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Firm moves for better wealth management in Nigeria

By Clarkson Voke Eberu
01 November 2021   |   2:46 am
A Nigerian firm, Risevest, has perfected plans to ensure better wealth management in Nigeria.

A Nigerian firm, Risevest, has perfected plans to ensure better wealth management in Nigeria.

In a statement, the firm noted: “Risevest is using technology to open the doors to global high-performing companies to anyone willing, at a modest cost.

“The company, through its mobile interface, offers exclusively dollar-denominated investments in global equities, real estate and fixed income across local and foreign funds. Our home-built algorithm handles a significant amount of the filtering process, allowing them to make decisions faster and without bias.”

It continued: “From Titan and Wealthfront in the U.S. to StashAway and Syfe in Singapore, more companies around the world are increasing access to the otherwise inaccessible world of investing and wealth management to a growing middle class. Unfortunately, Africa is overlooked and shut out from these markets.

“In Nigeria, not many investments have succeeded in building or generating long-term wealth for the people. The few that exist are not well known by the public or open to them. In the U.S., you have 401ks (your workplace benefits), which are invested in the stock market or property portfolios, allowing you to build wealth over time. There are very few investment options that allow the everyday person in Nigeria to do something similar and most of the ones that do, underperform during inflation and do not earn enough returns to increase their value over time. Risevest aims to fill that gap.

“Wealth creation needs to happen at a larger scale to grow the country’s economy at a faster rate. Risevest can help Nigerians who aren’t well off, highly connected, or educated invest consistently in a fully managed portfolio and increase their chances of financial freedom.”

The statement added: “As the world is becoming more connected and the global economy expands, the Googles, Facebooks and Teslas of the world are creating value and are used by Nigerians. Nigerians should be able to invest in companies whose growth they contribute to, tap into that wealth creation, and bring it back home.

“Risevest offers bespoke, affordable, and high-quality digital solutions for wealth management.”

“No two people are the same, and this is apparent in investing. While traditional asset managers invest your money in an asset class (typically in their local market), companies like Risevest give more control to their users, allowing them to decide where and how long they want to invest, based on their risk level. This level of customisation is only possible when you take the flexible approach a hedge fund model allows.

“There’s a huge wealth management gap in Nigeria. For most working-class Nigerians, there’s no service that gives them access to a well-managed investment portfolio that would help them achieve their financial goals, maybe retire faster.

“Research shows most people don’t have the knowledge, access, or experience to invest by themselves or trade. For banks that offer dollar mutual funds, the process is cumbersome, and the barrier to entry is high (starting at $1,000). With Risevest, more Nigerians can access quality investment management in less than five minutes.”

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