₦airaland Forum

amnwa:
Palmpay. Is my capital safe?

sharone21:
Palmpay is a credible bank, including 1)Rand Merchant bank with UBA too( for Smart Earn) with Arm company at 17.85% flex( withdrawable anytime) and

2) Rand Merchant Bank with First Trustees for Arm Money Market fixed income at 17.85% but for 1 month minimum.

To enjoy this products, for Smart Earn put bigger amounts as charges drops to 0.86% eg for N1m but if lesser amount, charges can be 1% and for Arm Money Market Fund of same 17.85% per annum, at N150,000 and above, a flat rate of N2,000 is deducted as charges instead of 1.5% which will make it higher. With N1m it's still N2000 flat rate as if the charges is at 0.2%, this means if government takes its 10% tax, you are paying total of 10.2% tax.

Both allows you to start small, but because of the extra fees, you may enjoy your profit of left at least 2 months.
Doing the others with higher interest rate is risky because those are funds they put into equity/ stocks which gives more yield but also easy crashing of capital when stocks crash.

For Smart Earn, with N1m, total deducted is 10.86%. So, one can look at Mutual funds of other firms and compare annual interests.

However, compared to Palmpay's Fixed Savings( Deposit), it's 20% per annum but you have to leave your funds for 1year. It means also that your actual interest per year with 10% tax deduction is 20%-2%= 18%( even with smaller amounts).

And for Arm Money Market of 1 month fixed with 10.2% tax deduction:17.85%-1.8207=16.0293%.

And for Arms Smart Earn if it's N1m with tax deduction of total of 10.86%, your actual annual interest is 17.85%-1.93851=15.91149% annual interest.
Diversification is good though which is spreading your investments.

Creditalerts:
make una stop am 😡😡😡if palmpay and the rest of una wey be middle man for investment no fit collect 250 naira like cowrywise make una rest hoor ovoko😡

sharone21:
Middle man? I don't understand, I have been in this stuff since 2006.

sharone21:
Palmpay is a credible bank, including 1)Rand Merchant bank with UBA too( for Smart Earn) with Arm company at 17.85% flex( withdrawable anytime) and

2) Rand Merchant Bank with First Trustees for Arm Money Market fixed income at 17.85% but for 1 month minimum.

To enjoy this products, for Smart Earn put bigger amounts as charges drops to 0.86% eg for N1m but if lesser amount, charges can be 1% and for Arm Money Market Fund of same 17.85% per annum, at N150,000 and above, a flat rate of N2,000 is deducted as charges instead of 1.5% which will make it higher. With N1m it's still N2000 flat rate as if the charges is at 0.2%, this means if government takes its 10% tax, you are paying total of 10.2% tax.

Both allows you to start small, but because of the extra fees, you may enjoy your profit of left at least 2 months.
Doing the others with higher interest rate is risky because those are funds they put into equity/ stocks which gives more yield but also easy crashing of capital when stocks crash.

For Smart Earn, with N1m, total deducted is 10.86%. So, one can look at Mutual funds of other firms and compare annual interests.

However, compared to Palmpay's Fixed Savings( Deposit), it's 20% per annum but you have to leave your funds for 1year. It means also that your actual interest per year with 10% tax deduction is 20%-2%= 18%( even with smaller amounts).

And for Arm Money Market of 1 month fixed with 10.2% tax deduction:17.85%-1.8207=16.0293%.

And for Arms Smart Earn if it's N1m with tax deduction of total of 10.86%, your actual annual interest is 17.85%-1.93851=15.91149% annual interest.
Diversification is good though which is spreading your investments.

Creditalerts:
Palmpay is charging me 53,600 to help me invest 10million naira on MMF why?😡

Princewalexy99:
Please who really know much about GT MMF as I appear to be a new beginner as their daily rate often appears fairly attractive since started with them.

Batman2412:
Cowrywise as middleman for trustbanc makes sense compared to trustbanc prime pro. Funds I transferred to trustbanc mmf via prime pro since yesterday is still pending. When I funded my trustbanc mmf account via cowrywise, it reflected immediately and I started earning. Cos of N250 I decided to do trustbanc mmf via prime pro, while still retaining trustbanc mmf via cowrywise. Now see me

Alaska90:
But is it possible for you to open a new account on their app with the same personal details while still retaining your cowrywise account?

I hope that not where your problem is coming from? Two accounts same personal details

Batman2412:
Cowrywise as middleman for trustbanc makes sense compared to trustbanc prime pro. Funds I transferred to trustbanc mmf via prime pro since yesterday is still pending. When I funded my trustbanc mmf account via cowrywise, it reflected immediately and I started earning. Cos of N250 I decided to do trustbanc mmf via prime pro, while still retaining trustbanc mmf via cowrywise. Now see me

Batman2412:
Creditalerts said he does both (cowrywise and prime pro). I don't even know why the fund is still pending. Its like I've lost 19.45% and 19.37% interests on prime pro. Any day the prime pro mmf starts reading, I will do total liquidation

welzyj2:
Calm down

Na creaditalerts moral you get o

welzyj2:
Your amount would still reflect and interest would be calculated from point of transfer

welzyj2:
Your amount would still reflect and interest would be calculated from point of transfer

Alaska90:
But is it possible for you to open a new account on their app with the same personal details while still retaining your cowrywise account?

I hope that not where your problem is coming from? Two accounts same personal details

welzyj2:
Calm down

Na creaditalerts moral you get o

The merchant bank was recently acquired.
Afolabi Olorode, acting managing director/CEO, Quest Merchant Bank Limited

FBNQuest Merchant Bank Limited has completed a change of name and will now operate as Quest Merchant Bank Limited, following the receipt of all required corporate and regulatory approvals.

Creditalerts:
Lol you eh stanbic man 🤣

welzyj2:

Creditalerts:
they are the best and number one in the game oh don't get it twisted they are still my first love stanbic is good bro. But me I just dey find more money 🤑😁

sharone21:
Hi. How much please is Cowry's charges for MMF investments? Sometimes, I m careful doing app stuffs, but Cowry seems to be notable too

Preator:
Me i don tire to explain the multilayered approach to security for fund managers. Trustbanc only manages our funds, the funds itself is with UBA Nominees. So na UBA we should be praying doesn't fold. Even if dem fold sef, the money wasnt a deposit, it was used to buy securities, either TB(meaning govt go refund) or placement with other banks. So the money will still come back.

Creditalerts:
250 naira for any deposit

Princewalexy99:
Please who really know much about GT MMF as I appear to be a new beginner as their daily rate often appears fairly attractive since started with them.

Iamblessed88:
It’s only on this thread i’ve seen the argument that AUM and stability have no correlation. Folks don’t realize the advantages of AUM untill the market goes through some sort of stress.

When you liquidate your investments and get paid in an hour sometimes, do you truly believe the underlying holdings were sold off that quick? Fund managers usually keep a cash buffer to meet liquidity without necessarily selling off investments all the time.

The larger the AUM, the larger the buffer but as i said, you wont feel the impact in a smooth sailing market.

Also, forget SEC, the larger the AUM, the greater the scrutiny. Try and apply for an update to your signature or account details with stanbic, you would be lucky if this is done in a week. The reason is not due to sluggishness but because they have alot of hoops to cross (internal control). Now contrast it with a smaller fund manager. I had my account details changed on the app of a fintech FM in seconds and to be honest, i felt abit unsafe.

Yes, market risk (Beta) is thesame but there’s also such a thing as idiosyncratic risk which is unique to each firm.

For those using cowrywise, are they sec accredited? No. Who’s to ensure that they actually deploy your funds to those companies listed on the app since there aren’t any trustees to vouch?

Preator:
As the spirit leads everyone

emmatony:
I have been using it for some time and it is very good and efficient