How interest is being calculated

We get a lot of questions about how we calculate our weekly interest on our savings features. Probably because we pay every Thursday and so many people expect something else than they receive. Well our interest rate vary based on your savings duration Below are the interest rates: 3 Months savings gives you 4% interest. 6 Months savings gives you 9% interest. 12 Months savings gives you 20% interest. 24 Months savings gives you 45% interest. The good thing about savings is that you get a fraction of your interest paid weekly, Thursday to be precise. Meanwhile many feel they would get 20% on their savings weekly if they are doing the 12 month savings. However, it doesn't work that way. So let's do a little mathematics. Let's say you subscribe to 12 months savings period which gives you 20% interest, what we do is divide 20 by 52 weeks(12 months) and pay the percentage of that on your current total savings. If I am saving 5000 naira weekly(for a 12 month period) and this week I have saved 25000, the system calculate 20% divided by 52(weeks)  and multiply it by my current total savings and pay the value as my interest 20/52 = 0.385% So (0.385/100) x 25000…

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Money Habits to drop in 2020

As the year 2020 is winding down, in a couple of weeks, we will be wishing ourselves a happy new year and also setting a new year resolution. There are certain habits that you do knowingly or unknowingly that hinder your financial growth. It’s not your fault and you are not alone. Most of this habit, you either learn them from your parents(not blaming them though, they must have learned it in some way) or you picked them up while growing up. But the truth is, these habits must be stopped or controlled if you truly want financial freedom. Below are some of the money habit to drop in 2020 Instant gratification This is the desire to experience pleasure and fulfillment without delay. Many of us like to instantly spend every penny we make. You need to control or stop this habit. Learn to invest and save your money. Impulse Buying This is the habit of buying things without prior planning. You go out, see a nice dress because you liked it, you immediately buy, some goes as far as borrowing so they don’t miss out on buying the dress. It’s a habit you need to drop in 2020 if you want to be financially free in 2021. Borrow…

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Tips to Help You Control Spending during the Yuletide period

The festive period is here again, But 2020 has been a tough year for the world at large, no thanks to the Covid-19 pandemic. Most countries of the world are either still in recession or just finding their foot economically. The fact remains that people still need to celebrate with their loved ones this season. The Yuletide season used to be a season where most people spend more because of the nature of the period. From buying gifts for friends and family to organizing get-together and hangouts, this year might not be an exception especially here in Nigeria has Life is gradually returning to normal after the lockdown and curfew imposed after the #endsars protest in many states of the federation. Looking at the economy currently, things are quite expensive, from transportation, food, and other items but I trust Nigerians "we go still celebrate". Here are a few tips to minimize and control your spending this period 1. Set Holiday Spending Limits : Holiday budgeting is a way to set limits on your purchases and still enjoy the season. this will also help you to monitor how much you spend during this period. 2. Buy things ahead: It is a normal situation in Nigeria that prices of commodities skyrocket during…

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