FairMoney announces interest rate increase on savings services
FairMoney has announced an increase on all its savings services.
The new rate is reputed to be one of the highest interest rates in the Nigerian financial market.
This increase underscores FairMoney’s ongoing commitment to providing exceptional value and supporting customers’ financial growth. Given the current high inflation of 32.7 percent as of September 2024 as released by the Nigeria Bureau of Statistics, FairMoney intends to provide customers with options that improve their return on savings.
As part of this update, FairLock now offers up to 28 percent interest per annum, with an exclusive 30 percent per annum on certain tenures for first-time users. This makes FairLock an even more rewarding fixed-term deposit option where users can securely lock their funds and enjoy between 18 percent and 28 percent p.a upfront interest payments.
Commenting on this development, Manager Director of FairMoney, Henry Obiekea, reaffirmed the company’s commitment to supporting customers’ financial growth and ensuring a rewarding savings experience.
“We understand that saving is an important part of financial growth, and we want to ensure that our customers are not just saving but also growing their wealth with the best returns.
“With the new 28 percent interest rate on FairLock, 20 percent interest rate on FairTarget, and 17 percent interest rate on FairSave, our goal is to ensure that we continue to prioritise customer satisfaction, ensuring that they have the most beneficial and rewarding savings experience,” he said.
Another savings product, FairTarget, now offers a competitive 20 percent interest rate per annum, an increase from its previous 17 percent per annum. This provides customers with a flexible, secure, and rewarding way to save toward their financial goals while earning substantial returns.
FairSave on the other hand, changed from 15 percent per annum to an increased interest of 17 percent per annum. This product offers daily interest accrual and the flexibility to withdraw funds to a FairMoney bank account at any time without penalties, making it ideal for users looking to save for short-term goals while keeping their funds easily accessible.
