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How To Invest 1 Million Naira In Nigeria – Best 3 Places to Invest

Gudtalent Chrisent

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While so many people are searching for the best Nigerian investment companies that pay weekly and investment with monthly returns in Nigeria, this article is a short breakdown on how you can invest 1 million Naira in Nigeria and be sure of a good return of investment in a matter of months.

So, if you still have the question of ‘Where should I invest in Nigeria come 2021?’Below are 3 solid recommended investment moves you can make without regrets;

How To Invest 1 Million Naira In Nigeria

  • Invest on SHIFDA on Sumotrust

Sumotrust is a secure savings and investment platform popularly known with a good reputation for helping customers save and invest money. Investing with Sumotrust is already recommended and one of the best investment options in Nigeria. They offer a secure hedge fund program called SHIFDA for high net worth investors with a 24% return on investment per annum.

The minimum investment is 500,000 Naira and you can invest as much as 100 Million Naira.

SHIFDA means Sumotrust high interest fixed deposit account which works like a fixed deposit with a minimum of 6 months maturity and can last as much as 10 years.

To get started with SHIFDA by Sumotrust; 

  • Kindly visit www.sumotrust.com and create a free savings and investment account.
  • Login to your account and navigate to the ‘SHIFDA Wallet’ tab from the menu section.
  • Read through the details and follow the instructions given to invest.
  • Once your Investment request has been approved, go ahead and create a ‘Fixed Savings’ in your account, you will see a notification about your account qualifying for SHIFDA. Kindly fill-up the form and complete the process.
  • On the maturity date, your capital and interest will be automatically released into your Kick wallet where you can withdraw instantly to your Bank.

There are lots of invest-earn-daily on Nigeria platforms, but for the purpose of security; I can’t recommend any of them. However, If you’re looking for where to invest money in Nigeria; Sumotrust should be your best choice because it is trusted and has maintained a good reputation over the years as one of the reputable investment companies in Nigeria.

Related: How to Invest 5 Million Naira in Nigeria.

  • Invest in Cryptocurrency

Cryptocurrency investment is known to be the best investment of the last decade as seen on CNN. However, investing into cryptocurrency can be tricky and will cause you to lose money if you don’t know the right portfolios to hold.

If you’re just getting started, definitely, Bitcoin is one if not the only cryptocurrency to hold onto until you gain deeper knowledge and understanding of investing into cryptocurrency.

With platforms like Truzact, investing in cryptocurrency in Nigeria will never be a problem for you; as you can easily make Naira deposits using your Naira debit card or the virtual account number is given to you and instantly convert it to Bitcoin.

The platform (Truzact) also allows you to save in cryptocurrencies and earn interest on your savings. To start investing into cryptocurrencies in Nigeria, kindly visit www.truzact.com and create an account, fund your wallet, and instantly swap it to your favorite cryptocurrency.

  •  Invest in Foreign Stocks or Buy Eurobond.

The Nigerian stock market haven’t performed really well when compared to the foreign stocks for some reasons like inflation against the Naira and other factors. 

However, investors are resorting to putting their money in foreign stocks where they get to bypass the adverse sides of inflation on the Naira. You can download the InvestBamboo app from Google Playstore or Apple store, fund your account with Naira and buy US stocks directly from the App. 

Understand that the performance of your foreign stock investment is also determined by fundamental and technical analysis just like investing into bitcoin in Nigeria, so you will also need to do your due diligence before making your decision.

Looking at the 3 investment options in Nigeria listed here on how to invest 1 million Naira, Only investing with SHIFDA on Sumotrust promises secure investment and less risk management.

Still have the question of ‘where to invest my money in Nigeria’? Kindly check out the list of top investment opportunities in Nigeria.

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7 Best Loan Apps of 2021

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The inconveniences associated with accessing loans from the bank can be avoided, all thanks to the ever innovative financial technologies available today. Loan apps reduce and even eliminate the inconveniences of accessing money from traditional financial institutions such as time wastage, request for collateral and other securities.

With loan apps, anyone and everyone can access loans at any time of the day for emergencies such as bill payments, subscription renewals, school fees, even medical supplies. This article reviews 7 vest loan apps out there which anyone including you can use to access loans right now.

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7 Best Loan Apps of 2021

Below are the 7 best loan apps of 2021:

1) Fair Money

Fair money does not demand collateral neither does it demand any processing fee. It offers loan from #1500 to #500,000. Fair Money interest rate ranges from 10% to 30%. With Fair Money, loans can be repaid by installments. All that is required to obtain a loan from Fair Money loan app is information about your education, your work details, your bank details, and your bio-data. only requires has an impressive rating of 4.4 out of 5.0 on Google play store. Hence, it is a highly-recommended loan app which you can try today.

2) Carbon

Formerly known as Paylater, Carbon app offers loans to interested customers from #1500 to #1,000,000 with interest rate between 1% and 12%. Carbon loan app offers loans without demanding any collateral. The interesting thing about Carbon loan app is that it rewards users for every bank transaction made with the app. What more? With Carbon loan app, you are offered cashbacks. These are subsidies provide to customers who repay their loan on time as a way of encouraging early loan repayment on the app.

3) Renmoney

Formerly known as Rencredits, Renmoney lends to people of 25 years of age and above. To get a loan on Renmoney, you must have a verifiable source of income as well as an active account with a commercial Bank in Nigeria. Renmoney offer loans ranging from fifty thousand naira to six million naira. You can repay your loan in a month or by installments in 12 months. Renmoney interest rate ranges from 9.8% to 40%.

4) Palmcredit

Palmcredit is owned by Transsnet, a subsidiary of Transsion Holders. This loan company is popular because it offers low interest rates ranging from 14% to 24%. Palmcredit offers loans from #2000 to #100,000. Anyone can get a loan on Palmcredit loan app without any collateral. All that is required is for the user to download the Palmcredit loan app app from the Google play store, install on his/her phone, set it up and apply for loan with the app. It’s that simple.

5) Okash

Okash is a subsidiary of Opay. They offer loans up to #50,000 with yearly interest up to 36%. Their loan approval process is really fast and requires no collateral.

6) Branch Loan

Branch is an online platform that makes it easy for people to access a loan anytime and anywhere. All it requires for you to access loans from Branch loan app is your phone number, your bank verification number, and your bank account number. Branch offers loans ranging from #1000 to #200,000, their loan amounts increase depending on how fast you repay your loan. Interest rates range from 14% to 28%.

7) Kia Kia Loan

Kia Kia is a pidgin phrase interpreted “quick, quick” or “quickly”. True to their name, Kia Kia Loan process their loan application with incredible speed. They enable peer-to- peer donation of loan. Kia Kia loan does not require documents or credentials. However, they employ chatbot in their services which requires your Email address.

Conclusion

Loan apps give a faster and easier approach to accessing loans. All you need to do is download these apps, give your details and access loans for your projects. Having gone through these 7 best loan apps of 2021, it’s easier and more convenient for you to apply for your loans now.

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5 Mistakes that Can Sabotage Your Business Credit Score

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Business credit score is an indication of the ability of a business to repay loans as at when due. An excellent business credit score enhances your chance of expanding your business and being on track for exponential growth. You’re able to afford the necessary expenses of your business if you maintain a decent credit score.

However, there are mistakes than will sabotage your business credit. Sabotaging your credit score will disqualify you from accessing loans from credit companies, this might negatively affect your business. Avoiding these mistakes will improve your business credit scores.

5 Mistakes that Can Sabotage your Business Credit Score and How to Avoid Them

1) Inconsistency in Business Account Details.

Inconsistency in account details like email addresses, web addresses, records, taxes, etc. are mistakes that can sabotage your business credit score. These inconsistencies open up gaps which make businesses to be perceived as being non-credible. Whenever credit agencies and trade credit vendors notice these discrepancies in details, they withdraw from lending money to such a business.

2) Not Maintaining a Positive Cash Flow

A business that is unable to maintain a free cash flow (available money a company has to pay investors their dividends, when repay their creditors) and a positive cash flow (having more money coming in than going out) will earn low credit scores. It is pertinent to maintain a positive cash flow as a business owner; it communicates the value and stability of your company.

Business Credit Score

3) Irregular Deposits

Inconsistent deposits reduce a company’s rating and chance to get business loans. It is really important for a business to be making consistent bank deposits. Also it is critically important that the rate of deposits should be significantly higher than that of withdrawals.

4) Slacking on Loan Repayments

The history of payments of your past loans is a key factor in determining your credit score. This has to do with the promptness of your loans repayment – how early you repay or how late you repay your loans. To maintain a good credit score for your business, please endeavor to keep repay your past loans on time or as at when due. Failure to repay your loan on time can drastically reduce your credit score which is not good for your business. As much as possible, avoid missing any payments date as this can have a significant impact on your credit score.

Inability to keep up with your credit card payments can sabotage your credit score. Payment history is one of the most important factors considered in loaning money, thus, it’s needful to set up automatic payment in order to prevent delay in payments. Paying your loans much longer than your due date will attract a low credit score to your business by business credit agencies.

Where you forget or you are unable to repay your loan, kindly contact your creditors and ask for an extension of repayment date and/or time. This way, you save you and your business the risk of being in the black book of your creditors and the Credit bureau. Besides, it helps to prevent your credit score from dropping and going low.

5) Being in Debt

This is a costly mistake that can affect a business’s credit score. A business in debt will find it difficult to access loans. To avoid debt, ensure you pay your vendors on time and clear your outstanding debts.

Conclusion

There are numerous advantages of a good business credit score. One of the notable advantages is low interest rates on business loans. Besides, with a good credit score, you enjoy almost instant financing for your business whenever you run out of cash. Besides, with a good score you are qualified for low insurance premiums and higher credit limits, and an open access to several credit opportunities from financial house, credit lenders and vendors.

It is really important to constantly monitor your credit history, ensure your account details tally, maintain a positive cash flow and keep up with early payment of loans to avoid sabotaging your business credit score. Do not forget to clear your debts as failure to do this can sabotage your credit score history.

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6 Tips for Small Businesses Before Making a Business Partnership

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The next line of action an entrepreneur especially someone running a small business considers to boost his/her business is partnership. This is because the main goal of every business is to make money and business partnership can offer a great deal of that.

Starting a business gives the business owner the power to choose the people he/she is willing to work with. Making the right business partnership decisions has the potential of escalating the profits and scope of a business almost overnight. However, partnering with individuals, brands or companies without the proper guide or information do not guarantee 100% profit.

There are things you should take into consideration before you go into business partnership (s). These things can make or break your business hence it is important to take note of them ahead of time.

I implore you to take your time and consider the points I am about to share with you if you truly value your business and intend to maximize your business partnership(s) and get full returns on your investment.

Useful Tips Small Businesses Should Consider Before Going Into A Business Partnership

  1. Be Clears With Your Motive(s).

When you are starting a business partnership, it is important that you have thorough understanding of your reasons for going into the business.

You should clearly define your motivation for the business venture which is to say what you hope to get out of the relationship. There should be a clear reason behind your quest for business partnership instead of running the business alone. Is it to increase your business’ income, to add more value to your products or to reach out to a greater audience?

You must have a firm reason behind your need for business partnership and why it is necessary. Be clear about your motivations or intention behind the partnership and make it clear to your prospective business partner. This will help to steer your small business partnership in the same direction.

  1. Choose A Partner With Complementary Skills.

You can’t have a partner that has the same strength as you. You have to double the power of your startup team right off the bat. For example, a shy tech expert who wants to start an Internet business would do well to find a partner with sales, marketing, and people skills. This way, both partners can focus on doing what they enjoy and are good at. So, partner someone, a company or a group with skills that are complementary to yours.

business partnership

Business partners dialogue how to move the business forward.

  1. Discuss the Long-Term Vision of the Business With Your Partner.

You have found a complementary partner, what next? Strategic business partnerships are in many ways like a marriage, and both parties must be committed to the growth and long-term development if it’s going to work. From the onset of the partnership, express your expectations and sign contracts with one another so that trust is established.

  1. Define The Job Roles Of Each Partner.

Having strategized and established a vision for the business, you proceed to discuss roles differentiations between you and your business partner(s). That is, what roles will each partner play? This is a keen move to eliminate any confusion on what each partner’s duties will be.

A business partnership is bound to fall apart soon after it is formed when one partner believes the other should be performing certain tasks other than the ones he or she is performing.

To avoid this confusion, prepare a written document with your partner stating the roles each individual plays so it can always be referred to when the need arises.

  1. Devise A Way to Measure Each Partner’s Contributions.

There will be times when partnerships experience stress and at that time one party may be tempted to assume that the other party is not pulling in the much-needed weight. To avoid mounting resentment, define clear and objective performance indicators from the beginning to measure each of your contributions to the business’s success. This way, if one or the other of you fails to meet up with his/her end, you can have a level-headed conversation based on facts instead of feelings and thoughts.

  1. Make Provision For The Demise/Exit of a Partner.

What happens if one partner is deceased or wants to leave the partnership? To manage these situations you need a buy/sell agreement document.  This establishes a method by which the partnership interest can be valued and the interest purchased either by the partnership or individual partners. In addition, it will do you extremely good to develop an exit strategy. Like a prenuptial agreement, an exit strategy should clarify what will happen to the business’s real and intellectual properties should the partnership come to dissolution.

Conclusion

Great businesses are founded on great partnerships. But great businesses can also be destroyed by bad partnerships. Small business partnerships can be harmonious, mutually beneficial relationships that help propel a business forward. You should endeavor to choose a business partner just as carefully as you’d choose a romantic partner. This could be someone you spend the rest of your life working with, so don’t go into it loosely.

Have you analyzed these tips? If you have carefully done that, you can finally say “I do” to that business partnership and go ahead to execute it.

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