Digital loaning platform, Paylater has now launched PayVest. A feature that allows users to invest their money with the company and provides the flexibility, convenience and stability you need, at one of the best interest rates you’ll find available – 15.5%.
This interest rate by PayVest is quite large and asides being above the inflation rate, is also above those offered by commercial banks and digital savings platform whose minimal rate are 6% and 10% respectively. It is why the company rightly believes that users would not find anything (legal) that matches PayVest’s return on investment. Your investment in PayVest can range from ₦50,000 to ₦10 million .
The process of setting up a PayVest account is as easy as downloading the updated Paylater app from the Google Play Store, click ‘Activate Payvest’ on the homepage and enter the amount you would like to invest. Name your investment plan and then confirm the terms. A customized account for you to transfer your investment to would be created and your investments locked in.
PayVest offers the flexibility to create a diverse portfolio for your short- and long-term investment plans as it allows usees to setup up to 5 plans towards different goals in the app . So, investing in your holiday, house, car, could all be taking care of. And the feature come with NO hidden charges.
On encouraging discipline, Paylater say that you’ll only be paid interest when your investment reaches maturity. It is in this regard you find a slight difference between this and digital savings platforms.
In the future, PayVest might include more investment options like choosing from a selection of various high-return assets to place your investments in. Or perhaps setting up a group plan with your friends/family towards growing your wealth collectively, where each of you can contribute and earn interest individually. It seems the future holds much more for the startup.
FinTech as a whole in Africa, and Nigeria, has proven to have a bright future. More and more people are beginning to trust the platforms available, which is very great for the sector. Whether it’ll displace banks, or merge with them, it sure has an interesting future.