bfn1:

FBNQuest stands out for consistent dividend payments with a user-friendly app, in my opinion.

On the contrary, Stanbic has a history of payment failures. I've personally experienced this 2 or 3 times, with instances of dividend reinvestment without instruction.

They sent out an email last week, apologising and promising payment by January 8th (yesterday) which they still have not done as at the moment of making this post.

freeman67:



First of all I was using Stanbic IBTC alone before I had to start using United Capital and FBNQUEST. The last two are more transparent in with their interest pattern.

Stanbic has always maintained a kind complicated and deceptive interest pattern that customers will never understand. Before they will say it was daily. Later, they say it's monthly. Yet, it is not separate from the the principal. If you want to be transparent why not put interest space and principal space separate like FBNQUEST and United Capital. Then pay it out/reinvest it monthly if that what you desire.

Mrluv:
Boss what is happening am a novice I want to start investing in mmf but am scare now what is happening now people are complaining about stanbic do stanbic defraud them am lost here

freeman67:



First of all I was using Stanbic IBTC alone before I had to start using United Capital and FBNQUEST. The last two are more transparent in with their interest pattern.

Stanbic has always maintained a kind complicated and deceptive interest pattern that customers will never understand. Before they will say it was daily. Later, they say it's monthly. Yet, it is not separate from the the principal. If you want to be transparent why not put interest space and principal space separately like FBNQUEST and United Capital. Then pay it out/reinvest it monthly if that what you desire.

Accrued interest in Stanbic MMF can be seen as you login to the app. It's separate from your capital. At the end of every month interest is reinvested or the accrued interest is paid to your bank account at the end of each quarter if you opt of interest payment into your bank account.

KCnaira:



Good day all,
I have tried to follow this thread from a few pages back and i feel good finally adding my comment here with such passionate, legitimate money making investors such as yourselves.

After reading up, i wanted to start with Stanbic, FBN and Norrenberger in order of priority. With recent concerns about Stanbic i may just switch to Meristem.. My intentions are to do dollar investments only with the best bi-annual ROI available..

Ladies and Gentlemen @emmasoft et al
Kindly point me to the best ones to start for someone looking to spread just around 2k dolls??!!


special regards to the creatoer of this thread and emmasoft doing good job as well as other contributors.

freeman67:


Good afternoon House, if you are using Stanbic IBTC Asset Management be sure to regularly keep your records and Statements of account, please. I log in to my app almost every day and I see what happens there always. I checked daily throughout the holiday period because I wanted to add to my subscription but I did not generate and keep the statements.

I discovered my that the interest on my MMF account was debited in on 31 December 2023 but not credited to my account or reinvested. I sent them a mail in that regard but they did not reply so I had to call them.

They picked my call and couldn't tell me anything tangible than it was they credited me twice and this had to debit me. When I informed her that same happened in my other MMF account, she said it happened to all their MMF account. I instead mine was not correct from my observation and she asked for the proof/evidence that I don't have.


Also, last week made a deposit that was to be credited to my MMF account last week, the money was credited to my GIF account instead. That was their mistake not mine. Instead of them to just say sorry and rectify the problem, the kept lying and insisting that I made the payment to GIF collection account that was they credited it there. However, the transaction receipt is with me. On the receipt, my MMF account number is clearly stated in the Narration space and I rightly sent the money to MMF collection account. Mistakes are normal but why would you lie and insist on something you are not sure about instead of just rectifying the mistake.

I used to enjoy their services but now, I don't understand what is happening with them now again. This year, I will be downloading my statement at least monthly to avoid all these stories.

simplebb:



This is serious.
I’m yet to be paid till now also

Please can you provide the number I can call them on also.

FBN quest has paid since 2nd of January


What’s happening with Stanbic please ? @emmasoft

enque:
Freeman67

I had this same issue with stanbic. I checked my balance on 31st night and then on checking again in January, I saw a totally different figure.
Downloaded the statement from the app, but it didn't contain the balances so it was hard to reconcile the figures. I had to log in to web to get a more detailed statement before I got clarity.

for now, I'm keeping a close eye on the account.
Doesn't even help that the app doesn't allow screenshots.

emmasoft:


@freeman67, apologies for all the inconvenience. I know you are very objective when it comes posting stuffs here. Actually, from my end, everything seems okay. The reinvestment of interest was done 31st of December, I guess the issue is in some accounts and not general.

However, I will escalate as much as possible though it's a bit difficult because I can't be specific since some of the information I need to be specific can't be shared in a thread like this.

Oritna94:
Please I am new to this. I don't know which one to join. It seems SFS has a good enough review on their app in playstore. Which do you suggest I join?

emmasoft:


To get advantage of benefiting from all debit instruments you can do both stanbic MMF and SFS fixed income fund.

MMF has Tbills and CP as basic underlying assets
While fixed income has FGN Bonds in addition to what MMF has.

Click the first two links on my signature to open account or chat me up yo get more charity.

Mrluv:
what is sfs?

emmasoft:


@freeman67, apologies for all the inconvenience. I know you are very objective when it comes posting stuffs here. Actually, from my end, everything seems okay. The reinvestment of interest was done 31st of December, I guess the issue is in some accounts and not general.

However, I will escalate as much as possible though it's a bit difficult because I can't be specific since some of the information I need to be specific can't be shared in a thread like this.

freeman67:


Thanks for your response and readiness to solve our problems here always. You know I first made a post last week to see if it was a general thing or peculiar to me. Where you advised that it could be a lag with the them and the bank or something.

After that, I waited till the end of that week yet didn't hear from them. So on Monday this week, I called them to find out why and also to complain why the fund I sent was credited to a different account.

It was then they told me that they have already reinvested the interest, but the figures showing didn't add up. It was short of the deductions they made. So I insisted, then they claimed that they mistakenly added interest twice on 31st to all their MMF accounts and had to deduct all MMF accounts. That also is not correct because I monitored my account always and did that daily from 23rd to 31st because I wanted to top up and don't want to make the deposit and be stressed before it will be credited because of their end of year activities. Usually at the end of the month, on the app you will see the (Negative Red) deductions and reinvest interest of same amount for us that chose reinvestment and for others it will only be deductions because it's credited to their bank accounts. So, if it was true that they mistakenly credited accounts, you would have seen the credit twice and one debit and your balance will add up.

In this case, it didn't. All the while, from December 31st I only saw debit from my MMF accounts and noticed a reduction of same from my balance as against what it was earlier. I thought it was just a normal glitch that it would later be resolved and the reinvestments made.

All that while, my accounts were same that way till I complained on Monday then on Wednesday I opened my app and discovered the debit was corrected to credit without a corresponding increase in the balance and also adjustments were made to the app whereby no display of interest deductions before credit as it were again. Infact all previous monthly interest deduction before credit that used to be displayed was wiped out. So if everything was fine, why all the measures? They just discovered that lots of people don't have time to be monitoring investment accounts that's why they did it.

For some of us saying the web is more reliable than app, that's is not true. The app is more transparent, because on the app will see your daily increase at a glance if you have the time but on the web, everything is just lumped up so you can never get any serious clarifications from there.

When I insisted on being short changed they said that I should provide evidence unfortunately I didn't download the statement or keep screenshots because I wasn't thinking situation like this will come up.

So from now, I will try as much as I can to be keeping statements and screenshots weekly or at least monthly.

emmasoft:


@freeman67, this is well-detailed feedback. I wish you could visit the physical office.

freeman67:


Been a while I have visited the office branch. I opened the my MMF accounts from SIAML branch office in Abuja but the last time I wanted to do a transaction there immediately after COVID there was no body to attend to me. I ask by the bank staff to call instead.

emmasoft:
Attention: Investors in SFS Fixed Income Fund who Used my Link

Thank you for supporting my ministry.
Your patronage is much appreciated and never taken for granted.

If you have opened an account and have not yet funded, you can do so with as little as N5,000, and your interest will start accruing.

Please note that after you verify your BVN kindly generate your virtual account number.
This will enable you to have a personalized account number such that as you deposit into it, the money goes straight to your investment there is no waiting time.

You can also give your virtual/personalized account number to a 3rd party and once money is transferred into the account, it goes straight to your investment. This can be helpful if you don't want to spend the particular money you are expecting, in that case, you can give your virtual account number to the source of the cash e.g a debtor or even your company. You don't even need any description. Once you use your virtual account, it's treated as your personal bank account only that the content always goes to your investment directly.

When generated, it's normally a Wema, sterling, or Providus bank account in most cases.

As usual, I'm always available for any further clarification if needed. See my contact details on my signature.

enque:
Do 'smoh' giveaway

emmasoft:


I'm sure they would have resumed fully because the Lagos office is fully operational and customers who need to visit the physical office can walk in and be attended to.

ernie4life:
This year, try diversifying your investment to a more stable currency.

Explore balanced funds and equity funds this year especially if your investment horizon is between 1 to 2 years, they had an impressive performance last year and still hold lots of potentials.

Do something different this year in your investment journey and watch the results.

MMF is not the only mutual fund in the world!

ernie4life:
This year, try diversifying your investment to a more stable currency.

Explore balanced funds and equity funds this year especially if your investment horizon is between 1 to 2 years, they had an impressive performance last year and still hold lots of potentials.

Do something different this year in your investment journey and watch the results.

MMF is not the only mutual fund in the world!

ernie4life:
This year, try diversifying your investment to a more stable currency.

Explore balanced funds and equity funds this year especially if your investment horizon is between 1 to 2 years, they had an impressive performance last year and still hold lots of potentials.

Do something different this year in your investment journey and watch the results.

MMF is not the only mutual fund in the world!

stephano100:



please anyone have an advice for someone who wants to invest in stanbic dollar mutual fund or incase there’s alternative please share, thanks.

VeeInsider:
Are there others that guarantee capital preservation?

emmasoft:


Yes, fixed-income fund, actually even balance fund or equity funds do but it requires that you be vigilant and know when to pull out.

enque:

is this not stressful?