Frequently Asked Questions (FAQs)
Frequently Asked Questions (FAQs)
General
What is i-invest
i-invest is Nigeria’s foremost digital platform for Treasury Bills, and now the preferred financial services marketplace in Africa that gives you access to financial products from various financial service providers within a safe & secure platform.
No paperwork, no bank queues, no broker required.
How is i-invest different from other platforms
It provides access to an array of investment products that enable investors match products to their investment needs.
What platforms are supported
Web, Android and iOS
What are the benefits of the App?
- i-invest gives you access to investment opportunities from various financial service providers within one safe & secure platform.
- Simply put, i-invest enables you to grow the money that you have worked hard for, by making the money work for you.
- Enjoy real-time access to an array of products like Treasury bills, Fixed deposit notes, Commercial papers, USD Bonds, Equities, and more, conveniently from anywhere in the world.
- It is easy, you incur no additional charges, and it saves you time. It does not matter who you bank with, you can access our offerings.
- No paperwork, no bank queues, no broker required.
How can I register
Registration is easy, just have your BVN at hand, a valid phone number, smartphone and you are ready to go. You will also need to upload your KYC documents after you have registered the documents needed include:
- Passport photograph
- Government issued ID card – International passport bio data page, Driver’s license, Voter’s card or National ID card (All documents must be permanent and valid)
- Evidence of address – Recent utility bill (electricity, water, waste), Permanent Driver’s license, Permanent Voters card, Bank account statement, Tenancy agreement or Land use charge (All documents must bear your address)
How long does it take to register
Less than five minutes.
What documents do I need?
- Government issued ID card – International passport bio data page, Driver’s license, Voters card or National ID card (All documents must be permanent and within validity date)
- Proof of residence – Recent utility bill (electricity, water, waste), Permanent Driver’s license, Permanent Voters card, Bank account statement, Signed Tenancy agreement or Land use charge (All documents must bear your address) and must be less than 3 months old.
How do I send my documents?
Just take a picture of them with your smartphone and upload
How will you verify my address?
Your registered address must match with the documents you uploaded
How do I fund my wallet?
You can fund your Naira wallet account via the following means:
- With your debit card on the I-Invest app
- Pay at bank via EBills payment channel – Walk into any bank branch, request for an EBills payment, input your I-invest unique ID, make payment and your account will be funded real time
- Via direct transfer into the I-Invest Mobile App account 0066500408 with Sterling Bank and your account will be funded same day
How do I invest?
Select from the list of available products, enter amount you wish to invest, confirm transaction and make payment. Yes, it is that simple!
Can I pre-liquidate
Yes, you can, but after a minimum holding period of 30 days. This may vary depending on the specific product.
How do I withdraw my money?
Provide your bank account details, enter the amount you wish to withdraw, supply the secret answer to your secret question when required and confirm the transaction. Your KYC documents must be updated and successfully verified before you can make a withdrawal.
Can I make 3rd party transfers?
No, you can only send money to an account linked to your BVN.
What should I do if my phone is stolen?
The i-invest App installed on your phone is secure so your money will be safe, but you should take these steps as soon as possible:
- Install the i-invest app on another device and log in.
- Click Settings then Change My Password.
- Review your transaction history and ensure nothing is amiss.
- Notify us at enquiries@i-investng.com if you notice any issues or if you notice any unusual activity on your account..
Treasury Bills
What are Treasury Bills?
Treasury Bills (T-Bills) are short-term debt instruments issued by the Federal Government of any country through its Central Bank to raise short term funds from the general public (private individuals, institutional investors, non-governmental organisations, religious bodies etc.) for the purpose of financing government budget deficit. In Nigeria, T-Bills are issued by the Central Bank of Nigeria (CBN) and it is guaranteed and backed with the full faith of the Federal Government of Nigeria. T-bills are issued at an interest rate often referred to as discount rate.
How do Treasury Bills work?
For example, if a T-bill promises a 10.0% rate per annum and an investor wants to put in N100,000, the investor pays only N90,000 from the day of investment but gets back N100,000 at maturity. The maturity value (N100,000) is referred to as face value while the initial investment (N90,000) is discount value
What do I benefit from investing in Treasury Bills?
Treasury bills in Nigeria are guaranteed by the full faith of the Federal Government; hence there is no default, in the event that the government cannot pay, the CBN can print money to settle all investors. Treasury bills are fixed income investments and income from T-Bills are tax free.
What is the minimal investment on Treasury Bills?
Minimum investment is N10,000 (Ten thousand naira only).
Can I sell before Maturity?
Yes, you can sell T- Bills before maturity. However, the price at which you sell depends on the prevailing interest rate. For instance, a N100,000 Face Value (FV) T-Bills maybe selling for less or more depending on the prevailing interest rate as at the time of the sale as yield expectation influences interest rates. If your FV is trading at a higher price, it means you can sell your T-Bills at a profit as such your N100,000 can sell for N101,000 or more. If your FV is trading at a lower price, it means you can sell your T-Bills at a loss as such your N100,000 can sell for N99,000 or less.
Can I terminate before maturity?
You can only terminate your T-bill investments after a holding period of 30 days. i.e. Your investment can only be terminated 30 days after the date of purchase.
Is there a penalty fee attached to early termination of my investment?
Yes, you will be charged 30% of the interest accrued. Please note that your investment amount will not be charged.
Equities
What are Equities?
How can I buy equities with the i-invest app
To “Buy”: Select “Equities” under the Products on the menu. Then all you have to do is find the company you want to invest in, select it, enter the number of share units you want to purchase and complete the transaction.
To “Sell”: Go to “Portfolio” tab on the menu, select equities. Click on the stock you would like to sell, enter the number of units you would like to sell. Then complete the transaction.
Transactions placed for equities on the I-Invest platform, are sent directly to the Nigerian Stock Exchange as an order. Orders are filled based on availability and at the prevailing market price at the time the order is filled. This means that one order could be filled in multiple lots at different prices.
What time can I purchase equity on the app?
Can I purchase equity and upload my KYC document later?
Why do I have to add my bank account details?
Can I use my old CSCS account as my trading account on the app?
What happens during stock trading?
- Executed – your trade is filled Executed – your trade is partially filled
- Rejected – your order was rejected by the NSE as it could not be filled, as a match could not be found.
- Cancelled
- Orders can be cancelled by the investor OR
- In some cases orders may be cancelled in the system without prior request by the user. This is beyond our control as it comes from the NSE. However, you will be sent a notification to let you know your order was cancelled.
What are the trading hours for equity?
Trading hours refer to the period of time a financial market is open each day.
Trading on the NSE Equity Market occurs Monday – Friday between: 10:00am and 02:20pm daily (public holidays excluded).
Orders placed outside of market hours will be taken but will not be filled until a match is found when the NSE opens on the next business day.
What places are listed for your shares?
Shares listed on I-Invest reflect prices as displayed by the Nigerian Stock Exchange (NSE).
NSE price change rules require a minimum of 100,000 units to trade before the price on the NSE board or on I-Invest would change. See link from the NSE
When will my trades be settled?
How long before I can sell?
Can I cancel my order?
Yes, but this is subject to the request for cancellation being received prior to the order being processed by the NSE.
Please note this is a live system, therefore during market hours your order may be matched instantly and in this case it may not be possible to cancel.
Are stock dividends, subject to income taxes?
There is a withholding tax (WHT) of 10% which is applicable to dividend payments in Nigeria. The tax is deducted by the investee company before remittance of dividends to shareholders. This is in line with Section 80 of the Companies Income Tax Act (CITA).
Fixed Deposit
What is a Fixed Deposit?
What is the difference between a Fixed Deposit account and a savings account?
A fixed deposit note is like a savings account, in that they are both low-risk options to grow your money. However, a major difference between the two is the interest rates offered. Fixed deposit accounts generally offer much higher interest rates than savings accounts.
So before you place a large sum of money in a fixed deposit, you should consider if you need these funds in the foreseeable future, and plan your tenures accordingly.
Am I eligible to invest in a Fixed Deposit?
How much money can I lock in a Fixed Deposit?
What is the minimum and maximum tenure of investment in FD account
What happens if the depositor passes away?
Commercial papers
What are commercial papers?
What is the tenure of Commercial Papers
What do I benefit from investing in Commercial Papers
While CPs in Nigeria are typically issued by blue-chip corporates with impressive track records of financial performance, this does not eliminate credit risk.
The discount rate on the CP is usually reflective of the credit rating of the issuer, which may be gleaned from the magnitude of the difference between the discount rate on a T-Bill with similar maturity and the CP being issued.
Consequently, CPs offer investors the opportunity to purchase better yielding instruments than available on risk-free instruments if they are willing to take the calculated risk.
What are the other benefits of Commercial Papers
- Interest earned is tax-exempt
- Since certificates are issued for CP investments, they can be used as collateral or as evidence of investment for visa application
What is a USD Bond?
A USD Bond is a fixed-income debt instrument (security) denominated in a different currency than the local one of the country where the bond’s been issued. Hence, it is a unique type of bond.
Can I use my naira wallet funds to invest in dollars?
No, you cannot use your naira wallet amount to invest in USD Bonds. You will need to fund your wallet with dollars to enable you purchase USD Bonds.
Can I terminate my USD Bonds investments before maturity?
No, USD Bonds instruments are held till maturity. You will not be able to terminate.
What is Mudarabah Term Deposit?
Mudarabah is a Sharia-compliant investment alternative to conventional fixed deposit products. Mudarabah Term Deposit (MTD) complies with non-interest Islamic principles in form and substance.
What is the minimum investment amount?
Minimum investment is N100,000 (Hundred thousand naira only) on i-invest.
Is there a fixed return on investment?
No fixed return. Return is based on the profit made by the institution in the period.
Can I terminate my Mudarabah investment before maturity?
No, Mudarabah investments on i-invest are held till maturity. You would not be able to terminate.
Who is eligible to invest in Mudarabah?
You are eligible to invest in Mudarabah investment as long as you have an active account on i-invest.
Can I get an investment Certificate for my Mudarabah investment?
Yes, every Mudarabah investment done on the i-invest comes with an investment certificate that states the investment amount, the tenor, the maturity date of the investment, the indicative return and any other necessary information.
Registration
How can I register
Registration is easy, just have your BVN at hand, a valid phone number, smartphone and you are ready to go. You will also need to upload your KYC documents after you have registered the documents needed include:
- Passport photograph
- Government issued ID card – International passport bio data page, Driver’s license, Voter’s card or National ID card (All documents must be permanent and valid)
- Evidence of address – Recent utility bill (electricity, water, waste), Permanent Driver’s license, Permanent Voters card, Bank account statement, Tenancy agreement or Land use charge (All documents must bear your address)
Can I use my old or existing CSCS account as my trading account on the app
A new account is opened for you for trading equities on the i-invest App. However, should you wish to link this account to an existing CHN, kindly send us an email on enquiries@i-investng.com.
What do I need for registration?
Your laptop or smartphone, BVN, a valid email address and your phone number.
What documents do I need?
- Government issued ID card – International passport bio data page, Driver’s license, Voters card or National ID card (All documents must be permanent and within validity date)
- Proof of residence – Recent utility bill (electricity, water, waste), Permanent Driver’s license, Permanent Voters card, Bank account statement, Signed Tenancy agreement or Land use charge (All documents must bear your address) and must be less than 3 months old.
Do I need any documentation on the app?
You will be required to provide a recent utility bill, Passport Photograph or a picture of you and any valid means of identification. Pictures of these documents can be taken with a reduced resolution and uploaded on the app using your smart phone.
How do I send my documents?
Just take a picture of them with your smartphone and upload
I am unable to upload my KYC documents on the app
Please use a stronger network connection and ensure to reduce the size of your KYC documents to 100kb and below to aid swift upload of documents.
How do I know when my CSCS account has been created?
Creation of your account takes about 72 hours. You will get an email notification on your registered email on the App once your trading account is active.
Can I make 3rd party transfers?
What should I do if my phone is stolen?
- Install the i-invest app on another device and log in.
- Click Settings then Change My Password.
- Review your transaction history and ensure nothing is amiss.
- Notify us at enquiries@i-investng.comif you notice any issues or if you notice any unusual activity on your account..
My secret question cannot be validated, what do I do?
You will need to reset your secret question, please proceed to settings and request for a secret question reset. A mail will be sent to you advising you to log into the App to set a new question.
How do I know my investments are safe on i-invest?
i-invest is very big on safety and security. It is PCI-Dss compliant and has ISO 27001 certification – the world’s best-known standard for information security management systems. Investments are carefully vetted before being listed on the app and are held by a licensed securities custodian and regulated by the Securities and Exchange Commission (SEC).
Mobile App
What platforms are supported?
What are the benefits of the app?
- i-invest gives you access to investment opportunities from various financial service providers within one safe & secure platform.
- Simply put, i-invest enables you to grow the money that you have worked hard for, by making the money work for you.
- Enjoy real-time access to an array of products like Treasury bills, Fixed deposit notes, Commercial papers, USD Bonds, Equities, and more, conveniently from anywhere in the world.
- It is easy, you incur no additional charges, and it saves you time. It does not matter who you bank with, you can access our offerings.
- No paperwork, no bank queues, no broker required.
Join a new generation of investors!
Join a new generation of investors!