Lagos, Nigeria; Thursday, 25th October 2024 – FairMoney, a leading financial service provider, is pleased to announce a significant update to all its savings services, delivering some 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% 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% interest per annum, with an exclusive 30% 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% and 28% p.a upfront interest payments.
Commenting on this development, Manager Director of FairMoney, Henry Obiekea, reaffirms 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% interest rate on FairLock, 20% interest rate on FairTarget, and 17% interest rate on FairSave, our goal is to ensure that we continue to prioritize customer satisfaction, ensuring that they have the most beneficial and rewarding savings experience,” he said.
Another savings product, FairTarget, now offers a competitive 20% interest rate per annum, an increase from its previous 17% 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% per annum to an increased interest of 17% 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.
FairMoney’s competitive interest rates, fast transaction processing time, and minimal service disruptions are highly favorable for salary earners, seeking reliable financial services to receive and grow their money, without sacrificing flexibility or accessibility
According to FairMoney, all savings processes have been made easy, allowing users to fund their FairLock, FairTarget, and FairSave accounts via their FairMoney account or other external banks.
