Jommoro Mobile App
So, I came across this exciting application that helps potential investors to compare Fixed Deposit interest rates being offered by the banks and check forex rates on the market.
Immediately, it stirred my thoughts on the title of this article.
In recent times, the investing public has fallen victim for several fraudulent investment schemes. There seems to be two key issues at play; hardworking people looking to put their money into appreciable interest-bearing ventures and swindlers, who, sensing such a need, devise brilliant schemes to separate these people from their wallets.
Now the interesting question that keeps recurring is, “why do people keep falling for these schemes over and over again?” While some may attribute this to greed, I believe that may not necessarily be the motive. Financial illiteracy among the masses could be a contributory factor, for instance, at what point must one know that the interest rate being offered is unrealistic; 20%, 40% or above 50% per annum?
Another challenge investors encounter is comparing interest rates offered by credible institutions on the market. For risk-averse investors, Government of Ghana Treasury Bills currently at about 14.825% per anum for 91 days as of the time in writing this article, offers a safer investment option. As with lottery, investors must realize that the higher the risk, the greater the chance of losing everything. It will be helpful for investors to compare interest rates provided to that of Treasury Bills to be able to gauge the level of risk. Ideally, a potential investor should consider looking at the average rates being offered by reputable institutions before making an investment decision which then brings me to the crux of the matter.
The Jommoro Mobile App, available on Google’s Playstore and Apple’s Appstore is a useful tool that allows a prospective investor to:
- Input amount to be invested
- Select the Tenor
- Choose between Fixed Deposit and Treasury Bills
- Check forex rates
The app collates fixed deposit rates for all banks available on their websites or at their branches. It also computes the estimated interest amount and expected amount an investor will be earning after investing with a bank.
This app will be very useful in helping investors make swift investment decisions while giving them an indication of average rates on the market.
This app is a laudable initiative and I suggest the developers (Enterprise Computing) integrate the app with the various banks to enable investors easily invest from their mobile wallets.