Fintechs raise interest rates weeks after MPR hike

Fintechs in the digital savings space have begun raising their interest rates following the recent hike in the Monetary Policy Rate to 22.75 percent.

Players such as Cowrywise have sent notification messages to their customers to inform them of new interest rates.

“We are thrilled to inform you that we have increased our interest rate on saving plans! Earn up to 14 percent per annum on your rolled-over or new savings plan,” Cowrywise said in an email.

Interest rates on the fintech used to be around 8 percent. In February 2024, the Central Bank of Nigeria raised MPR to 22.75 percent to mop excess naira liquidity and curb record high inflation.

Details later…