MyCashier Seeks To Improve Nigerians' Savings Culture, Offers 16% Daily Compounding Interest
- MyCashier has introduced a new initiative aimed at promoting financial discipline and higher returns
- The company launched the "Savings Marathon" initiative with a 16% annual interest rate compounded daily
- The COO of MyCashier believes that the initiative will help improve Nigerians' savings culture with rewards
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Nigerian financial platform MyCashier has launched a savings initiative offering a 16% annual interest rate compounded daily, aiming to attract savers seeking higher returns and promote financial discipline amid challenging economic conditions.
In a statement released to the media, MyCashier said the "Savings Marathon" will run from March to December 2025 and requires participants to deposit N100,000 monthly for 10 consecutive months.
Source: Facebook
MyCashier stated this structure, combined with daily compounding interest, is a first for the Nigerian market.
Agnes Olayinka, Chief Operating Officer, MyCashier, said:
“Developing a robust savings habit goes beyond simply putting money away; it's about making your funds work harder for you.
"At MyCashier, our Savings Marathon is designed to empower Nigerians to build consistent saving routines while significantly increasing their returns through the power of daily compounding interest.
“In today's economic climate, where financial stability is paramount, a structured approach to saving with substantial interest gains can truly transform one's financial future.”
Source: Facebook
How the new savings initiative will work?
Olayinka explained that the new savings initiative is different from the traditional savings accounts in Nigeria that typically offer simple interestoften at rates savers find unappealing.
She added:
“The MyCashier's program contrasts this by calculating interest daily on both the principal and accumulated interest, significantly boosting the final payout.
“Under the plan, savers contributing a total of N1,000,000 over the 10 months could expect to withdraw over N1,147,000 upon completion in December 2025, according to MyCashier's projections based on the 16% per annum daily compounding rate.
“The company positioned the initiative as a tool to help Nigerians build wealth more effectively and develop consistent saving habits, addressing common struggles with long-term financial planning and low deposit yields.”
Participation involves joining a dedicated group, termed a "Savings Marathon Challenge Clique," on the MyCashier platform and adhering to the monthly savings schedule.
BusinessDay reports that the total saved amount plus the compounded interest becomes accessible at the end of the 10-month period.
Financial analysts note that programs promoting financial literacy and offering structured savings with competitive returns can encourage better personal finance management, particularly in times of economic uncertainty.
CBN advises Nigerians to save, releases 26 banks' interest rates
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) has called on Nigerian youths to develop a savings culture as a foundation for a more secure future.
This message was delivered by Ibrahim Yahaya, the Acting Head of the Consumer Protection Department at CBN, during the celebration of World Savings Day on October 30, 2024, in Abuja.
His words:
“The Central Bank of Nigeria today is celebrating World Savings Day, an international event aimed at promoting the significance of savings.
“Life is full of uncertainties; having savings allows individuals to prepare for unforeseen circumstances."
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Source: Legit.ng
