Until recently, most Nigerians earn in naira. So, for a very long time, investing in naira was the only option for people. Regrettably, storing value in naira is no longer profitable. As a result of Inflation and depreciation of the naira. People who earn and invest in naira always lose the value it is supposed to hold.
However, things are no longer the same in today’s Nigeria. With the rise of remote jobs due to the covid-19 pandemic, some Nigerians now earn in dollars. Also, changes in technology have now made the world a global village. Which has led to the rising of the gig economy. And the creation of Wealth-techs like Risevest. Wealth-techs are built to enable people to invest in more stable, foreign-denominated currencies.
What is Risevest?
Risevest is a wealth-tech product that allows Africans to invest in dollars. It was Co-founded by Bosun Olanrewaju, Eke Urum and Tony Odiba in 2019. All Risevest does is help users invest in different sectors and let their money work for them. In essence, Risevest puts users’ money in high-quality assets that help them build wealth and achieve their financial goals.
How Does Risevest Work?
RiseVest has three asset plans users can choose from. They include;
Stocks: This plan is tied to stocks across the US market. Through Risevest, users can invest in stocks which helps them manage their money. The stocks are from RiseVest’s high-growth portfolio. And It is important to note that stock investments are usually risky with a 14% return Per Annum.
Real Estate: This plan invests in rented buildings across the US. It has a medium risk rate. And it’s for those who want to balance making good returns while taking a medium risk. Lastly, it has a return of 14% Per Annum.
Fixed income: This is a low-risk asset perfect for anyone who wants to protect their money in a secure, appreciating currency, i.e. the dollar. The fixed income is a very low-risk plan that has a return of 10% Per Annum.
How Safe is Risevest?
Investing in dollars for people who earn in Naira, is a pretty big deal. Especially when Internet fraud is the order of the day in Nigeria. However, if you are investing with Risevest, be rest assured that it is safe as well as Reliable.
To further assure users, Risevest is both regulated in Nigeria and the United States. In Nigeria, SEC regulates the app through an agreement with ARM trustees while the founder Eke Urum is registered as an investment adviser by the United States SEC.
To explain further, users’ funds are not in local bank accounts rather the regulated entities in the US manage all investments. Thereby making sure all operations and investments are safe.
How to Set Up a RiseVest Account
Since the minimum investment is $10, anyone can invest with Risevest. Therefore if you are interested in investing your money in dollars, here is how to set up your RiseVest account;
- Download the Risevest App from Playstore or the iOS App Store
- Verify Your Account with your email and a valid identity card
- Once your deposit has been recorded, tap on ‘create an investment plan’
- Choose from any of the available classes and start investing.
Final words
The Nigerian naira has continued to depreciate. And nobody knows when it will stop. It is pertinent to look for other legit ways to invest your money. Risevest is the answer to this. What’s more, if you don’t have the mind to invest, you can save your money in dollars.
Featured Image Source: Risevest Group-Home|FacebookGot a suggestion? Contact us: editor@connectnigeria.com
You might also like:
- How to Win Your Distribution Game as a Tech Startup
- The Role of Artificial Intelligence in Personalized Marketing
- Nigeria is Building its First Multilingual Large Language Model (LLM)
- Meta AI: What It Is; How It Works
