EarlyCareer:


As someone has mentioned already, you could think of them as a digital wallet. I am not very sure how quarterly reports play in here....maybe account statement you mean? They are not selling shares.

Biafran4life:
what is the relationship between selling shares got to do with business/company quarterly reports.Does it mean they don't have financial auditors

DaBogu:
10-15yrs

EarlyCareer:


As someone has mentioned already, you could think of them as a digital wallet. I am not very sure how quarterly reports play in here....maybe account statement you mean? They are not selling shares.

obaze21:
So apart from treasury bonds and like, what other safe investment are there? Pls help

obaze21:


What examples of such companies?

EarlyCareer:


As someone has mentioned already, you could think of them as a digital wallet. I am not very sure how quarterly reports play in here....maybe account statement you mean? They are not selling shares.

afroxyz:
Does piggyvest release quarterly reports?

EarlyCareer:


As someone has mentioned already, you could think of them as a digital wallet. I am not very sure how quarterly reports play in here....maybe account statement you mean? They are not selling shares.

afroxyz:

They are using people's money to invest and paying interest. They need to be releasing financial statements and reports. How else would people know what they are doing with their money?

emmanuelewumi:



You don't have to sell shares before information about a business, profitablity of the business, sustainability of the business, and the source of the company's profits are made public. Especially a business that accepts cash from the public

DaBogu:
https://nairametrics.com/2020/11/09/top-5-fund-managers-in-nigeria-by-asset-value/

freeman67:
Which one is digital wallet na? When there receive deposit and also invest on customers behalf?

Like they (piggyvest) said, they started as a bank app (piggybank) and then graduated to an investment app. Even as a bank, they are supposed to be releasing quarterly report for investors and customers. This will enable them to have an idea of what their money is used for, know how their investment is faring and probably aid them in deciding whether to add more, hold or withdraw from the investment completely. The only thing I see them do is offer mouth watering rates to investors. That's not good enough.

Stanbic IBTC asset management send me monthly report on how their funds faring. I wanted to attach that of February 2021 but I couldn't and I don't want to start littering everywhere with screen shots.

Someone could be marketing anything anywhere on Nairaland without issues even if the product is not convincing enough and it will still be surviving but the fastest way to kill it is to bring it to this thread in an attempt to hoodwink unsuspecting investors. The person will make the bubble burst before it's time.

It's okay that newbies come to seek ideas but it does not sit well with me too when an investment is mentioned and you start seeing name that are new to the thread trooping to convince people of what they themselves are not completely convinced about.

seyisanya:
Analysis paralysis will eventually paralyse some people's journey to wealth creation. Yes, due diligence is very essential. However, when you're too sceptical about everything, you will end up doing nothing to achieve financial freedom. There is no need to re-invent the wheels when it comes to investment; simply do what wealthy people have successfully done over the years.

Determine your risk appetite and go for what works for you:

Low Risk = Treasury Bills, Mutual Funds, Fixed Income, Bonds...
Medium Risk = Real Estate Ownership, REITs...
High Risk = Stocks, Establish a business...

Putting your money in a venture that promises a 10% per month return shows how greedy you are. In fact, it's a waste of time to do any due diligence in this case. It's simply a no-no! 120% per annum!! Haba!!! And we should stop deceiving ourselves with the phrase ''the money you are willing to lose'' - what does that even mean? Even if you're a billionaire, why should there be a percentage of your riches that you're ready to lose?

One of my mentors always says: If you're too careful, you'll be careless!

EarlyCareer:



That's a good point. It depends on how you see it, or maybe I also do not understand this well. A private company owes no outsider this information, unless publicly traded in a stock exchange. The fintechs offer a service to their users, these users do not own shares so are not typically investors in the said company.

Not sure if all asset management companies in Nigeria that are not traded in the NSE release annual report. They just manage people's fund.

The one fintech I use gave a breakdown of all monies processed in 2020 to its users.

EarlyCareer:


you also joined or started commenting in this thread because you replied to a person, rights?

I understand your skepticism, however, not all of us are interested in becoming active contributors. Besides, is this now a clique thing as I have suspected? A less frequent contributor cannot have an opinion that goes against the norm?....

That aside, stanbic is publicly traded company. That should be the standard, I use them too. As I said above, fintech may eventually evolve to that stage, they give feedback to their users already so....let's see how it goes.

Also, a digital wallet is what it is...a digital wallet. You could look it up. Piggyvest is not only mentioned here, unless I am wrong. Crowywise provides bonds, etc. Some provide stocks etc


In closing, let people invest as they please. No one is forcing, people are just sharing their opinions for others to make educated guess. I am surprised that the criteria for opinions now is if a person is a consistent contributor. If I had agreed with you all, would you suspect me?


FYI, as I said, I use both old and new - Stanbic for mutual funds and Tb, and the fintech as digital wallet and for US stocks.

emmanuelewumi:



Stanbic IBTC Asset Management is not a publicly traded company. It is the parent company Stanbic IBTC Bank that is a public company

emmanuelewumi:



Asset Management Firm send monthly and quarterly fact sheets to the public.

Companies who take funds from the public need to have audited results, it is not until they are listed

A number of private companies have their financial reports on their websites. They also need it in order to boost their credit rating

EarlyCareer:


you also joined or started commenting in this thread because you replied to a person, right?

I understand your skepticism, however, not all of us are interested in becoming active contributors. Besides, is this now a clique thing as I have suspected? A less frequent contributor cannot have an opinion that goes against the norm?....

That aside, stanbic is publicly traded company. That should be the standard, I use them too. As I said above, fintech may eventually evolve to that stage, they give feedback to their users already so....let's see how it goes.

Also, a digital wallet is what it is...a digital wallet. You could look it up. Piggyvest is not only mentioned here, unless I am wrong. Crowywise provides bonds, etc. Some provide stocks etc


In closing, let people invest as they please. No one is forcing, people are just sharing their opinions for others to make educated guess. I am surprised that the criteria for opinions now is if a person is a consistent contributor. If I had agreed with you all, would you suspect me?


FYI, as I said, I use both old and new - Stanbic for mutual funds and Tb, and the fintech as digital wallet and for US stocks.

freeman67:


Sorry, if this does not meet you well. I was not particular about you when made that comment. I sense I may send that wrong signal. That was why I even removed your post that I quoted. My first 2 - 3 of paragraph of that comment was in response to you.

However, the last 2 are general comments. I noticed the same thing here earlier especially with the MBA stuff. Anybody can choose when and how to enter a thread no doubt but I am personally sceptical when it's thrown into everyone's face. That's just all.

EarlyCareer:



That's a good point. It depends on how you see it, or maybe I also do not understand this well. A private company owes no outsider this information, unless publicly traded in a stock exchange. The fintechs offer a service to their users, these users do not own shares so are not typically investors in the said company.

Not sure if all asset management companies in Nigeria that are not traded in the NSE release annual report. They just manage people's fund.

The one fintech I use gave a breakdown of all monies processed in 2020 to its users.

EarlyCareer:


You have a point.

Let me state here that I do not work for piggyvest, crowywise, kuda, etc. I use a few of the services some of them provide for convenience sake. I also use normal mutual funds and trade NSE.

Just as I responded above, this depends. They are not publicly traded. Perhaps this is a concrete step that they all have to take to gain further credibility....

That being said, people like us are risking it with them. Risk appetite differs, I guess.

DaBogu:
Oga no vex, abeg this REITs, is it like FG savings bond where we are paid 3 times a year upfront or like treasure bills paid upfront depending on the tenor on choose? Kindly educate me. Thanks.

afroxyz:


Bros. All you are highlighting is an indication of lack of regulation. Provided you are taking money from the public to invest, you have to provide financial statements. ARM is not publicly listed but they release financial statements.

richforever123:


I use Kuda too, this Fintech is so customer centric, for example if when I use GTBank and have a disoense error, I have to call, follow up for weeks, go to the office and shout before my money is refunded, however with Kuda, the money is refunded automatically without me calling, Kuda wil also let you know when the reciepient bank has received the transfer, these Fintech also hold online seminars and give financial advice

I am not advertising them or saying ab=nyone should use or invest in them, they are licence by the CBN and promoted by the Vice President to fill up the gap the financial institution cannot fill, they are target at the young Nigerians and Millenials

Also their rates are not outrageous, Cowryrise offers the investment offered like the SUKUK bond, although there are other Fintechs popping up that are shady like Stashbox.ng and the likes, those ones may likely go bust