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Ilebaye Odiniya’s current victory within the Massive Brother Naija All Stars version, the place she secured prize cash of N120 million, has sparked discussions on social media about ideally suited financial savings charges and funding choices.
Fintech corporations, together with Fairmoney and Piggyvest, have seized this chance to entice Ilebaye with engaging rates of interest, aiming to have her save a good portion of her prize cash with them.
These financial savings and funding platforms have provided her rates of interest starting from 12% to 24%.
How it began?
Piggyvest initiated the pitch, encouraging Ilebaye with its high-yield financial savings account known as ‘PiggyFlex,’ which affords a 12.517% rate of interest for a 366-day maturity interval. This interprets to N7.51 million on N60 million.
Following Piggyvest, different platforms like FairMoney MFB joined the dialog, presenting even larger rates of interest.
FairMoney, a digital microfinance financial institution, provided 23% curiosity on N60 million for a 365-day period, leading to N72.420 million at maturity after a ten% withholding tax withdrawal.
Newsmen gathered that FairMoney’s mortgage quantities vary from N1,500 to N3 million, with compensation intervals starting from 61 days to 18 months and month-to-month rates of interest from 2.5% to 30%.
Different fintech platform joins the pitch
Credpal, one other fintech platform, additionally expressed its belief in Ilebaye’s decision-making. They proposed a 24% rate of interest, implying that Ilebaye would obtain N72.960 million after investing N60 million with them for 360 days.
Reacting to the event, Adesina Olumide, an analyst at Quantum Economics, cautioned that the Federal Authorities of Nigeria’s bond market yields for varied tenors are presently between 13% and 15%.
He emphasised that any assured return exceeding these charges ought to bear shut regulatory scrutiny.
Additionally, Ezra Olubi, co-founder of PayStack, highlighted that no establishment can supply rates of interest larger than the prevailing bond charges within the nation. He additional burdened the significance of training traders concerning the related dangers when providing above-average charges to a mass market viewers.
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