HOW INTEREST RATES WORK

When borrowing or investing, we are always concerned about the applicable interests. Borrowers want lower interest rates. Investors want higher interest rates. Interest rate is the cost of borrowing money or the reward for lending or saving money. INTEREST RATES AND YOU FIXED AND VARIABLE RATES: Financial institutions charge fixed or variable rates on loan …

WHAT SHOULD I PRIORITISE: DEBT REPAYMENT OR SAVINGS AND INVESTMENTS?

With the current economic situation in Nigeria, many people have been more encouraged to save and invest especially in foreign currency to avoid getting into a financial runt. However, several people are already in debt and must then decide how to apportion their earnings towards savings/investments and settling debts. We are usually saving towards a …

HOW THE ECONOMY WORKS

Inflation, unemployment, and exchange rates have been on the high side in Nigeria in recent times. As a result, it is normal for the people to be concerned about the country’s economic situation. We would like to help you understand how the economy works. WHAT IS AN ECONOMY? An economy, in simple terms, is the …

BUILDING YOUR EMERGENCY FUND

With the unplanned pandemic, dwindling economic situation, high inflation rate, hike in prices of goods and services, impromptu billings from family, friends, main and side boos; there is a need to shield oneself from unnecessary “shalaye” (explanation). The unexpected expenses that may spring up at any time are the reasons we need an emergency fund. …

SAFEGUARDING YOUR FINANCIAL INFORMATION

Identity theft involves the method of stealing a person’s personal or financial information by another person with the intention of making unauthorized transactions. This can be committed through fraudulently obtaining financial information such as their bank account number, debit and credit card PINs and/or bank verification number (BVN or Social Security Number, as known in …

FUNDING MY STARTUP

Have you ever had that million-dollar idea you felt pretty good with, but could not pursue due to finance issues? How to set up a business and turn it into a unicorn company is one of several questions ravaging the minds of young entrepreneurs in Nigeria. Although the odds of startups being successful in Nigeria …