What is PayDay Investor?
PayDay Investor is a cool investment app that helps you earn interest while investing your funds automatically on a periodic basis so that you can smash your investment goals faster
What makes PayDay Investor a cool investment app?
- Capital preservation. You can never lose your money
- You can invest with as little as 100 naira
- Earn higher interest than your traditional savings account
- Your investments are automated, so you don’t need a reminder
- Liquidity, you can withdraw your funds at any time without any charge or penalty fees
Why is PayDay Investor better than traditional savings?
- With PayDay Investor, you can earn interest up to *15% or more per annum while traditional savings returns just 4% per annum
- On PayDay Investor your dividends are not taxed
How does PayDay Investor work?
PayDay Investor allows you to create an investment goal and specify the time you would like to achieve that goal. It is designed to automatically connect to your Nigerian debit card, thus
making it easy for you to periodically set funds aside towards the goal. The funds are then invested in the ARM Money Market Fund, a mutual fund which guarantees competitive interest
and quarterly returns and capital preservation.
How safe is my investment in PayDay investor?
All funds paid to your PayDay Investor Account are managed by ARM Investment Managers Limited, an asset management firm with over 23years of investment management experience regulated
by the Nigerian Securities and Exchange Commission. Payday Investor also adheres to standard industry online transaction security measures. You can be assured of investment and card
How can I fund my PayDay Investor account?
You can fund your PayDay Investor account with any Nigerian Debit card. i.e. Verse MasterCard or Visa
Can I use PayDay Investor App on multiple devices?
Yes, you can. The app can be installed and managed on multiple devices. Your login details are confidential. Do NOT disclose your password to anyone.
What happens if my debit card account is not funded?
The scheduled debit from your account into your PayDay Investor account will not occur. We can only manage your money if your registered card account is funded. To ensure the automated
debit feature works, your account must be funded on the scheduled day for payment. However, you can make unscheduled contribution payments to a PayDay Investor goal and the remaining
payment period to achieve that goal will be automatically updated.
Why is the app not accepting my bank card?
PayDay Investor accepts all Nigerian issued cards that have been enabled for online and Web transactions. Please ensure that your card has been enabled for online transactions
How long after I make a deposit should I expect to see interest on my money?
Your deposited fund is processed within 12- 24 hours and then invested. Once your fund has been invested, you will begin to see interest accrue daily and returns will be paid into your PayDay
investor wallet quarterly.
What do Ledger Balance, Available Balance, Wallet and Accrued Interest mean?
- Ledger balance displays the amount deposited, which is subject to a processing period of 12 – 24 hours.
- Available balance displays the amount that you have invested, its basically the total of all the funds attained in your goals
- Wallet is where we pay your accrued interest into at the beginning of every quarter
- Accrued interest is how much you have earned in interest for the current Quarter
Are there any transaction charges when I fund my account or request for my funds?
- We currently absorb transaction charges on behalf of customers, this means we do not charge customers for funding their PayDay investor account.
- There is a statutory bank transfer charge of 52.50 naira also applies on any amount you redeem.
Why do I need to provide my BVN, account number, proof of identification at registration?
These details are required for your registration as mandated by the SEC (Securities and Exchange Commission). These details are also to ensure that processing your funds at the point of withdrawal
is easy and smooth.
What form of ID card is acceptable?
We accept any of the following government issued identification cards below:
- Permanent Voter’s card
- Permanent National Identity Card
- Valid International Passport
- Valid Driver’s License
- Original Tax Payer’s Card
What form of proof of residence is acceptable?
We accept any of the documents listed below, provided the address is same as the address you provided when you registered on PayDay Investor. Please note that your proof of residence
should not be more than 3 months old.
- Electricity bill
- Waste management bill
- Stamped Bank statement
- Tenement rate bill
- Land Use Charge
- Tax authority bill
- Valid Driver’s license
What if I don’t have any ID card and / or proof of residence?
If you cannot provide all the required means of identification, you will only be able to invest up to N20,000 daily and redeem up to N30,000 daily, and your entire balance will be limited
to N200,000 at any point in time. To enjoy everything the app offers, you will be required to provide documents mandated by the SEC
If I am unable to use my card, can I transfer money from my bank account to my goal on the app?
Currently no you can’t, the app is only enabled to accept card payments for now
Can I make unscheduled payments, or do I have to set up a direct debit?
Yes, you can top up your investment account anytime. Simply use the “Add Funds’ feature on the application and select the goal you would like to fund. You do not have to setup a direct debit
What if I do not have enough funds for a scheduled direct debit?
Nothing. we will try and take the funds on the next due date
If I deactivate my goal will I still earn interest?
Yes, you will still earn interest if your goals are deactivated
Is my interest accrued at the end of a quarter reinvested?
Yes, we reinvest all the interest that you have earned, so you can earn more and achieve your investment goals quicker
How many goals/cards can I have?
As many as you like
How do I update my details on the app?
You can update your details from your profile section of the page. Please note that to update sensitive information such as your bank account or bio details, you would need to send an
email to [email protected] ; [email protected] to initiate such requests. This is to provide an extra level of security
should your PayDay Investor account get compromised
How long does KYC verification take?
Your Documents will be verified between 24 to 48 hours of submission
When will my funds move from Ledger Balance to Available Balance?
Processing period for funds in ledger balance is between 12 – 24 hours.
How long does the withdrawal process take?
We process withdrawal requests between 24 to 48 hours
What is the maximum amount I can invest at once?
This is subject to your daily transaction limit from your bank
What is the minimum I can invest at once?
You can invest as little as N100
What is the maximum amount I can withdraw at once?
You can withdraw as much as N500,000 per transaction
How can we contact you to help resolve issues?