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Nairaland Forum / Science/Technology / Programming / How Do Savings Apps Afford To Pay High Interest (587 Views)
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How Do Savings Apps Afford To Pay High Interest by Millz404(m): 3:23pm On May 01, 2022 |
I have looked at some asset management companies which I believe savings apps invest users money(I stand to be corrected), many of which offers between 4 to 9 percent interest but many of these savings apps are offering between 10 to 20 percent per annum. How do they manage to pull this off? |
Re: How Do Savings Apps Afford To Pay High Interest by airsaylongcome: 3:28pm On May 01, 2022 |
Mostly fraud. 20% per annum in Savings is not sustainable 1 Like |
Re: How Do Savings Apps Afford To Pay High Interest by yuping(m): 3:31pm On May 01, 2022 |
Millz404:fraud run ooo, if Opay the king of them all is offering little no one can offer better, run. |
Re: How Do Savings Apps Afford To Pay High Interest by Millz404(m): 4:20pm On May 01, 2022 |
yuping:I don't really think it is fraud, opay offers 15 percent and 20 percent to first time users of fixed savings. Kuda offers up to 12.5% there are many that have been running between 10 to 15 without an issue for a long while |
Re: How Do Savings Apps Afford To Pay High Interest by airsaylongcome: 5:51pm On May 01, 2022 |
Millz404: 20% per annum at what minimum investment and duration? I used to work for some so-called finance company that claimed to offer these kinds of rates and more. Turned out to be a massive ponzi. If you check the Ts&Cs for Opay and the like you'd see that you will forfeit your interest (or parts thereof) if you do not keep the investment for the required duration and/or make minimum periodic deposit. 1 Like |
Re: How Do Savings Apps Afford To Pay High Interest by Millz404(m): 6:07pm On May 01, 2022 |
airsaylongcome: Yes... almost all of them will take back ur interest if you try to collect ur Moni before maturity. Cowrywise does not even have an option to withdraw before maturity but that's not my point. |
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