NewStats: 3,263,526 , 8,180,433 topics. Date: Friday, 06 June 2025 at 11:09 AM 671b28

jobark:
Branch is a big fintech with global partnerships and probably ALOT of funding, it technically is not a Nigerian firm. I am aware they have a partnership with Visa (visa card). the Nigerian MD - Dayo Ademola has decent experience in the financial space (worked in Union bank and Efina). She also had an interview with Fisayo Fosudo on youtube (you may care to watch it for a detailed review)

for now, the only downside is that they don't have an iOS app or allow people view web. (Target market is probably Android only)

I fear that woman oooo... She is born finance if I would say....

Labadi69:


I like the way you stylishly for platforms that you are d with. You most likely get kickbacks from them for the subtle adverts. You do the same for a couple of investment houses that I shall not mention. But you then get offended when someone else s. Why? Does this place belong to you alone? Better give yourself sense before strong yamayama fall on your bald head

Yes I have a Stockbroking with them for the part 10 years, it was a subsidiary of GTB. Formerly known as GT Asset Management before they sold through Management Buyout due to CBN policy. I also have a money market fund Investment and guaranteed income Investment with them




I also do business with Stanbic IBTC Asset Management, FSDH Asset Management and FBN Asset Management.


You can confirm from all these organizations if I am paid to share my experience concerning their services.

As a matter of fact I don't have investment in any of the Finance houses, I only get loans and other credit facilities from them

Getting N10 loan from them is different from Investing my N10 with them

omotola90:
Now, there are three major type of financial institutions... They are
1.contractual institutions
2.Depository institutions
3.investment institutions
Now, for contractual institutions, we have(insurance companies and pension funds)
Depository institutions we have(credit unions, mortgage loan companies, trust companies and our banks)
Investment institutions (investment banks, underwriters and brokerage firms)
Cbn released a statement of pertaining to illegal trading of stocks on some platforms.... Cbn is a mighty regulatory body as they are into monetary policy of the country, hence making decisions on control(projection of cash flows in a country) ... For you to carry on any investment or anything, there will be a moral check.... You can't go wrong on that in any form.... Referring to the afro man

Finance houses are not depository, they are not licensed to accept deposits although they offer Treasury services

emmanuelewumi:



Finance houses are not depository, they are not licensed to accept deposits although they offer Treasury services

that can still make them a finance house bro.... Treasury services might be short term in of bill or long term in of certificate

omotola90:
that can still make them a finance house bro.... Treasury services might be short term in of bill or long term in of certificate

Not classified as deposits. Micro finance banks, commercial banks and merchant banks accept deposits, reason why such deposits are insured by NDIC.

emmanuelewumi:


Not classified as deposits. Micro finance banks, commercial banks and merchant banks accept deposits, reason why such deposits are insured by NDIC.

Alright...angle of NDIC is ok.... I was looking at the treasury aspect...

omotola90:
Alright...angle of NDIC is ok.... I was looking at the treasury aspect...

Your N10 million in the savings or current is different from the N10 million in the fixed deposit.


They are classified differently

emmanuelewumi:



Your N10 million in the savings or current is different from the N10 million in the fixed deposit.


They are classified differently

sure...i understand

15% is high, I recently got a single digit facility from FBN Private banking.

emmanuelewumi:




Yes I have a Stockbroking with them for the part 10 years, it was a subsidiary of GTB. Formerly known as GT Asset Management before they sold through Management Buyout due to CBN policy. I also have a money market fund Investment and guaranteed income Investment with them


I recently got a facility from the consumer finance subsidiary of United Capital at 15% per annum which is about the cheapest rate in town, the subsidiary is called UC Plus Advance limited.

I also do business with Stanbic IBTC Asset Management, FSDH Asset Management and FBN Asset Management.


You can confirm from all these organizations if I am paid to share my experience concerning their services.

As a matter of fact I don't have investment in any of the Finance houses, I only get loans and other credit facilities from them

Getting N10 loan from them is different from Investing my N10 with them

XiaoLi:
15% is high, I recently got a single digit facility from FBN Private banking.

What did you use as collateral?

I don't think 15% is high. It is a 6 months facility, that can be rolled over.

Assuming you got a loan of N1 million, you are expected to pay back the N1 million in 6 months and an interest of N75,000.

Labadi69:


I like the way you stylishly for platforms that you are d with. You most likely get kickbacks from them for the subtle adverts. You do the same for a couple of investment houses that I shall not mention. But you then get offended when someone else s. Why? Does this place belong to you alone? Better give yourself sense before strong yamayama fall on your bald head

This is not correct. I feel it would have been better to first of all look at the company he spoke about and bring up questions where you have doubts. That's we do here most times. Every opportunity presented here is tested and if it ed the test, it sails through. A lot of people have genuine information and keep it to themselves to the disadvantage of those in genuine need of it. That is however not the case of the person you are referring to. Personally, I am very weary of any financial app that is not duely/completely ed with all the required regulating agencies, does not have a known office where I can bare my mind when I encounter hiccups with their app and does not have a reasonable track record I can refer to.

I am not in any way saying that these conditions are shock proof of avoiding misbehaviour from business owners. However, due diligence have to be done.

Mine is a year facility which can be rolled over, I used liquid asset as collateral, the interest received from the liquid asset will be used to service the facility and the interest will be charged based on how much i use in a month.

Assuming i use 1M in a month, interest will only be charged on the 1M.

emmanuelewumi:



What did you use as collateral?

I don't think 15% is high. It is a 6 months facility, that can be rolled over.

Assuming you got a loan of N1 million, you are expected to pay back the N1 million in 6 months and an interest of N75,000.

Infact they advised I leave any liquid asset in USD as i can always use that to get a facility in Naira at thesame interest rate which the USD was fixed, this way the USD will always be preserved.

emmanuelewumi:



What did you use as collateral?

I don't think 15% is high. It is a 6 months facility, that can be rolled over.

Assuming you got a loan of N1 million, you are expected to pay back the N1 million in 6 months and an interest of N75,000.

XiaoLi:
Mine is a year facility which can be rolled over, I used liquid asset as collateral, the interest received from the liquid asset will be used to service the facility and the interest will be charged based on how much i use in a month.

Assuming i use 1M in a month, interest will only be charged on the 1M.

That is how overdraft facility works, if you used your fixed deposit as a collateral you can get interest rate of 9% or below depending on what the bank is paying on your fixed deposit

Correct, welldone baba. I want to be financial literate like you when i grow up

emmanuelewumi:



That is how overdraft facility works, if you used your fixed deposit as a collateral you can get interest rate of 9% or below depending on what the bank is paying on your fixed deposit

So what did you use as collateral to make the facility 15%

emmanuelewumi:



That is how overdraft facility works, if you used your fixed deposit as a collateral you can get interest rate of 9% or below depending on what the bank is paying on your fixed deposit

XiaoLi:
So what did you use as collateral to make the facility 15%

My money market fund and fixed income fund Investments

XiaoLi:
Correct, welldone baba. I want to be financial literate like you when i grow up

You are financially literate, if not the bank won't give you a loan.


Overdraft is good for business people, with turnover in their s. Interest will be calculated on the amount drawn down, when funds are in the interest stops counting

You are correct at the bolded, one of the advantages too is no interest will be charged on amount withdrawn and paid back in less than a month.

emmanuelewumi:



You are financially literate, if not the bank won't give you a loan.


Overdraft is good for business people, with turnover in their s. Interest will be calculated on the amount drawn down, when funds are in the interest stops counting

XiaoLi:
Infact they advised I leave any liquid asset in USD as i can always use that to get a facility in Naira at thesame interest rate which the USD was fixed, this way the USD will always be preserved.

Please how does one go about fixing USD with FBN?

I did with them but through FBN private banking.

pizapato:


Please how does one go about fixing USD with FBN?

...

On bonds/TBs....

Looking at rates across other nations and moreso the lowest and highest paying countries, one thing stands out... Countries with the highest paying bonds generally have worse performing currencies..... Goes to show there's no free lunch anywhere...

Now, almost all currencies have a baseline devaluation rate... For  'strong currencies', it usually averages between 1.5% - 4% pa... This works out that for some currencies, folks are actually lose money when they buy government bonds at some rates.

In Nigeria, TB rates of the past few years which was above 13% at a point... One would need to ask why the CBN kept it that low. Cos they were practically printing money at that rate to pay up portfolio investors...
The issue with availing briefcase investors such high rate even on the premise of injecting money into the economy is that most times (moreso a country like Nigeria) there's little or no impact on the real economy... It's just the rich getting richer- banks, pension funds  e.t.c while the poor populace bear the brunt of the inevitable inflation caused by nonstop money printing. That money just keeps rotating in banks without actually changing hands for value hence there's no real impact on the economy.

The funny thing is that it that TBs were always oversubscribed yet CBN kept the rates extremely high...  Some might argue it was a chicken/egg situation and it's difficult to say which caused the other...

Now I'm not an economist, but basic principles will state that if I'm a lender and too people are lining up to borrow from me, the sensible thing will be to reduce my borrowing rate and save the money... But maybe folks see things differently...
Already, most pension funds e.tc are constrained by law and would partly remain stuck with TB or bonds irrespective of the rate... So why did the rates remain that high...


Another brunt is that everyone had to pay higher interest rates to get credit facilities. Rates that are extremely high and difficult to break even with... Bank loans to companies would usually be higher than the government borrowing rates... Meaning industries who really needed such bonuses were forced to borrow at higher rates and also keep up with inflation. Little wonder a number od companies went under then.

In summary, while the TB rates and economic situation then could seem  like a chicken-egg scenario. Looking back, I believe those exorbitant rates played a large part in the inflation and devaluation in the years following.....

PLEASE ANY OTHER WEBSITE TO CHECK DOLLAR PRICE? like abokifx?

LagosInter:
PLEASE ANY OTHER WEBSITE TO CHECK DOLLAR PRICE? like abokifx?

Meffy.com

That is not the correct website.

NgHotGirls:
Meffy.com

https://meffyfx.com/

LagosInter:
PLEASE ANY OTHER WEBSITE TO CHECK DOLLAR PRICE? like abokifx?

Small by small you are beginning to exonerate Meffy.

Even though I benefited from high TB interest rate, I also began to understand when rates were going down that it made sense to reduce it since even at low rates it was still getting oversubscribed, which means that whatever purpose TB serves of mopping up cash could be achieved even at low rates. Some will argue though that the low TB rates necessitated some people to now look towards the USD which invariably increased demand.

jedisco:
The funny thing is that it that TBs were always oversubscribed yet CBN kept the rates extremely high...  Some might argue it was a chicken/egg situation and it's difficult to say which caused the other...

Now I'm not an economist, but basic principles will state that if I'm a lender and too people are lining up to borrow from me, the sensible thing will be to reduce my borrowing rate and save the money... But maybe folks see things differently...
Already, most pension funds e.tc are constrained by law and would partly remain stuck with TB or bonds irrespective of the rate... So why did the rates remain that high...


Another brunt is that everyone had to pay higher interest rates to get credit facilities. Rates that are extremely high and difficult to break even with... Bank loans to companies would usually be higher than the government borrowing rates... Meaning industries who really needed such bonuses were forced to borrow at higher rates and also keep up with inflation. Little wonder a number od companies went under then.

In summary, while the TB rates and economic situation then could seem  like a chicken-egg scenario. Looking back, I believe those exorbitant rates played a large part in the inflation and devaluation in the years following.....

skydiver01:
That is not the correct website.

Share the correct site

emmanuelewumi:



Your N10 million in the savings or current is different from the N10 million in the fixed deposit.


They are classified differently

Pls Mr Emma how are they treated differently? Is the savings deposit secured by the NDIC while the fixed deposit is not? Thanks in advance.

creategist:



Pls Mr Emma how are they treated differently? Is the savings deposit secured by the NDIC while the fixed deposit is not? Thanks in advance.

When your money is fixed, the money is transferred from your to that of the bank.


Banks that are distressed or having liquidity problems usually offer a higher interest rates on their fixed deposit.

Your Treasury Bill in the bank is safer than your fixed deposit in the bank