iNest wants to help regular savers in Nigeria put their money where their mouth is.
The platform is offering short-term savers and investors a chance to save towards specific goals while earning above market interest rates.
Launched by FCMB, one of the most innovative banks in Nigeria, iNest is targeting a specific audience of savers who are focused on achieving their financial goals.
Would this be a savings product you’d love to use?
Well, in this review, we’ll take a look at some of the features of this product to ascertain what kind of saver or investor is the right fit.
Let’s get started.
So, What Is iNest All About?
It is quite interesting when you take a look at the iNest product. It is quite streamlined and focused on capturing a particular type of investor.
People save and invest for different reasons, but the majority of savers save passively and do not have a goal for their savings.
Hence, they only save what is left of their expenses.
But when it comes to goal-oriented savers, they are quite aggressive and consistent in their savings in order to meet their savings goal.
Now, that is the kind of savers that iNest is looking to capture.
How Does iNest Make Money?
iNest is owned by FCMB, which is arguably the most entrepreneur-friendly bank in Nigeria.
With the way iNest is designed, the bank is looking to grow its deposit by encouraging users to save and earn above market interest rates.
Most banks would usually ean derivatives from these deposits through lending products and commercial papers.
How To Invest With iNest
To start saving and investing with iNest, users can visit the iNest website, create an account, verify their details and start creating savings goals.
Interestingly, iNest has a feature where users can automate their savings on a daily, weekly, and monthly basis.
You only have to set it to a specific savings schedule and forget it.
Then watch your savings grow until you hit your financial goal.
How Much ROI Does Offer?
iNest offers a return of up to 12% per annum.
This is considered an above market interest rate, especially when it’s a product by a commercial bank.
The 12% is not guaranteed though, as you will need to keep your savings locked and stay on schedule to get the whole ROI.
Is iNest Legit or Scam?
iNest is obviously a legit savings platform in Nigeria because they are backed by FCMB, a licensed commercial bank.
It is still a new product though, and there is limited information about the risk on the part of savers.
On the iNest website, there is no FAQ that addresses users’ concerns. I guess you can call in or visit any FCMB branch to make your inquiries.
What I like About iNest
The biggest advantage I see with iNest is that it is focused on helping users hit their financial goals.
The ROI is just an added benefit.
This could be a great product for group or community savers who are looking to raise funds towards different goals.
What I Dislike About
iNest looks like a cool savings platform and it is quite difficult to find a fault here.
However, if I’m pressed to mention a chink in their armour, I’d say that the staggered ROI which depends on users fixing their funds, might be a little rigid.
But again, that is the essence of such a product as this.
Without the incentive for users to lock down their savings for a higher ROI, there would be savers apathy.
Can You Lose Money With iNest?
It looks unlikely, as this is a low-risk product just like many other savings products out there.
More so, when offered by a licensed commercial bank in NIgeria that has a range of other performing financial products.
Should You Invest With iNest?
If you’re looking to save money for your personal goals, then iNest would be a good choice.
They offer all the tools and automation needed to effectively put your money to work while achieving your financial goals.
In my opinion, there is currently no target savings platform in Nigeria that offers up to 12% ROI per annum.
So, iNest is probably an outlier, and definitely a no-brainer.