MyCashier, a digital brand identity for Fast Point Integrated Limited, is helping to boost the saving and investment culture of Nigerians through its various financial products.
In a statement, the firm said it offers savings and investment solutions, empowering Nigerians to secure their finances with a daily compounding interest rate of 17 percent per annum.
“This is one major concern that MyCashier is helping to solve with its 17 percent daily compounding interest per annum savings and investment options that afford Nigerians the luxury of guarding their money against loss of value,” Olanike Adenuga, head of marketing & corporate communications at MyCashier, said.
“We believe that financial freedom is a fundamental human right. A strong step we have taken to achieve this despite the rising inflation is to offer value for our customers’ money by paying them an interest in compounds not just simple interest, which is the first of its kind in Nigeria,” she added.
Africa’s biggest economy is currently facing a tough economic crisis as the headline inflation rate to 29.90 percent in January 2024 from 28.92 percent in the previous month.
“Despite several attempts to contain the situation by the Central Bank of Nigeria, such as raising interest rates, increasing cash reserve requirements, and selling government bonds, inflation seems to be defying efforts at allaying its effects on the masses,” the statement said.
It added that market prices of consumer goods and services have been on a steady rise, with no respite in sight anytime soon.
“The same is the case for imported raw materials, industrial goods, and import tariffs. For instance, a 70g pack of Indomie, previously priced at N3,000, now costs between N7,000 and N8,000. A 50kg bag of rice has gone up from N33,000 to N70,000.”
Bisi Olajiga, an aviation expert, said “It’s the auto debit feature for me which allows me to save effortlessly and consistently as well as the Vault savings option.”
“Truly I love the way my money is compounding every day. The interesting thing about the vault savings option is, that I earn upfront interest, this is unbelievable, but it’s real.”
Lekan Adeponle, a stockbroker professional said the app is user-friendly and seamless.
“I wanted a good financial app that could satisfy my investment appetite. MyCashier gave me exactly what I was looking for,” he added.
According to the company, many other users have similar stories of what they have been able to achieve through the platform which allows users to earn 17 percent daily compounding interest per annum.
