How N-Power Beneficiaries Can Make Quick Income

N-Power beneficiaries can increase their income by allowing their monthly payment work for them. There are several methods to grow one's earnings, and one of them is what AllNews will be sharing in this article, which will expose how N-Power beneficiaries can reduce their financial problem.

In Nigeria, many people save, but only a few know that their savings can be another source of income for them. Saving your money in banks might be safe, but it's not profitable when you factor in the Central Bank of Nigeria's (CBN) policy which has reduced the interest rate on savings in commercial banks.

The lack of sizeable interest on savings in banks has led to the creation of some investment companies that allow Nigerians to save and earn big on their savings as well. These investment platforms help their customers to invest their savings in various revenue-generating businesses.

These investment platforms are technologically driven, investing their users' savings in stocks, bonds, and mutual funds. While this business model can be likened to commercial banks, the difference between banks and these investment platforms, which are accessible through mobile apps, is that customers earn more from the latter than they do when compared to commercial banks.

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Investment Platforms That Can Increase N-Power Beneficiaries' Income

There are several savings and investment platforms that N-Power beneficiaries can key into to grow their earnings or savings: PiggyBank, Cowrywise, i-invest, Carbon, and Kuda Bank.

PiggyVest: This savings and investment platform is used by over 350,000 users and has been downloaded more than 500,000 times on Google Playstore. PiggyVest was co-founded by Odunayo Eweniyi in December 2015 as a savings platform before expanding into investment.

PiggyVest offers 10-13 percent interest rates on savings and 25% on investment. With as little as NGN1,000, N-Power beneficiaries can invest in agriculture, real-estate, transportation, even commercial papers, and "earn as much as 100% return on your capital, depending on the investment type/project, investment duration, etc," PiggyVest states.

PiggyVest doesn't request deposit fees and monthly fees like Nigerian banks.

Cowrywise: Cowrywise allows its users to save for short-term and long-term goals. Aside from savings, Cowrywise helps its users to manage their savings by investing in various revenue opportunities depending on users' demand or interest.

N-Power beneficiaries can save as low as NGN100 and invest as low as NGN4000 in Cowrywise for revenue opportunities without maintenance fee, savings, or annual charges. Cowrywise invests users' money in Treasury Bills, commercial papers, and government bonds.

The interest rate on savings and investment is dependent on the type of savings/investment plan chosen by the beneficiaries. Cowrywise has been downloaded more than 100,000 times.

Carbon: Carbon is a double opportunity platform that offers loan and investment options. Carbon offers a 16% interest rate per annum on investment plans. Carbon prides itself as a platform that offers market-leading rates as your money works for you. It has been downloaded over one million times.

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N-Power beneficiaries can invest as low as NGN100 to millions of naira in the short or long term. Carbon allows its users to withdraw their funds anytime. Allowing Carbon to invest your funds is like saving your income, only that you are paid for it on the maturity date.

Kuda Bank: Kuda isn't like any other bank you see on the street. Kuda uses savings to invest in risk-free investment options, and offer its users a 15% interest rate annually. By saving on Kuda, N-Power beneficiaries can qualify for quick loans.

Just like other investment platforms, Kuda doesn't charge for maintenance, ATM withdrawals with a card, or financial alerts. Kuda Bank is a growing investment platform that has been downloaded over 100,000 times by users.

i-invest: With i-invest, N-Power beneficiaries can invest their funds in Treasury Bills, Eurobonds, equities (company shares) through their mobile phone. i-invest basically assists its users to meet financial objectives or needs.

i-invest is powered by Sterling Bank, and interested users can invest in revenue opportunities starting with NGN50,000. The interest rate on investment is also determined by the investment plan chosen by the N-Power beneficiaries. i-invest has recorded over 100,000 downloads.