Risevest Review: Legit Dollar Investment App or a Scam?

Risevest is considered one of the first fintech companies in Nigeria to pioneer savings and investing in US dollars.

Over the last 5 years, they've attracted Nigerian millennials who are looking to put their money to work, and they seem to be doing everything right.

If you're looking to start saving and investing on the go, and you're seriously considering Risevest, then this review will help you make a decision.

In this review, we'll look at the Risevest app, what they are offering users, and if they are worth investing with.

Who knows, this could be another addition to your arsenal of apps for investing on the go.

Let's get right to it.

How Does Risevest Work?

Risevest is a mobile app for saving and investing on the go.

The app provides a platform for Nigerian millennials to save and invest in Naira and dollar assets and portfolios.

All a user needs is to verify their identity via their Bank Verification Number (BVN) and then fund their Risevest Naira wallets to start saving and investing.

Is Risevest Real or Fake?

Risevest is a real company that is registered, licensed and operational in Nigeria, with several local and international subsidiaries and partners.

They operate under an umbrella company, Risevest Investment LLC, which is a registered investment advisor (RIA).

However, their real estate properties and stocks portfolios are managed by First Property Trust LLC and Alpaca Securities LLC respectively.

How can you get started with Risevest?

To get started with Risevest, all you need to do is download the Risevest app from the Play store, sign up, fund your account and start saving and investing.

I was able to sign up and fund my account, although with a slight issue.

I consider the sign up process quite tedious, as the app was asking for my BVN at the beginning of the signup process, which is usually not the norm for most fintech apps in Nigeria.

After imputing my BVN, I had to confirm it by imputing my date of birth via a drop-down menu that didn't work quite well.

So, the sign up process was frustrating in my opinion, but it all worked out in the end.

How can You Make Money With Risevest?

With Risevest, users can save and invest in Naira and dollars on the go.

Users can make money on Risevest in a few ways:

Naira Savings

Users can lock up funds in their Risevest Naira wallet and earn up to 25% interest annually.

Interest earned with Naira savings depends on the lock up period or tenor. Longer tenors will amount to higher interest.

Users can also start a targeted savings plan with their Risevest Naira wallet through preselected goals on the app.

Dollar Savings

Users can convert their Naira to dollars and earn interest on their dollar balance, up to 8% return per annum.

This is a good way for users to save in currency and earn interest without risk.

Investment

Users can invest in tailored foreign investment options right on the Risevest app.

Investment options include fixed income, real estate properties, and stocks, which are rated low risk, medium risk and high risk respectively.

How much can you make with Risevest?

How much you make on the Risevest app will depend on the asset you are investing in.

Here are the investment options available on the app and their respective returns:

Fixed Income: 10% per annum, with capital and returns guaranteed
Real Estate: projected return of 12 - 15% per annum, with capital guaranteed but returns not guaranteed
Stocks: Historical returns averages 20% per annum, however, capital and returns are not guaranteed

Can you Lose Money Investing with Risevest?

Yes, you can lose money investing with Risevest. More specifically, losses can be incurred by investing in Risevest stocks portfolio.

The company makes no guarantee of capital or returns with their stocks assets, even though that portfolio has historically returned an average of 20% per annum.

The Risevest stocks portfolio is a carefully curated list of 20 to 30 publicly traded stocks picked based on their long-term performance potential.

Some of the companies in that list include Visa, Microsoft, Copart, Amazon, Meta, and Alphabet.

Is Risevest Legit or a Scam?

The company has a high rating and good reputation among fintech users in Nigeria, but they have had their own share of regulatory issues in the past.

Early this year, the Nigeria Securities Exchange Commission (SEC) made a public announcement indicting Risevest as an illegally operating company and warned Nigerian users of the risk of getting defrauded by the company.

However, the company in a recent publication on their blog clarified its regulatory position with verifiable claims of its acquisition of Chaka, an SEC-compliant fintech and how all its Nigerian operations are being conducted and offered via Chaka.

In the same publication, they also claim to have acquired a US broker-dealer license through their affiliate company, Risevest Financial Securities Limited.

Positives about Risevest

In my opinion, the biggest positive about Risevest is their transparency.

I like how the company clarifies their business offering, their regulatory structure, and their commitment to users.

On the app, the savings and investment options are offered in a clear and transparent way, with up-to-date information and data on each offering.

Negatives about Risevest

To be honest, I had a bad experience signing up on the app.

In fact, I almost uninstalled the app due to frustration, however, I persisted because I was curious enough to want to use the app.

Many other users would have closed and deleted the app at the first sign of frustration.

I hope they rethink the sign up process and work on that laggy date of birth widget.

Should you Invest your money with Risevest?

It's actually up to you.

In my opinion, Risevest could be useful for anyone looking to invest consistently in dollars. It's arguably the easiest app for saving in US dollars in Nigeria.

All you have to do is fund your Naira wallet directly from your Nigerian bank or debit card, and then convert that fund from your Risevest Naira wallet to Dollar wallet.

Dollar savings on the app returns a 10% interest per annum, and your capital stays intact in dollars, away from Nigeria's current biting inflation.

However, I'll advise prospective savers and investors to do their own due diligence before investing with Risevest.

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