riskier investments like stocks, that is understandable.


Some of us here have seen when MMF was less than 6% and TBills less than 5%. We have also seen when it was 28% or more.

In all, let's try not to expect more than what the law permits for MMF.

Enjoy your investment in MMF without stress; it's worth it.

For more on mutual funds and stocks, get in touch.

Excellent post Oga Emma.. Wish this could be stickied.

@bolded, true! In fact I believe it's just few years ago that I/Ones VGIF at abt 4.5% was among the best at that time. But here we are at average of about 20%, for more than 2 yrs running.

For most of us in TBs/MMFs, CAPITAL PRESERVATION is foremost.

Why am I getting “invalid account number. Update profile” when I tried placing an order for withdrawal for Stanbic Mutual Fund?
Anyone experiencing similar situation?

It started since yesterday evening when their customer support must have closed, if not would have called them directly.

Tolu2024:
The way Cowrywise is falling this days are we safe ?
Start from 22.24% up to 22.32 now it’s down to 22.06.

If this get below 21% am cashing out

Expect more reduction as Nigeria inflation numbers are coming down, the economy has been stable since the start of the second quarter of this year. FX is stable. Dangote and NNPC are reducing fuel price everyday and the last shocker: People in capital market are slowly moving money to equities, commercial paper and ETFs.

All you have to do is wait as you in a safe investment space. BE HAPPY, Nigeria is getting better lol.

A305:
Expect more reduction as Nigeria inflation numbers are coming down, the economy has been stable since the start of the second quarter of this year. FX is stable. Dangote and NNPC are reducing fuel price everyday and the last shocker: People in capital market are slowly moving money to equities, commercial paper and ETFs.

All you have to do is wait as you in a safe investment space. BE HAPPY, Nigeria is getting better lol.

Please don't forget to let me know when you've fixed a date for your comedy show. You do have a lot of potential and will need all the organic support you can get.

Like I earlier analyzed folks.

Expect more reduction as Tbill rates reduces and inflation numbers fall.

0ubenji:
Please don't forget to let me know when you've fixed a date for your comedy show. You do have a lot of potential and will need all the organic support you can get.