By Dickson Omobola
Investment digital platform, Risevest, has said the Nigerian economy has undergone significant changes over the past two years, including exchange rate stabilisation, a decline in the benchmark interest rate and strong growth in the Nigerian Exchange Limited, NGX.
The firm, however, said the changing economy had made it necessary to evolve and provide Nigerians with greater exposure to investment opportunities.
Risevest made this known at an event themed: ‘The Ascent,’ held in Lagos, where it announced plans to launch three mutual funds on its app and introduce Rise Business, a product designed to provide businesses with money management features.
Speaking at the event, Risevest Product Manager, Ebube Ilo, said: “These changes require us to also evolve and give you greater exposure to more Nigerian opportunities, and that’s why today, for the first time, mutual funds are coming to Rise. We are launching three funds built around the three jobs that we believe your money should be doing: growth, liquidity, and income.”
The Risevest Naira Equity Fund will be actively managed and invested in a basket of some of Nigeria’s strongest listed companies across six sectors: financial services, consumer goods, information and communications technology, oil and gas, industrial goods, and agriculture. The fund is designed to outperform the NGX 30.
The Risevest Dollar Fund will comprise a professionally managed portfolio of dollar-denominated, low-risk investments, including Nigerian government eurobonds, corporate eurobonds and other money market instruments. The fund will not invest in equities.
The Risevest Money Market Fund will invest in short-term, low-risk instruments such as treasury bills, fixed deposits, commercial papers and certificates of deposit. It is designed to keep investors’ money accessible while earning interest.
Also speaking, Risevest Product Manager, Solomon Olalemi, said Rise Business was developed in response to a question the company had repeatedly received after more than five years of helping Nigerians hold and grow their money.
“When can my business do the same?” he quoted business owners as asking.
Rise Business will provide businesses with four accounts in their registered business names, denominated in US dollars, British pounds, euros and naira. Each account will have its own details that overseas clients and suppliers can verify.
Businesses will also be able to send payments directly to recipients in more than 60 countries, receive money through their account numbers and convert between currencies, including the US dollar, British pound, euro, Canadian dollar and Chinese yuan, all from one platform.
The product targets importers, exporters, small businesses, agencies and consultancies that regularly move money between Nigeria and other markets.
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