freeman67:
Ordinarily I wouldn't have said anything more because enough has already been said even before now. Also every investment has some amount of risk. However, the way this walcom guy is coming to bulldoze people and force them to line even when people have contrary opinion with proof reminds of the days of MMM. Let us reminded that when investing in TB with any bank there is a custodian that holds your money for safety. Your fund is expected to be held by another entity. Yes it may sometimes be a subsidiary of the bank but then it operates differently with CBN guidelines. That's why you pay custodian fee for every primary market TB and I believe in secondary market the original buyer would have already paid for it. If you invest through the App money is only guaranteed for the app owner and not you. All it takes is for the app to refuse to login one day and the one location office they have will be closed that morning and you money is gone. Ordinary Customer deposits in banks are insured and banks are monitored by CBN.. That I-invest is not under the scrutiny of anybody ooo. Severally sterling bank has told those who care to listen that there are just customers/partners with I-invest and not the real owner. I am sure those banking with sterling bank will have the real sterling app if they have one.

Agbaletu:

Absolutely correct. No heavy player will invest via any channel aside direct investment through a commercial bank. Why would I invest over 20m through a faceless group/App?
Look at Barrytone's ugly experience! If he had travelled outside the country as someone mentioned, what would have been his fate by now?
When it comes to money matter, I remain analogue.
The stress of meeting my target is enough for me let alone to be chasing one App's management team upandan.

Akin3891:



I remain analogue, that statement crack my ribs.going too digital when it comes to money may be too risky, not even in Nigeria. Can't imagine putting my 60 mils on i-invest, even with commercial banks i do shine my eyes very well. I read some news of a banker that collected more than 700 millions from TB investors , FG bonds, i think the guy paid the investors upfront intrests so nobody suspected any fowl play, ,he was later arrested, meanwhile he already perfected his visa to fly to USA with his family. Nigeria banks are full of crooks, kidnappers, thiefs,so guys beware and don't trust those bankers enough to give out ur personal infos,they smile at you when they see your account balances, but their cld more behind that smiles.


https://punchng.com/efcc-arraigns-banker-for-diverting-n700m-from-customers-accounts/amp/

walcolm:


you just posted a load of crap and I'm sure you probably think you have posted something intelligent.

I have Ignored the other dumb posts before yours just to let this lie, anyone can use any means to facilitate their investment and I could care less but I draw the Line at ignorant people like you casting aspersions at my person.

That you lack the intelligence to figure out Simple things is your problem

I use I-Invest and l have no problem with it, I have no allegiance to the developers or sterling bank and I especially don't care who uses the app or does not use it.

The person who had the issues with the app and bank had the decency to separate issues and addressed only the discussion, I dont know how come you're mourning more than the bereaved

freeman67:
Ordinarily I wouldn't have said anything more because enough has already been said even before now. Also every investment has some amount of risk. However, the way this walcom guy is coming to bulldoze people and force them to line even when people have contrary opinion with proof reminds of the days of MMM. Let us reminded that when investing in TB with any bank there is a custodian that holds your money for safety. Your fund is expected to be held by another entity. Yes it may sometimes be a subsidiary of the bank but then it operates differently with CBN guidelines. That's why you pay custodian fee for every primary market TB and I believe in secondary market the original buyer would have already paid for it. If you invest through the App money is only guaranteed for the app owner and not you. All it takes is for the app to refuse to login one day and the one location office they have will be closed that morning and you money is gone. Ordinary Customer deposits in banks are insured and banks are monitored by CBN.. That I-invest is not under the scrutiny of anybody ooo. Severally sterling bank has told those who care to listen that there are just customers/partners with I-invest and not the real owner. I am sure those banking with sterling bank will have the real sterling app if they have one.

Akin3891:



I remain analogue, that statement crack my ribs.going too digital when it comes to money may be too risky, not even in Nigeria. Can't imagine putting my 60 mils on i-invest, even with commercial banks i do shine my eyes very well. I read some news of a banker that collected more than 700 millions from TB investors , FG bonds, i think the guy paid the investors upfront intrests so nobody suspected any fowl play, ,he was later arrested, meanwhile he already perfected his visa to fly to USA with his family. Nigeria banks are full of crooks, kidnappers, thiefs,so guys beware and don't trust those bankers enough to give out ur personal infos,they smile at you when they see your account balances, but their cld more behind that smiles.


https://punchng.com/efcc-arraigns-banker-for-diverting-n700m-from-customers-accounts/amp/

GonFreecss1:


I don't know much about the I-invest app, but I came after the idea on attacking a financial services firm because they use an app.

If what you say is true and I-invest doesn't give certificates per TB you buy, so you know your custodian too and all other necessary info, then I think they are not safe. So I apologize to all those who read my former posts, I was just against the attacking an App narrative.

As for the app narrative it should be noted that even mutual funds too have a custodian. Let's all be guided. What I will not stand for is the app narrative, there are people with billions of naira in their bank accounts who use internet banking. At the end of the day, it's how a user takes care of their internet details to prevent social engineering that matters.

Akin3891:



I remain analogue, that statement crack my ribs.going too digital when it comes to money may be too risky, not even in Nigeria. Can't imagine putting my 60 mils on i-invest, even with commercial banks i do shine my eyes very well. I read some news of a banker that collected more than 700 millions from TB investors , FG bonds, i think the guy paid the investors upfront intrests so nobody suspected any fowl play, ,he was later arrested, meanwhile he already perfected his visa to fly to USA with his family. Nigeria banks are full of crooks, kidnappers, thiefs,so guys beware and don't trust those bankers enough to give out ur personal infos,they smile at you when they see your account balances, but their cld more behind that smiles.


https://punchng.com/efcc-arraigns-banker-for-diverting-n700m-from-customers-accounts/amp/

walcolm:
1. I-invest doesn't give upfront interest

2. They give you email trails of each instructions carried out for you so even if the app is broken you have data external to the app to back up your claim.

3. Hacking the app is not a viable venture unless you leave money in your wallet and hackers use the app to withdraw money from your wallet. If that happens you'll receive an email from the app confirming your withdrawal instructions...now if you leave your phone to be hacked, that's your fault..not the fault of the people behind i-invest

4. The developers make a spread between the rate they get tbills from cbn and the rate they send to you. They make that spread quickly and turn around to buy more to sell

walcolm:


People who have not taken time to even know what the app does or does not do passing judgement based on the bad experience of one person..

There is no bank in Nigeria today that doesn't have customers who have had so many bad experiences that they have sworn they will never do business with that bank...do we all then start saying all banks are MMM?

PS: that nonsense about I-invest not giving certificate for tbills is out right crap because the app deals mainly in secondary market sales and it's all in digital form with an email acknowledging your cash deposit, tbill purchase, volume, rate and maturity dates

Awesomemama:
With this back and forth discussion about the i-invest app
Few days back I got a call from a supposed customer care rep from sterling bank asking why I'm yet to invest on the i-invest platform, cause I downloaded the app Few weeks earlier just to take a look at it after I got info about it here.
I asked if it's owned by sterling bank and she said it a partnership between the bank and parthian partners.
Didn't get a ask much questions cause I was busy, but she encouraged me to update my KYC and start investing.

RealityShot:
where do people go when the app stops working? i.e: their don't return after the tbills epire?

walcolm:


How many apps have you used that suddenly stopped working?

walcolm:


How many apps have you used that suddenly stopped working?

RealityShot:
where do people go when the app stops working?
i.e: their don't return after the tbills epire?

OgogoroFreak:
How many websites have you used that suddenly stopped working? MMM comes to mind.

Why people would prefer using an app without enough office to using a bank with enough offices in every state and area baffles me.

walcolm:


We are talking about an app and a service not a website. I-invest resells tbills which is a legitimate security instrument and they do not offer outrageous return on investment unlike MMM

MMM was a fraud staring people in the face and the idiots who bought into it did by telling themselves they were making easy money and doubling their money

So compare apple with apple not apple with ogogoro

OgogoroFreak:
How many websites have you used that suddenly stopped working? MMM comes to mind.

Why people would prefer using an app without enough office to using a bank with enough offices in every state and area baffles me.

freeman67:


Good question..! I was using GT app before then my phone was stolen. I got a new phone and installed the same app but as I tried to setup I experienced some issue.. And could not set it up even when I went to their closest branch to me for assistance. At the end I had to download another of their GTworld which is what I use now. Thank God I already changed my password through my Internet banking so even if they guy who stole the phone attempted something through the app it wouldn't have worked. It was this app we are discussing now, how would I access my money...

OgogoroFreak:
Now I know you don't really know what an app is.

walcolm:


Actually you're the one who doesn't know what an app is

RealityShot:
where do people go when the app stops working?
That is their capital/money don't return after the tbills expire?

GonFreecss1:


I don't know much about the I-invest app, but I came after the idea on attacking a financial services firm because they use an app.

If what you say is true and I-invest doesn't give certificates per TB you buy, so you know your custodian too and all other necessary info, then I think they are not safe. So I apologize to all those who read my former posts, I was just against the attacking an App narrative.

As for the app narrative it should be noted that even mutual funds too have a custodian. Let's all be guided. What I will not stand for is the app narrative, there are people with billions of naira in their bank accounts who use internet banking. At the end of the day, it's how a user takes care of their internet details to prevent social engineering that matters.

Barrytone:



If I have unsolicited funds in my account am expected to report to the bank. If my instructions were not clear then they would have revert to sender account. What happens when you have my money and I come and ask yet you boldly send me to a wild goose chase in another territory making me accuse FBN of defrauding me when actually you have my funds. What would have happened if it were 10k that I can comfortably forgo. How long did they expect the money to hang with them before returning it. Inshort, why did they apologized and why didn't they allow the cbn altimatum to pass. Civic responsibility is expected of cooperate organisation most. Like I said, might be a one off situation in a growing enterprise but I work too hard for. My money. I don't gamble.

freeman67:



I understand your position quite well, we are all here to increase our investment and it's knowledge. Yes, while its true that we should not just condemn the the technology.. which is the app. It is also important that we allow people freedom to ask questions and clear grey areas... Who is the custodian of I-invest because as far as I am concerned there are a separate entity investing money on people's behalf.. If the ap6p stop working where should the people run to?

walcolm:


Actually you're the one who doesn't know what an app is

freeman67:


Good question..! I was using GT app before then my phone was stolen. I got a new phone and installed the same app but as I tried to setup I experienced some issue.. And could not set it up even when I went to their closest branch to me for assistance. At the end I had to download another of their GTworld which is what I use now. Thank God I already changed my password through my Internet banking so even if they guy who stole the phone attempted something through the app it wouldn't have worked. It was this app we are discussing now, how would I access my money...

walcolm:


We are talking about an app and a service not a website. I-invest resells tbills which is a legitimate security instrument and they do not offer outrageous return on investment unlike MMM

MMM was a fraud staring people in the face and the idiots who bought into it did by telling themselves they were making easy money and doubling their money

So compare apple with apple not apple with ogogoro

freeman67:



I understand your position quite well, we are all here to increase our investment and it's knowledge. Yes, while its true that we should not just condemn the the technology.. which is the app. It is also important that we allow people freedom to ask questions and clear grey areas... Who is the custodian of I-invest because as far as I am concerned there are a separate entity investing money on people's behalf.. If the app stop working where should the people run to?

GonFreecss1:


But bro...

They do have a point about what happens if the app shuts down. There should be something or certificates that should make people get their money + interests back.

An app is only as useful as the people on the back end. What happens when the back end people leave?