Frequently Asked Questions

The Asset Management subsidiary of First Ally Capital Limited, FAAM, is known for being forward-thinking, proactive, and client-focused. The company has been given a rating of BBB+ by Agusto & Co. and is registered with the Securities and Exchange Commission (SEC) as a Fund/Portfolio Manager.

For your safety, the assets of all FAAM clients, including yours, are held by an approved third-party custodian in accordance with the SEC Rules and Regulations.

To create an account, simply download the MyInvestar app from the App Store or Google Play, fill in the necessary personal details, and verify your identity through our secure process.

MyInvestar offers a range of savings and investment products, including Star Account, Goal Account, Vault, Money Market Fund (MMF), and High Yield Income Scheme (HYIS).

At MyInvestar, we take security very seriously. We implement industry-standard security measures to ensure your funds and data are safe with us.

You can contact our customer service team through the in-app messaging feature. We're here to help!

The Central Bank of Nigeria (CBN) is the authority for banking and banking services. They serve as the overall market manager, ensuring stability, issuing licenses to banks, and regulating the market. However, the Securities and Exchange Commission (SEC) is the main market regulator for investments, ensuring authenticity, transparency, and stability. MyInvestar is approved by the SEC, ensuring safety and security of funds invested.

MyInvestar is owned by First Ally Asset Management, which is an established and licensed investment by the Securities and Exchange Commission of which custodian banks are also SEC licensed banks. This means that you can invest with confidence without the fear of losing your funds.

The Star Account is a flexible savings account on MyInvestar that allows you to earn competitive interest rates while retaining the ability to withdraw your funds at any time. To encourage the habit of saving, a withdrawal fee of 2% of the withdrawn amount (capped at 10,000 NGN) is levied, except on designated 'Free Withdrawal Days'.

Yes, it is possible. The Star Account has an auto-save feature which allows you to set up automated debit at a frequency of your choice (daily, weekly, or monthly) using a valid card that you have saved.

You can withdraw any amount above 3000 NGN once every 24 hours.

We charge 2% on the amount withdrawn except for free withdrawal days.

These are the days you can withdraw for free, and it is once every quarter, i.e., the 26th of March, June, September, and December. These dates can be changed only once within the quarter.

The Goal Account on MyInvestar allows users to save towards specific financial objectives, whether it's for a holiday, a new car, or a down payment on a home. It offers attractive interest rates and users can set their savings tenure.

Yes, you cannot fund less than 1000 NGN.

Yes, you cannot set a goal for less than 30 days.

Yes, you cannot create a goal for less than 30,000 NGN.

Yes, but only a full liquidation on the entire funds at the time If you decide to terminate their goal before the end of the tenure, you will be charged 100% of the accrued interest, as well as the payment gateway charges.

The Vault is a fixed savings account on MyInvestar designed to encourage long-term saving habits.

Upfront interests in the Vault are the returns that are credited to your account immediately after you've locked in your investment.

After maturity interests on the Vault account are the additional interests that accumulate on your investment after it has reached its maturity date.

The minimum amount that can be locked in the Vault is 15,000 NGN.

The shortest lock-in period for funds in the Vault is 30 days. This allows for flexibility while still encouraging longer-term savings habits.

Yes, but only if you choose to earn your interest after maturity and every withdrawal before the tenor is over would be charged 50% of the accrued interest and the applicable payment gateway fee.

This is an open-ended money market fund registered with the Securities and Exchange Commission (SEC), and the interest rate is disclosed daily.

This investment has no fixed term, and you will earn interest as long as you keep your account funded. This is a low risk investment.

A minimum of 5000 NGN is required to open this account, and subsequent top-ups require a minimum of 2000 NGN.

There is a 90 days lock period from the day you open this account, and any withdrawal within that period would be charged 25% of the interest that has been accrued and gateway fee.

FAAM HYIS is a SEC-registered pooled investment fund that affords investors an attractive return on their investment, and the interest rate is disclosed daily. This investment has no fixed term, and you will earn interest as long as you keep your account funded. This is a mid risk investment.

A minimum of 50,000 NGN is required to open this account, and subsequent top-ups require a minimum of 10,000 NGN.

There is a 90 day lock period from the day you open this account, and any withdrawal within that period would be charged 25% of the interest that has been accrued and gateway fee.

FAAM HYIS is a SEC-registered pooled investment fund that affords investors an attractive return on their investment, and the interest rate is disclosed daily. This investment has no fixed term, and you will earn interest as long as you keep your account funded. This is a mid risk investment.

A minimum of 5,000,000 NGN is required to open this account, and subsequent top-ups require a minimum of 50,000 NGN.

There is a 90 day lock period from the day you open this account, and any withdrawal within that period would be charged 25% of the interest that has been accrued and gateway fee.

All financial institutions are required by law to use KYC to check a customer's identity and evaluate any risks that come with it. Know Your Customer due diligence helps combat money laundering, identity theft, the financing of terrorism, financial fraud, and other crimes related to cyberspace and money.

Visit our website to find out more and apply online. The application process is simple and takes just a few minutes.

There are no strict requirements! We welcome anyone passionate about financial literacy and eager to build a successful side hustle.

The program offers a flexible schedule. You can tailor your activity level to fit your needs.

You'll earn commission-based rewards for successful referrals and contributions to the platform's AUM (Assets Under Management).

Absolutely! MyInvestar is a secure and reputable investment platform, approved by the SEC to ensure a smooth and safe investment experience.

Investing involves putting your money to work for you. Through MyInvestar, you can access various savings and investment options to potentially grow your wealth over time.

Ready to make a difference, unlock your financial potential, and earn extra income? Apply to become a MyInvestar Star Ambassador today!