₦airaland Forum

t33why:
Come and buy what I'm selling, details in profile

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Oluseun234:
Seems you are investing in Stanbic MMF right?

Here is my question:

Pls I want someone who has been using Stanbic Mutual Funds to date to answer this for me: I was advised to open Stanbic Mutual Funds in my city of residence. I went to their regional branch and was asked to see a lady they claim handles mutual funds, regular savings and fixed deposits. This is my first time with them so I opened a regular savings but I'm told that mutual funds rates are not stable and may crash to the point that I may find the net return undesirable so I should go for fixed deposit for 6months or more. I was confused but they said mutual funds is not stable as I assumed. I chose 6 months which is 13.5% and was told this was non-negotiable. But I have not deposited any amount in my regular savings for them to move the money into fixed deposit because I don't have an online app to do this from my current bank but I have filled the form for a 6month fixed deposit at 13.5 % and will activate once I deposit 4M into my Regular account. Then I was told that to deactivate both fixed and mutual funds, I still have to come to their branch to do so in person due to fraud concerns. How true is this esp for Mutual funds? Well, that is not an issue so far one's money is secured but pls what do you all have to say regarding the mutual funds Yield vs Stanbic Fixed Deposit. Thanks.

Hi,
It's an intentional thing from bank staffs, they do an appraisal of you should you meet them asking about MMF and they can quickly tell people with limited knowledge, so they try to convince you to invest in fixed deposits and discourage you from investing in MMF using different scare tactics in order for them to meet their targets and earn commissions

Call their bluff, infact you do not need to visit any branch to complete the necessary steps to opening and running your MMF account

Come and buy what I'm selling, details in profile

Sunbellar:
This is my profile as at today yet they are requesting that I complete my profile

Well this is new, best to reach out to them preferably via a phone call. The way some of these "small" fund managers with how much AUM handle onboarding and the likes, makes you appreciate cowrywise

Sunbellar:
Are you having similar issues? I am already on the Trustbanc PrimePro app and it still shows incomplete profile. I have provided all they needed yet pending. My worries is that they haven't started giving me interest and I need someone to clarify me. It seems they don't have any dedicated Relationship account officer

Are you referring to this? I have been on this for weeks, reached out to them, no update yet. Though in my own case, I'm yet to make a deposit. I want to resolve this before going ahead to, similar experience from a different fund manager has made me wary of going ahead to fund with an incomplete profile.

Juliearth:
Lower risks, food financial track records over the years... I am not an expert, hence I stand to be corrected.

Not wrong but not entirely correct either. MMF by definition should not have a varying degree of risk across fund managers.

Several other factors might make one manger more attractive than the other but not the nature or risk profile of the funds itself

blessedchild234:
noted, but the review on Google no be am oh but I'll try it out.

Do and come give feedback , I'm also reluctant to commit to them sha as I've not conquered the 'update profile' war, and based on user experience from other fund managers, it often becomes an issue in the long-run. I do know there are users here without complaints though.

blessedchild234:
So I can't get trustbanc any more until I follow the managed portfolio on cowrywise now🤦🏿‍♂️?

If you didn't have a running account before the update that introduced the managed portfolio, then you cannot.

The only option to explore is a direct investment with Trustbanc via the PrimePro app.

udemzyudex:
Screen replacement.

Thank you for your feedback

Morning wonderful people, for anyone using the Trustbanc app.. how long did it take for the profile to get updated? Can I just start investing while waiting for an update on my submitted documents?
I'm planning on migrating away from cowrywise with their embargo on topups ( I get the feeling they'd still introduce an update that'd force people to migrate to their native or managed funds anyway)

Juliearth:
Interest rates aside, mutual fund is the best investment platform, in my opinion. The catch however, is that you have to invest a substantial amount of money to enjoy its benefits. For instance, with a savings of about 10 million naira, you are assured of a monthly returns of 150-170k (sometimes even more). Smart people build up their investments to a substantial level and live off the monthly returns. Personally, my monthly income all goes to my mutual account and I live by the returns. It literally feels like eating your cake and having it.


Need I also add that for treasury bills, the government takes a certain percentage of your total investment unlike mutual funds (not totally sure though). As of today, stanbic is the best platform to invest in.

If I may ask, what's led you to come to this conclusion?

Ogborokiri:
Please is anyone here who is still having issues on first-ally

It's not an issue, it's a maintenance, its stated right there on the login page. Everything and everyone goes through maintenance, yes even the supposed infallible Stanbic, Your worrying about it will not make it end quicker, give yourself a rest

Cowrywise really just want to force everyone on their platform to embrace their ridiculous managed portfolio thingy. I forsee a time not long now when everyone who has an active self managed fund will be mandated/ required to migrate to their managed portfolio fund

Any solution to this?
It's an 840 G7

Missfidel:
Good morning,
Please I'm new here and I need your advice on how MMF works. If I have 5 million to invest, how much will I receive as a monthly interest ?

Newbies to MMF often think how much to earn as monthly interest is the first step when starting MMF. How about you familiarise yourself with the fund managers, ask about their onboarding and ease of use etc. While rate of return is important, what's the point of a high rate when you have to send countless mails, copy SEC, CBN(who has no business here sef) and almost copy the presidency just to withdraw your funds

wizzynuru:
I just logged into my Stambic MMF acct and I’m seeing N2 available balance. Anybody experience the same?

It the end of the month/ start of a new month. It's the normal Stanbic shenanigan, it's the norm for Stanbic. It'd sort itself out eventually

Ogborokiri:
Am using cowrywise to invest on mmf I wanted to move to move to a single fund manager because seems cowrywise invested my funds on 5 mmf please and suggestion on how to go about it

If you're new on Cowrywise, or don't already have a running investment with the fund manager of choice, you cannot. It's an update they introduced a while back which basically removed the ability to choose a preferred fund manager

This German team is so so average, na just the German name dey cover their secret.

mayDtolu:
Okay my bro! Thanks for the advice

Infact if it's possible, avoid them completely. Their inefficiency is legendary

akinola98:
I can’t find them on SEC website too …. Are u sure these guys are regulated

I know they have acquired Chaka technology Ltd who is SEC regulated but these 2 are different companies o and operate differently too

Please note that this is not an endorsement of Risevest, for information purposes

Some Nigerians somewhere actually believe this man or any other one for that matter has their best interest at heart, what a pity

sleekflow:
I have mint watch 4 with original follow come charger. But it’s not classic

Thanks for the mention, prefer the classic

Any clearance Watch 4 Classic for sale?

Basiljoe:
Available
Available
Available

Any issues with it, negotiable?

Nobody has even said anything about these LAWMA trucks.. those things are a ticking epidemic time bomb.... whenever they are around or have gone through a neighborhood, you can tell from miles away by the stench they leave behind. It's nauseating ..worse still, their trucks often tend to break down close to canteens, restaurants and food joints you'd think they actually do it intentionally.

Mide3367:
I am sharing this to protect others on this platform.

I posted an ad looking for a graphics designer on Nairaland. Someone replied and we moved to WhatsApp. He sounded professional, sent samples, and seemed legit. He asked for payment upfront before starting the job. I paid 15,000 naira.

He started turning me and eventually no reply again. Funny enough, he used 2 numbers to chat with me simultaneously. Beeing that I wan variety, I was ready to take both party. I sent money after back and forth and till now he ghost me. Money gone. No work done.

Lesson learned

- Never pay 100% upfront to anyone you meet on Nairaland
- Scammers are active here daily
- If they insist on full payment before any work, walk away

I have his bank details if anyone needs them to avoid this person.

Be careful everyone.

he said his monica is ignnyte and tobby20 and ejanlaa and godsplan89 and iamthedef

his email is tobikoya200@gmail.com
his two accounts number

8094155668 opay - Oluwatobiloba Daniel Koya
5706543522 moniepoint - molafen communication - AB communication 2
8000116384 moniepoint - molafen communication - AB communication 2

his name is also stephen ayantoye. he has many names here be careful.

his numbers
08152490506, 09160392479, 09123916901, 08094155668

So I can send you a private message and tell you I'm Seun or Dominique or even Dangote and you'd just straight away believe me.. common. Sorry about your loss but next time use escrow service and at the minimum, request that you be quoted with the Monika the person is claiming to be.