FAQS
Frequently Asked Questions
These are the common questions our users ask and the best solutions to them
MyFund is a FinTech platfrom that helps you save your money towards buying properties for a lifetime rental income. But in the meantime, MyFund helps you save to achieve your big goals (cars, college, business, immigration, marriage, etc.) and secondly, you earn 20% p.a. dividends on your money every January and July.
How do I earn income from MyFund?
You earn all incomes into your wallet...
- 13% p.a. on Savings and 20% p.a. on Sponsorship Investments every January and July.
- lifetime rental income on properties acquired.
- 5% commission on sold properties you refer.
- bonuses on referrals, and
- as one of the top savers of the month.
What is the minimum amount for monthly savings?
At the moment, you can save any amount you wish. But we encourage that it's not less than N30,000 in a month to really achieve your big goals.
If I've cumulatively saved up to N100,000 in my Savings, can I move it to Investment?
Yes. you're encouraged to do so especially because it gives 20% ROI (compared to 10% on your Savings). Simply click the WITHDRAW button and follow the prompt to move your accumulated funds from SAVINGS to INVESTMENT.
What is Ownership Investment?
It means buying a property to own for rental income. We're setting up rental properties in high traffic areas across the country for you to own a part of. The ongoing investment plan is at Harmony Estate, opposite the Federal University of Agriculture Abeokuta (FUNAAB), Ogun State (41 apartments). Simply go to Invest > Ownership Investment and select Buy Now!
What is the charge on withdrawals?
Withdrawal from Wallet to any account is free. Immediate withdrawal from Savings and Sponsorship Investment, however, attracts a break fee of 10% and 15% respectively. If however you don't want to be charged, the waiting period is 30 days and 90 days respectively.
How much do I get on Referrals?
You earn up to...
- N1000 on referring friends to MyFund, and
- 5% on all property sales that are completed by your referral.
Why choose MyFund when there are other piggybank platforms out there?
MyFund helps working and retiring-class people save towards owning properties. Unlike the currently existing piggybank solutions, MyFund offers a lifetime rental/retirement income via our national hostel project.
What exactly is MyFund Fractional Ownership Investment (FOI) Plan?
MyFund is building Hostels across campuses starting with MyFund Hostels at the Federal University of Agriculture, Abeokuta (FUNAAB). Users are given the opportunity to own fractions of the asset and earn lifetime rent (passive income) with the Deed of Agreement. Go to bit.ly/f90percent to begin.
Can I transfer my earnings to my children when I'm gone?
Sure! The FOI Premium plans is an asset that's in your name. The earning default to your next of kin in the event of your death. See more details in the Deed of Agreement.
I want to withdraw immediately. What is the break fee?
Withdrawals take time because the funds are usually tied up in investments per time. Immediate withdrawal, however, attracts a break fee of 10% of the amount requested if SAVINGS, 15% if from INVESTMENTS and 0% if from WALLET...to be processed for you without the waiting period.
What does Fractional Investment mean?
This is the ownership of a fraction of a real estate investment. This is achieved when members' funds are pooled together towards a big deal. When the property is rented out or sold, members get returns at the end of the year in their Wallets based on what they have in investments.
What percentage is charged on my rent when I buy properties
It varies from time to time depending on the market. But at the moment, percentage charge for property management is 30% of the rents earned
