FairMoney MFB, Piggyvest, and other Nigerian fintech firms have taken to social media to entice Ilebaye Odimiya with a juicy investment and savings offer after she clinched N120 million at the Big Brother Naija (BBNaija) All-Stars.
The savings and investment platforms offered her interest rates ranging from 12 to 24 percent.
BrandSpur Nigeria understands that Piggyvest initiated the campaign with a message that read, “Ilebaye, call me.” The platform followed up with a post showcasing its high-yield savings account known as ‘PiggyFlex,’ which offers an enticing 12.517 percent interest rate for a 366-day maturity period. This translates to N7.51 million on a N60 million investment.
In no time, other platforms like FairMoney, CreditPal joined the conversation, offering a higher interest rate.
FairMoney, a digital microfinance bank, lightheartedly advised Odimiya, saying, “Ilebaye, don’t pick up the wrong call!” They then extended an offer of 23 percent interest on a N60 million investment for a 365-day duration, which would result in a final payout of N72.420 million after a 10 percent withholding tax deduction.
Ilebaye, don't pick up the wrong call!
— FairMoney Microfinance Bank (@fairmoney_ng) October 2, 2023
According to details on its website, FairMoney provides loan amounts ranging from N1,500 to N3 million, with repayment periods spanning from 61 days to 18 months, and monthly interest rates varying from 2.5 percent to 30 percent.
Credpal, another fintech platform, chimed in with the words, “We trust you to choose wisely.” They demonstrated that by investing the N60 million with them for 360 days, Odimiya would accrue N72.960 million—a remarkable 24 percent interest rate.
— CredPal (@CredPal) October 2, 2023