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Paylater, Nigeria’s leading lending and digital financial services platform, has announced the launch of PayVest, an investment product designed to provide returns above the inflation rate. Paylater’s new product feature, PayVest, is designed to cater to users that want to get higher returns than a regular savings account or other common investment options can provide.
The product is carefully built to encompass the features of a modern, digital savings account as well as provide customers with returns that allow for real growth in spending power.
Paylater’s CEO, Chijioke Dozie, said “PayVest has been in the works for quite some time. The idea initially was to create an investment product and integrate it with Paylater to cover all our customers’ financial needs. However, we went the extra mile to create a product that not only manages participating investors’ finances but also offers them fantastic returns which beat the inflation rates in the market, which are difficult to find on other platforms.”
PayVest’s unique value proposition is in its return rate – up to 15.5% annually, which surpasses commercial banks and digital savings platforms, which generally offer rates from 4% and 12%. The investment feature is integrated into the well-known loan application, Paylater. With PayVest, users can invest from NGN50,000 to as high as NGN10 million.
Existing Paylater customers that already have the Paylater Android app just need to update the app to enjoy PayVest. Prospective investors can download the app from the Google Play Store to start enjoying high-interest investments, or any of Paylater’s other offerings – short-term loans, bill payments and fund transfers.
Paylater is an online, financial management application launched by One Finance and Investments Limited in 2016 to provide loans and other financial services to underbanked individuals. The product encompasses lending, mobile transactions, and investments. Its investments feature, PayVest, was launched on the 3rd July 2018. Paylater currently processes over 5,000 loan applications daily, with the Android app amassing over 950,000 downloads.