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Sumotrust review (All you need to know about this platform)
Sumotrust (formerly known as sumobank) is a platform that allows you to save money easily and comfortably.
Sumotrust was founded by GT igwe chrisent sometime in 2016 and is a product of sumo tech global limited and is registered under the corporate affairs commission of Nigeria (CAC) with the RC number 1524989.
According to sumotrust’s website, it was founded to help people to save and invest their money in order to scale their businesses, pay upcoming rent, buy property, buy a car, do shopping, pay school fees and other things.
Sumotrust helps you to save and invest your money without the stress of walking to the bank and creating a savings account.
Sumobank was rebranded to sumotrust on the 27th of December 2019 and was announced by the chief executive officer on the website’s official blog. To quote the official statement:
“In 6 months, we have grown from 0 to serving almost 4000 customers and to serve you better; we decided to carry out a product-service survey which will help us to do more. “Based on the feedback we got from our ‘Esteemed users’ on our Product and service survey; we’re happy to announce that our vision just got bigger and we’ve set out to give you the very best of platform for Savings, Investment, learning and more. “Because our vision got broader and clearer, it is important to know that having ‘Bank’ attached to our name will not serve the product updates which will be effected in the coming months/years, so we decided to pick a new name.”
This re-branding came with updates like:
- Addition of NUBAN account number which allows users to have their unique bank account numbers for transactions on their sumotrust accounts.
- Group savings function that allows you to save with your friends, family and loved ones.
Benefits of saving with Sumotrust
If you decide to register with sumotrust and save on the platform, these are some of benefits that come with doing so:
High interest returns
On sumotrust, you can get up to 15% interest annually on your savings, this is more beneficial than just leaving your money in your bank accounts.
No hidden fees
With sumotrust, there are no hidden fees, i.e when you move money from your bank account to your sumotrust account, there are no charges. Even when you want to withdraw your money, it’s still completely free.
Trusted and secured
Sumotrust is trusted and its website is secured with ssl certificate, so all your transactions are encrypted. Over 4,000 people currently trust sumotrust with their money.
Learn and connect
Sumotrust partners with popular entrepreneurship blog in Nigeria (entorm.com) to teach you about finances, starting a business and maintaining wealth.
Types of investment accounts on sumotrust
The good thing about sumotrust is that they have different options for saving and it allows you to choose the one you are most comfortable with.
Sumotrust offers different account types for you to save and grow your finances.
The investment accounts available on Sumotrust are:
- Main savings
- Fixed savings
- Missions savings
- Kick account
With this account, you can choose to save on a daily, weekly or monthly basis. You can get up to 10% interest per annum. It allows you to set a withdrawal date (i.e a date when you get to withdraw your money). You usually can’t withdraw before this date, this enables you to meet your target.
With this account, you can lock your money away for a long time (up to 365 days), just like a normal fixed bank account, you usually can’t touch this money until you reach your withdrawal date. You can get up to 15% interest annually.
If you want to raise money for something like a project, a business or any other reason, this one is for you. You can save daily, weekly and monthly, whichever suits you.
All interest earned on all the above account types, referral commissions, bonuses and winnings are paid to your kick account.
Features of Sumotrust
If for some reason, you don’t want to create an account with Sumotrust, you can still receive savings from people. Sumopay allows you to:
- Receive savings from anyone
- Receive donations from the public
- Receive money from clients
- Request money from clients’/debtors friends e.t.c
- Crowdfunding and fundraising for a project.
With this feature, you don’t need to always login to your sumotrust account and transfer money to your savings account. The autosave feature can automatically deduct the set amount from your debit card daily, weekly or monthly until your savings target is reached.
With the instantsave, you can still meet up if you miss a day. For example, if you were saving a 100 naira daily, but on a specific day, your account was not up to a 100 naira, sumotrust will take 200 naira the next day to cover up on the previous day.
Sumotrust will pay you 600 naira for every user you bring that registers and saves up to 7,500 naira on the sumotrust platform. This money is paid to your kick account and you can withdraw it .
Frequently asked questions (FAQs)
How do I start saving on Sumotrust?
You can start by creating a free account with your name, email address and phone number. Verify your email by clicking on the link that was sent to your inbox.
You can save as little as 100 naira using your visa, verve or mastercard and set a withdrawal date.
How much can I save on sumotrust?
You can save between
100 naira – 100, 000naira daily
1000 naira – 1, 000, 000naira weekly
5,000 naira – 5,000, 000naira monthly
How safe is sumotrust?
Sumotrust was founded by GT igwe chrisent sometime in 2016 and is a product of sumo tech global limited and is registered under the corporate affairs commission of Nigeria (CAC) with the RC number 1524989. It has been serving over 4,000 users since it was founded.
Sumotrust works with other trusted companies like flutterwave, paystack, mastercard, VISA and VERVE.
How does sumotrust make money?
Sumotrust invests user’s money and pays its users some part of their revenue.
How do I contact sumotrust?
Sumotrust customer care can be reached at:
Address: Ifeanyi okowa street, river park estate, lugbe Abuja, FCT Nigeria.
Phone number: 0814 – 800 – 8091
Saving money is not something that comes easy to some people, it usually requires a certain discipline that some people do not possess.
A platform like sumotrust will help you save money for important projects, maybe a business or some other important things.
A good thing is that you get to choose the one you are comfortable with and stick to it over a period of time.
Thank you for reading, I hope I have helped you understand and know everything that you will need to start saving on sumotrust.
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