Fairmoney Microfinance Bank has introduced a new savings product which could avail its users the opportunity to earn up to 26 percent interest on their savings account.
The new product which is a fixed deposit allows users to earn interest while they securely lock up their funds.
According to the bank, although the new product started on the 1st of November, customers can save their funds between 7 days to 2 years tenure on the FairLock.
For instance, a seven days savings on FairLock comes with 22 percent interest rate while a thirty days savings comes with 26 percent interest rate, Investors King learnt.
Fairmoney noted in a statement that the new product is designed to help Nigerians plan and achieve their goals for the end of the year and the coming years.
“Whatever your goals are, be it saving for a wedding, personal or career development, business capital, travel or event school, with FairLock you can create a lock plan to help you stay focused on your goals and then enjoy the reward that comes with the highest interest rates ever.” the statement noted.
In addition, Fairmoney also introduced a loyalty programme to reward customers who sign up for the new product.
According to the company’s head of marketing and brand, Nengi Akinola, “In addition to these benefits, we are also rewarding customers who jump on this promo with a lot of freebies such as Motorbikes, Generators, Microwaves, Smartphones and other valuable gift items”.
New users who intend to sign up for the products can visit Google Play Store or Apple Play Store to download the Fairmoney App.
They will be expected to register their details. Afterwards, they can log into the Fairmoney App, click on Access Savings, click on FairLock and then choose the option Fair Savings.
Interestingly, there is no minimum to what users can save. Customers can also title their saving plan in any name of their choice.