Fintechs in the digital savings space have begun raising their interest rates following the recent hike in the Monetary Policy Rate to 22.75 per cent.
Players such as Cowrywise have sent notification messages to their customers to inform them of new interest rates.
“We are thrilled to inform you that we have increased our interest rate on saving plans! Earn up to 14 per cent per year on your rolled-over or new savings plan,” Cowrywise said in an email.
Interest rates on fintech used to be around eight per cent. In February 2024, the Central Bank of Nigeria raised the MPR to 22.75 per cent to mop up excess naira liquidity and curb record-high inflation.
