Nigerian lending startup has introduced a fixed investment account that offers a 15.5% annual return

The Fintech Start-up Paylater,  recently launched a new feature on its app as a part of its services called Payvest.

Payvest allows users invest their money with the company and provides the flexibility, convenience, security and stability that every investor needs while offering one of the best interest rates of 15.5% per annum.With a two-year experience in providing loans and other services, the company realized that “sometimes, you also need to plan well into the future and better control your financial flows by putting away money.”

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 .

Although several investment options already exist in Nigeria, most do not offer reasonable returns. Beyond brick-and-mortar businesses, most investments either have high entry requirements or offer paltry returns. For instance, since 2017, investments in treasury bills have been restricted to investors with funds above N50m while savings deposited at banks have historically never offered reasonable returns.

PayVest allows users to set up as many as five short and long-term investment plans. It also allows investments ranging from N50 thousand to N10 million.

Interestingly too, the feature offers no hidden charges. There are no fees to set up an investment account or to maintain one.

While it started out as a loan service, has added quite a number of new features recently. The app now supports airtime recharging, funds transfer, and utility bills payment.

With PayVest, ultimately transforms from a simple loan service app to a full-blown financial services app. Now, this transition is not entirely surprising and as it must have been quite easy for the service.

Read more about Payvest on Paylater’s blog here