₦airaland Forum

Thank you

FBN Quest users, please what do you use as Username on the Web portal. I tried my customer ID and email, no luck. Reached out to customer care, no response.

I use the FBN Edge app normally, first time I'm trying to access my account via Web portal.

By Web portal, I'm assuming https://first-assetmanagement.com/ is the correct one.

Cowrywise is my best MMF till date, follow by arm, Zedcrest then norrenberger, becos of their good rate, good costumer service, super fast transaction even on weekends and public holidays.... Infact their charges is just nothing if you're investing with good money. I get over 10,000 daily profit from them and the rate on their web align exactly with my capital...
Till date they have proven their worth and I tend to invest higher capital with them and spread the rest capital among other ones I mentioned....
I don't have time for all the stress others keeps having every now and then...

234ng44uk:
In anything you do, avoid cowrywise. I like fintech, they're supposed to be the new way of doing things. But no, this one is not. Unfortunately, Nairaland has strict rules about language I won't be able rant as I would like. But here's a summary of the way they do business:
You get charged ₦50 to "link" them to your bank account (your registration isn't complete until you do so). There's no evidence of this "linking" with your bank, and there's no advantage of doing this. Then there's a ₦250 processing fee to move fund to your wallet or invest in any of their portfolio. This ₦250 is irrespective of whether the fund is coming from your bank account (including the linked account) or from your wallet. There's a ₦50 fee to withdraw to your bank account. But you cant withdraw to ₦0 balance . . . You get the gist?
More importantly, take their MMF yield with a grain of salt. I invested in ARM MMF with them and ended up getting around 18% yield, against the 20.8% rate they quoted on their platform.

Preator:
Cowrywise allows you to access other MMFs from their platform with their rate posted. However, if you want to enjoy the rate they posted, invest in the cowrywise mmf. Leave the other ones alone. I have been using them for four months now and the daily rates they posted aligns with the returns i get.

On the fees each mmf determines their fees. Its a choice to use them. Given the slightly higher rates they offer, i can easily offset the charges. Its also likely to discourage micro transactions.

On withdrawing to zero, i haven't tried that so i cant comment but i havent seen any mmf that doesn't allow full redemption for your realized gains. In fact the only time i tried their redemption, i saw an option to withdraw every unit i had.

Perhaps those who have used them longer can comment sha. I was motivated to join them when someone posted their transparent daily returns pix here also.

Stanbic didn’t allow me withdraw all my funds. I was told to keep a minimum balance of 5k naira

bharkarh:
Stanbic didn’t allow me withdraw all my funds. I was told to keep a minimum balance of 5k naira

Every mmf get their k-leg. Thats why every investor has to choose the one they can manage.

bharkarh:
Stanbic didn’t allow me withdraw all my funds. I was told to keep a minimum balance of 5k naira

You can withdraw all your funds in stanbic and any other MMF if you pick the full redemption option otherwise a partial redemption will require you to leave 5k in your account

Please understand that the 5k is still your money and not a charge for service rendered.
If you decide to leave the 5k minimum amount it will continue to earn interest

I wrote this on the Treasury bill thread, I figured it also applies here to MMF



CBN is in a dilemma at this point. They want stable FX rate, they want reduced inflation yet they want to reduce borrowing within and plan borrowing externally.

Let me break it down:

Nigeria inflation is sticky and VERY STUBBORN so much so that, eventhough the numbers Quarterly reveals inflation is easing, however Month on Month inflation fluctuates, it keeps rising and in some month falls, then rise again. Very stubborn.

If inflation was only reducing and no fluctuation seen; CBN would have cut rates hence T.bills yield will fallen even lower but CBN is freaking scared.

Here is another problem.

Nigeria is debt free from IMF but owing massive debt internally, Internal debts are easy to repay but it's hardly enough to stimulate the economy because think of it like a ponzi scheme that can NEVER crash.
Now, FG is looking to borrow externally because we can and technically, our debt to GDP ratio is good enough to allow us borrow externally. So FG will prefer foreign debt over internal debt, that was why you heard of the new foreign loan news 2 days ago. They want more of those debt if they need to boost spending. Nigeria spending is too low for our kind of economy.

So, if FG gets more of this foreign loans, they won't rely on internal debt as much to kept running the economy, hence CBN will cut rate, Tbills rate will plummet.

But here is where it gets interesting:

CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

Global conditions (Trump’s tariffs, Fed cuts) could help Nigeria attract more FDI, which will further strengthen the Naira. That is why CBN is hesitant to cut rate.


How does this affect you, thinking rates are going back up?

Prepare for the wild ride because, you will keep experiencing rates like unstable NEPA light and prepare for the fall of rates once Tax laws are fully implemented next year.

Tinubu and Cardoso are really getting things right on this one.

How does one Top-up his MMF account with Stanbic IBTC asset management limited.

Secondly does the accrued interest add up with the capital automatically after one month and roll over Thanks

ogoo4real:
How does one Top-up his MMF account with Stanbic IBTC asset management limited.

Secondly does the accrued interest add up with the capital automatically after one month and roll over Thanks

Fund your wallet and from your wallet invest into your MMF account. Of recent they created a specialized UBA account for clients, you can transfer your money into that account which automatically means you have invested in MMF.

Alternatively you can use the traditional way ie transfer your funds into their UBA collection account using your e-account number as narration.

Yes, your interest is accrued daily and seen as part of your daily balance but the accrued interest becomes part of your capital at the end of each month.

A305:
I wrote this on the Treasury bill thread, I figured it also applies here to MMF



CBN is in a dilemma at this point. They want stable FX rate, they want reduced inflation yet they want to reduce borrowing within and plan borrowing externally.

Let me break it down:

Nigeria inflation is sticky and VERY STUBBORN so much so that, eventhough the numbers Quarterly reveals inflation is easing, however Month on Month inflation fluctuates, it keeps rising and in some month falls, then rise again. Very stubborn.

If inflation was only reducing and no fluctuation seen; CBN would have cut rates hence T.bills yield will fallen even lower but CBN is freaking scared.

Here is another problem.

Nigeria is debt free from IMF but owing massive debt internally, Internal debts are easy to repay but it's hardly enough to stimulate the economy because think of it like a ponzi scheme that can NEVER crash.
Now, FG is looking to borrow externally because we can and technically, our debt to GDP ratio is good enough to allow us borrow externally. So FG will prefer foreign debt over internal debt, that was why you heard of the new foreign loan news 2 days ago. They want more of those debt if they need to boost spending. Nigeria spending is too low for our kind of economy.

So, if FG gets more of this foreign loans, they won't rely on internal debt as much to kept running the economy, hence CBN will cut rate, Tbills rate will plummet.

But here is where it gets interesting:

CBN needs FPI which has stabilized Naira/Dollar FX rate to 1500 since last year, and they can only get that when they raise interest rate for internal debt. If they aggressively cut rate, FPI will run away, some will pull their money and begin to buy stocks and Equities, that's why CBN hasn't cut rate since the last 3 or 4 quarters.


CBN’s stance so to keep squeezing inflation, even if the economy growth suffers short-term.

One more last reason to note is:

Global conditions (Trump’s tariffs, Fed cuts) could help Nigeria attract more FDI, which will further strengthen the Naira. That is why CBN is hesitant to cut rate.


How does this affect you, thinking rates are going back up?

Prepare for the wild ride because, you will keep experiencing rates like unstable NEPA light and prepare for the fall of rates once Tax laws are fully implemented next year.

Tinubu and Cardoso are really getting things right on this one.

@A305, true. Honestly low rate and low inflation is actually good for us collectively as a country. It strengthens real economy and even though rate may be low you will still have positive real returns once inflation continue to get lower.

Currently at this high rate real returns from fixed income instrument is still negative.

Investors who can take the risk associated with the stock market always end up better rewarded.

emmasoft:
@A305, true. Honestly low rate and low inflation is actually good for us collectively as a country. It strengthens real economy and even though rate may be low you will still have positive real returns once inflation continue to get lower.

Currently at this high rate real returns from fixed income instrument is still negative.

Investors who can take the risk associated with the stock market always end up better rewarded.

absolutely true

And like you always preach, people should keep investing whether the rate is high or low.

Compounding effect is key leverage.

Your message is wisdom to the wise. Keep up the good work sir.

234ng44uk:
In anything you do, avoid cowrywise. I like fintech, they're supposed to be the new way of doing things. But no, this one is not. Unfortunately, Nairaland has strict rules about language I won't be able rant as I would like. But here's a summary of the way they do business:
You get charged ₦50 to "link" them to your bank account (your registration isn't complete until you do so). There's no evidence of this "linking" with your bank, and there's no advantage of doing this. Then there's a ₦250 processing fee to move fund to your wallet or invest in any of their portfolio. This ₦250 is irrespective of whether the fund is coming from your bank account (including the linked account) or from your wallet. There's a ₦50 fee to withdraw to your bank account. But you cant withdraw to ₦0 balance . . . You get the gist?
More importantly, take their MMF yield with a grain of salt. I invested in ARM MMF with them and ended up getting around 18% yield, against the 20.8% rate they quoted on their platform.

These fund managers don't disclose other information to customers which is unfortunate. The 20.8% quoted is gross. ARM charges a fee of circa 1.5% so the 18% or so you got is the net yield.

Which platform is best for mmf now.
I already have experience with stanbic and United capital.
I'm looking for the best rate

Care to share what issue you got with FSDH in particular?
You might be saving a life

Neurotika:
Most of these fund managers seriously need to get their act together. The processes are shoddy across board. Asides Stanbic, I’ve sampled ARM, Norrenberger, Cowrywise, FSDH (this is worse)…and it’s been one disappointment after another. Not even trying to de-market; just sharing so others are careful. From terrible customer service & operational procedures to misleading rates…the industry just feels like a mess. At this rate, Stanbic will keep owning the space by default, even with their mediocre returns, because the competition isn’t even close.

0ubenji:
Care to share what issue you got with FSDH in particular?
You might be saving a life

You can’t easily track your accrued interest on this platform the way you can with others. Some days it shows, other days it doesn’t…it almost feels like it’s updated manually at their discretion. When you top up/redeem, it can take nearly two days before the settlement is done. For a fund manager that’s been around this long, it’s honestly disappointing. At times, you can’t even log into the app. The only positive is the display of daily rates on the app; everything else is just appalling.

Pls for 2days now no interest have been paid to my mmf account with stanbic bank what's happening, are my the only 1 witnessing this?? Somebody pls say something.

It General my bro

alexokeke325:
Pls for 2days now no interest have been paid to my mmf account with stanbic bank what's happening, are my the only 1 witnessing this?? Somebody pls say something.

Okay thank you for the reply

Neurotika:
You can’t easily track your accrued interest on this platform the way you can with others. Some days it shows, other days it doesn’t…it almost feels like it’s updated manually at their discretion. When you top up/redeem, it can take nearly two days before the settlement is done. For a fund manager that’s been around this long, it’s honestly disappointing. At times, you can’t even log into the app. The only positive is the display of daily rates on the app; everything else is just appalling.

True about the daily rates displayed in the app bit. The app looked good, so I was about to give it a shot, thinking they were better since the KYC process was pretty seamless in-app. Thanks for the heads-up.
Meristem has yet to even acknowledge my pending KYC for two months now. I've reached out to them severally on Twitter, but it's like they are determined not to care about me or the KYC and they have marketers looking for customers here and there while missing a lot of them unaware. Sigh.
This seems to be a Nigerian business culture problem.

emmasoft:
You can withdraw all your funds in stanbic and any other MMF if you pick the full redemption option otherwise a partial redemption will require you to leave 5k in your account

Please understand that the 5k is still your money and not a charge for service rendered.
If you decide to leve the 5k minimum amount it will continue to earn interest

oh, ok

0ubenji:
True about the daily rates displayed in the app bit. The app looked good, so I was about to give it a shot, thinking they were better since the KYC process was pretty seamless in-app. Thanks for the heads-up.
Meristem has yet to even acknowledge my pending KYC for two months now. I've reached out to them severally on Twitter, but it's like they are determined not to care about me or the KYC and they have marketers looking for customers here and there while missing a lot of them unaware. Sigh.
This seems to be a Nigerian business culture problem.

Meristem onboarding via the app was seamless for me tho. Their neat interface has impressed me the most among others I’ve tried. Although I agree with you on the poor customer service thing…It’s an industry problem. Had to go to their head office (although for a slightly different purpose) before my KYC was verified on the spot. My main issue with them is just the relatively high management fee. However, since their net yields still outperform most competitors, it’s not a dealbreaker for me….atleast for now.

yak:
Which platform is best for mmf now.
I already have experience with stanbic and United capital.
I'm looking for the best rate

When it comes to MMF, it will be difficult to use the word best. Apart from the rate, there are many other factors investors consider when picking an MMF under any fund manager.

Moreover, the rate is always a range in the industry, currently between 18 to 20% net management fees, and for the fact that it's daily valued, the word best will be difficult to use.

However, you can go with Norrenberger and First Ally. From experience, you can get some value in terms of rate and good customer service.

Click the second link in my signature for First Ally or use the attached form for Norrenberger.

yak:
Which platform is best for mmf now.
I already have experience with stanbic and United capital.
I'm looking for the best rate

What was your experience with both can you share for new comers and also how long have you had it.

wkkwl:
What was your experience with both can you share for new comers and also how long have you had it.

I think 99% of people here have experienced stanbic, Reliable is a summary of them..they might not have the highest rate but there's an assuredness about them.

For United capital, I call them perennial low ballers, when they could give you 20%, they'd rather remove 5% from it.

t33why:
I think 99% of people here have experienced stanbic, Reliable is a summary of them..they might not have the highest rate but there's an assuredness about them.

For United capital, I call them perennial low ballers, when they could give you 20%, they'd rather remove 5% from it.

What is the final verdict?

Is stanbic safe then?

Please can you also confirm is the 18% guaranteed yearly ?

Or it depends on the market?

wkkwl:
What was your experience with both can you share for new comers and also how long have you had it.

Stanbic is so full of themselves!
Customer service is very poor and complaints are hardly attended to
United Capital hasn't been too bad but I think thier rates aren't the best

yak:
Stanbic is so full of themselves!
Customer service is very poor and complaints are hardly attended to
United Capital hasn't been too bad but I think thier rates aren't the best

If you think Stanbic has poor customer service, then you should try Fbnquest. I'm beginning to think it's a management policy for those ones not to give a damn

Zankut:
If you think Stanbic has poor customer service, then you should try Fbnquest. I'm beginning to think it's a management policy for those ones not to give a damn

I ran away from fbn in 2018 and I'm not going back even if they tell me they have changed

yak:
I ran away from fbn in 2018 and I'm not going back even if they tell me they have changed

Lol... Presently first asset management has a higher rate compared to stanbic

yak:
Stanbic is so full of themselves!
Customer service is very poor and complaints are hardly attended to
United Capital hasn't been too bad but I think thier rates aren't the best

United capital is not transparent with their daily interest return. The return usually doesn't align with the rate posted. And their rate is always jumping up and down.

However, when it comes to instant withdrawal of funds, they are the best so far. You withdraw and you get your money in 5 - 10 minutes including weekends provided it's under 2 million

Stanbic is telling me Error
Unable to process your request, please try again

Anyone tried out GTCO MMF?