Ever heard about the Mintyn savings & investment app in Nigeria, and wondering if it’s a legit way to grow your money or a scam?
Mintyn is offering users a mint savings and investment account to grow their money over 30% via their mobile app.
But should you just invest your money with the Mintyn mobile app? I’d say wait and read our review first before making your decision.
In this Mintyn review, we’ll look at the Investment products offered by Mintyn and their business proposition to see if it’s actually putting your money on.
What Is Mintyn All About?
Mintyn is a digital banking platform in Nigeria that promises to help users save and grow their money via banking products such as mutual funds and investment savings accounts.
The platform is a veritable product of Finex Microfinance bank, a licensed MFB with the Central Bank of Nigeria.
The Company claims that Mintyn is not just a digital wallet or mobile wallet, but a full-fledged bank in digital format.
Hence, all Mintyn users will have a 10-digit Mintyn account number which can be used to fund their savings or investment account and to make outbound transfers.
How Does Mintyn Make Money?
Mintyn makes money just like every other bank in Nigeria. They enjoy derivatives from users’ deposits and also earn a cut from investment products invested in by its users.
Mintyn operates just like a banking app, with the aim of providing solely savings and investment products.
By reinvesting users committed funds, Mintyn earns a share off every investment plan opened by users on the Mintyn app.
How to Invest in Mintyn
You can invest in two products offered by Mintyn:
Mintyn Mutual Funds
With Mintyn Mutual Funds, users can invest in a range of mutual fund products pre-selected by Mintyn. This is usually a long-term investment with locked-in periods, where users can invest money they do not intend to use in the short-term.
Mintyn Investment Savings
Mintyn Investment Savings plans are flexible tenured savings that give fixed returns. This is good for short-term to mid-term savings with a reasonably sized return as profit.
How Much ROI Does Mintyn Offer?
Mintyn Mutual Funds ROI
The Mintyn Mutual Funds allow users to invest as low as 5,000 Naira and earn a ROI as high as 30.5% per annum. The ROI comes at no risk on the part of the investors.
Mintyn Investment Savings ROI
The ROI from the Mintyn Investment Savings depends on the tenure you subscribe to.
Here are six investment period categories you can choose from:
1-2 Months Investment
ROI: 12% per annum
Default Penalty: 20% of accrued ROI
3-5 Months Investment
ROI: 13.5% per annum
Default Penalty: 25% of accrued ROI
6-9 Months Investment
ROI: 14.5% per annum
Default Penalty: 30% of accrued ROI
10-12 Months Investment
ROI: 18.5% per annum
Default Penalty: 50% of accrued ROI
13-15 Months Investment
ROI: 22.5% per annum
Default Penalty: 55% of accrued ROI
16-18 Months Investment
ROI: 26.5% per annum
Default Penalty: 60% of accrued ROI
Is Mintyn Legit or Scam?
The company behind, Finex Microfinance Bank LTD, the Mintyn bank seems to be legit.
The company is licensed by the Central Bank of Nigeria, and is insured by the NDIC.
Mintyn also enjoys a partnership with Providus bank to provide the Mastercard used for its Mintyn Card issued via the app.
Can You Lose Money With Mintyn?
The only way you can lose money with Mintyn is when you default on your investment by liquidating before the maturity period.
However, the way the default fees are structured, you cannot lose more than 60% of your already earned ROI. So, in the worst case, you still get a whopping 40% of your accrued ROI plus your initial investment.
Not bad at all.
Should You Invest in Mintyn?
I think Mintyn is a good investment platform for people who are looking to keep their money away for a long period.
No other Fintech app for savings and investment pays you as high as Mintyn.
With Mintyn, you are guaranteed not less than 25% ROI per annum, all things being equal. No other Fintech app comes close.
However, if you are looking to put your money in a savings wallet that allows you to withdraw with no lock-in periods, then Mintyn is not for you.
All in all, Mintyn is a good platform to start learning the art of saving and investing.