How To Multiply Unused Funds in Your Bank Account

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If you have money sitting in savings or current account doing nothing and you don't have the need for it at least for the next 2 or 3 months, it could be you are not yet certain what profitable thing to do with it, for now, then this my little piece of information could interest you.

How To Multiply Unused Funds In Your Bank Account

Someone might quickly think of fixed deposit or Call Deposit as good options for reserved funds. While it isn’t a bad idea, I do not agree. With fixed deposit, you only get to enrich the banks.

It's true fixed deposit for a million naira or a little less could fetch you about 4-7% annually excluding tax. While some see this as an opportunity, I see it as cheating.

By whom? The banking system. Well, don't condemn me yet until I explain my reasons.

Have you heard of government instruments like Federal Government Bond and Treasury Bills?

Do you know they pay more, even more than double of fixed or call deposits?

Treasury Bills or FG Bond is all about lending Nigerian Government money.
They use it to run the country and pay you interest. It’s free money so to speak.
Treasury Bills have a maximum tenor of 364 days, but FG Bonds varies, with longer tenors. These government instruments are 100% risk/ tax-free and can pay up to 18.7% (Treasury Bill as at last week's auction) depending on the tenor.

The more interesting part is that the interest ( ROI) is paid up front, and can be reinvested if it meets the minimum requirements, thereby compounding the interests.

Money Market Funds is also very profitable as well. You can Google it for more details.

Let me share this experience. A friend wanted to go to the bank to do a fixed deposit on her NYSC 'allawee'. She had just passed out and had carefully saved all she was given. Since she had no good business idea to start, she decided fixed deposit would be better than just savings in the bank.

She was promised 4-5% by a bank and she was very excited. When I got to know, I strongly discouraged her. I told her about Treasury Bills, she went to FBN and got a whopping 18.1%. She almost worshiped me.


CBN through Debt Management Office (DMO) has a list of approved banks and financial houses accredited for these instruments. I prefer Banks. Go to your bank and ask how to start. As a tip, IBTC and FBN have the best rates so far, GTBANK follows, but avoid Ecobank or whatever they call that bank.

Alternatively, you can delve into digital currency also known as Cryptocurrency trading, though with risks due to price volatility, yet it has great potentials. Seat Belts On, this could sweep you off your feet.

Crypto currencies:

Decentralized digital currencies based on disruptive Blockchain (distributed public ledger system) technology is the most trending financial news in the world right now. It's not regulated by any government, there is no payment processor, no huge transaction fees, and Blockchain transactions are irreversible and anonymous.

 Recently Cryptocurrency currency market capitalization sped past the $80 Billion mark, surpassing that of Deutsche Bank, one of the biggest banks in Europe, regulated by German Central Bank.

Microsoft, Samsung, Toyota, Intel, J.P Morgan, Goldman Sachs, QnB, Santander, BP, Deloitte, and over 20 top Financial and Technology giants have formed an Enterprise Ethereum Alliance to leverage the use blockchain technology to drive the 21st-century transactions.

Every day I read the news, I see prospects in Blockchain, the technology that drives Cryptocurrencies,

I see the future of business transactions, I see opportunities to earn money. And yes, early investors are reaping reward 10 times.

Then I have my own regrets. In 2011, I received my first $300 from blogging (Google Adsense). It was worth about N45, 000 then. I cleared the Citi Bank cheque into my USD Dom account and decided not to touch it. In 6 years, that has yielded a total of $5.6 - don't laugh. I can show you my bank statement.

 You know what? If I had invested that $300 in 2011 into Bitcoin, the leading cryptocurrency, I would have been $2.4million richer if I were to sell it this day June 6, 2017. I would have made an equivalent of N755,400,000.00 based on today's exchange rate. Wait, I’m feeling uneasy. I am breathing heavily. I need a glass of water.

Well, I am not late. Neither is anyone. I believe we all have our time zone. Yes, that reminds me of a video I shared in this group sometimes ago. Right now there are over 700 digital coin/token based on Blockchain technology. Some just launched. These are facts, bitcoin could rise to $10,000 in 5-7 years coming: it's currently at about $2, 800 today.

Blockchain technology is the future of money changing hands, take it or leave it. You don't have to be an experienced currency trader before investing and benefiting from this exciting world of cryptocurrency. Some are on auto pilot.

All you need is knowledge. Understand what it is and how it works then you will see how you can benefit.

Don't allow people's myopic ideas to shut you out. Trust me; ignorant people will say a lot. But I have my facts. Be determined to acquire knowledge, financial knowledge. Invest time in it. I wish I had this 7 years ago, I’m sure you understand my agony.

Don't keep unused funds idle. Be on the move.

But again, avoid fixed deposit. No banker will tell you this because they have been trained to only suck people, I don't intend to be mean should in case any reader of this post is a banker, but you can confirm the facts. If you are following financial news in the country, there was a report a few weeks ago of bank customers spending over 138 billion Naira on SMS alert.

That's how banks are structured, to make a profit from your own money. But don't hate them instead arm yourself with information and you can use banks as the tool for financial growth.

I may not be a financial analyst or an economist, but this is what I know and they are all verifiable. Knowledge is power, that's why I feel powerful and optimistic inside. I don't regret making a career out of Computer Engineering instead of Economics, or Accountancy, because if you are following the trend, there is a new sector now called - Fintech: Finance meets Technology. I say to myself "This is it".

Be it digital currencies, government financial instruments or developing your own business ideas, my reasons for this lengthy piece are, invest in information and acquire knowledge, learn from others but don't depend on people, You are your best teacher.

Let's start something no matter how little. Let’s Be on the move. Even if we fall, let's pick the pieces and keep moving. With Jehovah God on our side, all I see is a bright future for us and our future generation.

If you will like to get more information about any of the investment option drop your details here and I will get back to you.


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