₦airaland Forum

Creditalerts:
Hmmm just compare stanbic 15.51 and trustbanc 18.03 or FirstAlly 18.00 and you invested 50,000000
Do the mathematics of gain and losses monthly 🤔
No emotional sentiment here u go cry 😂

Creditalerts:
Hmmm just compare stanbic 15.51 and trustbanc 18.03 or FirstAlly 18.00 and you invested 50,000000
Do the mathematics of gain and losses monthly 🤔
No emotional sentiment here u go cry 😂

Neurotika:
Calm down. There has never been a time when banks did not charge VAT on transfer commissions. This is not a new law or policy. The Moniepoint communication made it sound like something had just been introduced, which is misleading. That kind of messaging only fuels unnecessary anxiety in an already tense environment. If anything, it raises questions about their own past compliance, because banks have always applied VAT on their fees. No one is defending the government here, but misinformation has real consequences and should be strongly condemned.

ogoo4real:
MMF Rates is really dropping drastically. Norrenberger @16.43% currently

Jayce242:
Read what u wrote again?
If there has been VAT, has fintech banks been collecting it? Now that they want to start collecting it what is misleading about notifying their customers to warrant govt slamming them with heavy sanctions?? Imagine people like u as leaders. You feel threatened by their notifications because it further expose govt over taxation on citizens, left for u they should silently be deducting money. Only 10k transaction one will need to pay N50 stamp duty, bank charges & VAT for only one transaction? Have u ever asked yourself what these monies are being used for? Remember this same govt has removed fuel subsidy & floated the naira, yet nothing has improved!

Neurotika:
I’m not sure I understand your point. All companies (exclusive of those having below 25m turnover as per old law) are meant to charge VAT on their fees and commissions. Now for Microfinance Banks, their services are exempted from VAT only if their operating model is under the classification of what is called a Unit Microfinance Bank (essentially means they’re restricted in the number of states they operate). Moniepoint isn’t a unit Microfinance Bank cos their reach cover the entire country, and even their capital requirements is way higher than those ones. So why have they not been charging VAT (if truly they haven’t). When you file with FIRS, you’re obliged to declare all these things. If Moniepoint hasn’t been charging VAT before it means they’ve been breaking the law. Is there any country you go that VAT isn’t charged on commissions? What’s with the emotional responses

modupemomo:
Are you saying to go Renmoney or not?

Better to keep one's capital than to lose it while running kitikata.

Jayce242:
My point is simple
I only responded to your comment u stated govt should slam heavy sanction on fintech banks for notifying customers because VAT for bank services already exist. Below is a thread of FG notification on fintech banks to start collecting VAT from 19th on front page. If govt can make a public notice on this, I don't know what prompted u to make such biased comment.

https://www.nairaland.com/8599597/fg-orders-banks-fintechs-remit

modupemomo:
Hello All,

I guess Stanbic rates is still taking a dive to the ground floor from the top of a skyscraper. Saw the rates yesterday and I cannot believe it has dropped from where we started at 24%+.

Reality is prices of things we need in life isnt dropping, one has to begin to do recon. While I know Renmoney isnt in the mutual funds business, does anyone know if there are legit and reliable? I've got mouths to feed here. Stanbic is my fav but right now, I have to use my head because the rates gave me palpitations last night abeg.

Please can anyone give their two cents on Renmoney as they have a good rate on their fixed deposit. Thanks and God bless.

Beeron:
Time for you to re-strategize:

If your goal is to compound. Move the investment fund to Cowrywise, invest in a balanced fund that invest in only money market and bond or fixed deposits, choose the auto-reinvest option to enable the fund compound.

Go about your business and let the fund grow.


Might make a video about this.

ogoo4real:
MMF Rates is really dropping drastically. Norrenberger @16.43% currently

welzyj2:
Funds with a bit of equity is still the best if one wants decent capital appreciation and minimal risk

Neurotika:
FG didn’t notify anyone. Moniepoint, and probably other non-compliant banks did. There’s nothing to “notify” when the information isn’t a new regulation. That’s my point. Carefully read the content of the link you shared and gain further understanding. I think I’ve said enough on this. One luv ✌🏽

modupemomo:
Are you saying to go Renmoney or not?

Better to keep one's capital than to lose it while running kitikata.

emmasoft:
Apart from MMF, most of the other mutual funds don't accrue interest daily, especially those that are price-based. You get price appreciation, and they pay dividends mostly once a year, and some twice. However, you can opt for dividend reinvestment, i.e., compounding, so that at anytime dividend is paid, it's reinvested into the fund. Also, note that returns on these funds are not guaranteed.

Creditalerts:
Dey play with high blood pressure 😂

enemerci:
Please I will sincerely appreciate the video for better clarity. I know the imaan and equity funds have good rates and high risk. But where really gets me concerned is because I intend to top up for the next 10 years. So if it does not compound then what does it really do with my monthly contributiona

Thank you once again.

Beeron:
I know we have to be conscious about our hard earned money and what/where we invest in. But this fear mongering is really not worth it.

The reason is; if you don't want to take the risk, the constant fear mongering will make some neutral person think it's a really dangerous thing, no go area investment, so much so that it's now so exergerated.

Even stocks trading is protected by +10/-10% NGX policy, how much more equity fund where the only risk involved is "how long patience", not loss of fund.

Sir, you free to condem it but it's starting to become a gospel to be preached.

enemerci:
Very true. The price appreciates and so your investment appreciates. My question is, is it a good advice to contribute monthly to that investment for the next 10year knowing fully well it doesn't compound. So it's more of a simple interest and not compound interest. Thank you.

NB: my goal is growth as I already have an MMF running

Creditalerts:
I never said equity is not a good investment but for me is a no no .the caution sign is already pre warning ⚠️ and a red flag🚩both to my sanity and health wise,good luck to the adventurers and investors of equity funds

emmasoft:
Personally, and based on my risk tolerance, I do MMF for short and specific or target investing, i.e., short to medium term - check my earlier post on how investors put MMF to use. I invest directly in fundamentally strong and dividend-paying stocks for the long term.
So it depends on the level of risk you are comfortable with. A fixed-income fund with FGN Bonds as the underlying asset could also be a good choice.

However, all these depend on economic realities of the time because an investment instrument that is good today may not be tomorrow e.g a low rate regime favors equity and vice versa, so sometimes our decision is also affected by the prevailing economic realities.

ogoo4real:
MMF Rates is really dropping drastically. Norrenberger @16.43% currently

Beeron:
Don't you think it's time to diversify your investments?

At this point, Ditch the idea of Stanbic being your "FAV", you in the market to make money, the forces that move the market doesn't care one bit about your fav.

If Stanbic is currently at 15%, what do you think will happen if by next month, Interest rate get cut and rates even go lower?


Split your funds and position yourself strategically, leave sentiments such as my "fav", my point is move some money into cowrywise to invest in Trustbanc or go for FirstAlly.

Creditalerts:
I calculated Renmoney offer it doesn't correspond with its percentage offer and MMF is better (my opinion though but u can check it out) my take is the best three performers on MMF are trustbanc, FirstAlly and Norrenberger diversify your investment but me I moved my fund to FirstAlly and I'm enjoying their rate

emmasoft:
@modupemomo, what you have at Renmoney and MMF are not the same product. You can't compare them.

MMF is a mutual fund whose performance is determined by the underlying assets; the rate is valued daily, unlike a fixed deposit.

modupemomo:
I moved some to FirstAlly too. They are very seamless in their operations too.

Creditalerts:
their withdrawals and deposit is swift no stories or network issues 😁welcome on board ✌🏾

Iamblessed88:
What have their rates been like?

Creditalerts:
since this quater hovers around 17 to 18+ to me is a very good performance ✌🏾