Frequently Asked Questions: PayVest

Get the lowdown on Carbon’s big new feature

PayVest — Carbon’s new high-interest investment feature — is live!

There’s understandably been quite a LOT of interest from customers on how the new feature works, so here’s a few answers:

General

What’s PayVest?

PayVest is Carbon’s investment platform that helps you put away funds and grow your wealth in a secure and transparent manner.

For more information on PayVest and its unique offering, click here.

How much interest do I get on my PayVest investment?

The prevailing interest rate for a 1-year investment is 16.5%* per annum. Rates will vary depending on the investment duration selected.

*Note: Withholding tax is applied on interest earned.

Investment Information

How much can I invest?

On each investment plan, qualifying investment amounts range from as little as ₦100 to ₦10,000,000.

How long can I invest for?

Currently, available investment tenors are from 1 — 12 months. If you wish to re-invest after an investment has been paid out, it just takes a few clicks in your app.

How is interest calculated?

Interest rates are calculated based on the investment tenor selected. The longer you lock in funds for, the higher your rates!

Can I have more than one investment plan?

Yes! At any point in time, you can create up to 5 (five) investment plans in your Carbon app.

If you need to have multiple investments towards various goals (for example — a short 3-month investment towards a vacation you’re planning, or setting up a 12-month retirement fund at a higher interest rate than your pension) then PayVest is just right for you.

How can I fund my PayVest investment account?

You can lock in your PayVest investment by doing the following:

1. Click ‘Grow Wealth’ on the home page of your app or select the ‘Investments’ menu option. You’ll need to have your app updated to access the new feature.
2. Select your investment terms and confirm the investment
3. We’ll display a customized bank account for you to transfer the investment amount to.
4. Once done, your investment is instantly confirmed! 💰

Can I top up an existing investment?

No. However, if you wish to make additional investments, you can setup another investment plan and lock in the same (or better) rates.

Is there a fee to setup a PayVest investment?

Not at all. It is absolutely FREE to opt in and earn guaranteed interest on your investment, once you lock in funds.

Are there charges to operate this investment?

There are no charges to operate a PayVest investment account. Tired of account maintenance fees, debit card fees and other miscellaneous charges? PayVest is a great option for you.

What is a maturity date?

This is the beautiful day when your investment has completed the agreed time period, and you receive your full principal and interest payout to your account! 😃

Withdrawals

How do I make a withdrawal?

To make a withdrawal, just go to the ‘Investments’ tab on your Carbon app. Click the Investment plan you want to withdraw from, and then confirm. Funds will be sent to your valid bank account stored on your Carbon profile.

How often can I withdraw my funds?

You have free access to the funds in your PayVest account. You can withdraw your investment, any time. There are no set withdrawal dates, and you’ll never pay any charges to get access to your own money.

However, please note: interest is earned quarterly. If you make a withdrawal of an investment before interest has been earned, you’ll forfeit any interest accrued since the last quarter. As such, we recommend holding your investment until maturity to earn your full interest!

Security

How is my money protected?

As with everything else on the Carbon service, security is guaranteed.

PayVest investments are protected and always available for withdrawal, anytime you wish. Your funds are safe as they are managed by One Finance and Investments Limited (RC No: 1044655), which is licensed and regulated by the Central Bank of Nigeria.

Can I opt-out of the scheme at any time?

Yes. You are free to opt-out of PayVest any time. Note that you will no longer earn interest on investments once you do.

How do I monitor my investment(s)?

With PayVest, it’s extremely easy to have full visibility on how your investments are growing. The app will always show you real-time information on your current earnings, and you’ll also receive monthly status notifications on investments from us.

More questions?

We’re excited to hear your thoughts on the new feature! You can reach out to us with questions or feedback via the in-app chat, message us on Facebook or tweet at us.

PayVest is available in the updated Carbon app — available now on the Google Play Store.