With some of the highest interest rates available in the Nigerian financial industry, FairMoney, a prominent provider of financial services, is happy to announce a major overhaul to all of its savings offerings.
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This raise demonstrates FairMoney’s continued dedication to offering outstanding value and fostering its clients’ financial development. FairMoney plans to give consumers options that increase their return on savings in light of the high inflation rate of 32.7% as of September 2024, as reported by the Nigeria Bureau of Statistics.
With this update, FairLock now offers up to 28% interest annually, with first-time users receiving a special 30% interest rate on specific tenures. Because of this, FairLock is an even more lucrative fixed-term deposit choice, allowing users to safely lock their money and get upfront interest payments ranging from 18% to 28% p.a. Henry Obiekea, Manager Director of FairMoney, comments on this milestone and reiterates the company’s dedication to helping consumers grow financially and guaranteeing a satisfying savings experience.
“We want to make sure that our customers are not just saving money but also increasing their wealth with the finest returns since we recognize that saving is a crucial component of financial success. Our objective is to continue to put the needs of our customers first, making sure they have the most advantageous and fulfilling savings experience possible with the new 28% interest rate on FairLock, 20% interest rate on FairTarget, and 17% interest rate on FairSave,”
he stated. FairTarget, a different savings program, has raised its interest rate from 17% year to a competitive 20% annually. Customers can save for their financial objectives and make significant returns in a flexible, safe, and fulfilling manner thanks to this. In contrast, FairSave upped their interest rate from 15% annually to 17% annually.
This product is perfect for users who want to save for short-term objectives while maintaining easy access to their money because it gives daily interest accrual and the freedom to withdraw money to a FairMoney bank account whenever they choose without incurring penalties.
Salary earners looking for dependable financial services to receive and increase their money without compromising flexibility or accessibility will find FairMoney’s reasonable interest rates, quick transaction processing time, and few service interruptions to be quite advantageous. Users can now finance their FairLock, FairTarget, and FairSave accounts using their FairMoney account or other external banks, as all savings procedures have been simplified, according to FairMoney.
