FairMoney, a financial service provider, is pleased to announce a significant update to all its savings services, delivering some of the highest interest rates in the Nigerian financial market.

This increase underscores FairMoney’s ongoing commitment to providing exceptional value and supporting customers’ financial growth. Given the current high inflation of 32.7% as of September 2024 as released by the Nigeria Bureau of Statistics, FairMoney intends to provide customers with options that improve their return on savings.

As part of this update, FairLock now offers up to 28% interest per annum, with an exclusive 30% per annum on certain tenures for first-time users.

This makes FairLock an even more rewarding fixed-term deposit option where users can securely lock their funds and enjoy between 18% and 28% p.a upfront interest payments.

Commenting on this development, Manager Director of FairMoney, Henry Obiekea, reaffirms the company’s commitment to supporting customers’ financial growth and ensuring a rewarding savings experience.

“We understand that saving is an important part of financial growth, and we want to ensure that our customers are not just saving but also growing their wealth with the best returns.

“With the new 28% interest rate on FairLock, 20% interest rate on FairTarget, and 17% interest rate on FairSave, our goal is to ensure that we continue to prioritize customer satisfaction, ensuring that they have the most beneficial and rewarding savings experience,” he said.

Another savings product, FairTarget, now offers a competitive 20% interest rate per annum, an increase from its previous 17% per annum. This provides customers with a flexible, secure, and rewarding way to save toward their financial goals while earning substantial returns.

FairSave on the other hand, changed from 15% per annum to an increased interest of 17% per annum. This product offers daily interest accrual and the flexibility to withdraw funds to a FairMoney bank account at any time without penalties, making it ideal for users looking to save for short-term goals while keeping their funds easily accessible.

FairMoney’s competitive interest rates, fast transaction processing time, and minimal service disruptions are highly favorable for salary earners, seeking reliable financial services to receive and grow their money, without sacrificing flexibility or accessibility

According to FairMoney, all savings processes have been made easy, allowing users to fund their FairLock, FairTarget, and FairSave accounts via their FairMoney account or other external banks.

Central Bank of Nigeria (CBN) has dismissed reports suggesting that the old N200, N500, and N1,000 banknotes will cease to be legal tender on December 31, 2024.

In an official statement issued on October 24, 2024, and signed by Sidi Ali Hakama, acting director of Corporate Communications, the CBN clarified that these claims are false and aimed at disrupting the country’s payment system.

The CBN’s clarification comes amidst widespread discussions regarding the status of old Naira banknotes, following the bank’s recent redesign initiative.

The statement reaffirmed that the Supreme Court’s ruling on November 29, 2023, extending the validity of the old Naira notes indefinitely remains in effect.

The Supreme Court granted the prayer of the Attorney-General of the Federation and Minister of Justice to allow the continued use of the old banknotes alongside the redesigned ones.

The CBN reiterated that its directive to all branches to continue accepting and issuing both old and redesigned Naira notes remains unchanged.

“All banknotes issued by the Central Bank of Nigeria (CBN) will continue to remain legal tender indefinitely,” the statement emphasised.

Nigerians were urged to disregard any suggestion that the old series of Naira banknotes will cease to be valid by the end of 2024.

The CBN also encouraged the public to handle all banknotes with care to protect their lifecycle and to embrace alternative payment methods, such as electronic channels, to reduce reliance on physical cash.

Ealier on Thursday, the House of Representatives tasked CBN with the need to sensitise Nigerians about the non-legal tender status of the old naira notes from the 1st of January, 2025.

Hon. Victor Ogene, leader of the Labour Party Caucus, in his lead debate said “The House is aware that, going by the Supreme Court’s subsequent ruling and order, the N200, N500, and N1,000 notes shall cease to be legal tender, medium of exchange for goods and services in Nigeria, and shall also cease to be in circulation as from January 1, 2025.

FirstBank has reassured its customers that the upcoming transition to a new cloud-based procurement and financial platform, scheduled for Saturday, October 26, will not affect their banking services.

While the lender, which serves over 42 million customers, previously acknowledged that the migration may result in temporary service disruptions, these disruptions will specifically impact vendors, not customers.

The bank clarified in a statement on Thursday saying, “This transition relates to the bank’s platform with suppliers only. It does not affect its banking systems, customer transactions, channels, etc.”

The lender explained the transition will be from its current I-Supplier platform, an automated platform that connects the bank to suppliers to a new cloud-based supplier platform, a platform for managing the bank’s suppliers.

The bank said that supplier platform update is part of FirstBank’s continuous investments in improving operational efficiencies and service experience.

The migration will start from Saturday, October 26, 2024, to Sunday, November 3, 2024, while the new cloud-based supplier platform will be live on Monday, November 4, 2024, and normal activities will resume.

“During this period, suppliers will not be able to use the bank’s supplier platform. However, rest assured that FirstBank’s supplier platform system will be open thereafter,” the bank said.

The bank’s announcement came amid recent challenges faced by several banks in Nigeria during system upgrades, which has prompted concerns among customers.

Many customers had misunderstood the earlier announcement and expressed apprehension on social media, fearing that the migration plans could disrupt their banking activities.