- A Nigerian loan lending startup, Paylater, has launched a new fixed interest investment account, PayVest.
A Nigerian loan lending startup, Paylater, has launched a new fixed interest investment account, PayVest, offering an annual rate of 15.5% on returns.
While fintechs are disrupting the financial system in Nigeria, PayVest at the moment serves as the most investment option plan offering 15.5% annual interest with Nigerian startup, PiggyBank, offering a 12.41% interest per annum.
In a blog post, the fintech company said the PayVest feature offers a diverse portfolio of short and long term investment plans. From 3- month investment to a 12-month investment plan.
“Over the last 2 years, our app’s features have helped customers support families, grow businesses, and pay for services, whenever required.
“While these are all great for the ‘here and now’ situations, we recognize that, sometimes, you also need to plan well into the future and better control your financial flows by putting away money.”
How does PayVest work?
PayVest comes with an annual interest rate of up to 15.5% and single investments can range from N50,000 to N10 million. There are about 5 other investment options in the Paylater app.
Paylater said the there is no incurable fee for setting up an account as well as no hidden charges and investors can monitor their account for transparency.
Investors can also request for a withdrawal at any time with no restriction on maturing date. Paylater, however, do not state if the termination before maturity date will attract a fine or not unlike PiggyBank that attracts a certain fee upon termination of an investment.
Paylater said PayVest investments are protected and managed by One Finance and Investments Limited, which is licensed and regulated by the Central Bank of Nigeria.
Paylater, co-founded by Chijioke and Ngozi Dozie, the fintech company, surpassed N4 billion loan transactions in June 2018. Within the last two years in operations, the startup has been among growing fintech startups in the Nigerian ecosystem.
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