Cytonn FinTech, a subsidiary of Cytonn Investments on Monday launched the Cytonn Wallet, a digital wallet investment vehicle that is wooing investors with an 11% return on their investment per annum.
In a statement, Cytonn Investments Chief Executive Edwin Dande said that the company’s decision to venture into the digital wallet business has been informed by the evolution of financial technology (fintech) that has seen digital solutions to financial problems gain massive popularity over the last decade and in the process becoming a staple for finance firms.
“We are in the business of identifying client needs and offering effective and efficient solutions. Cytonn wallet is our solution to an existing need and what makes it unique are features such as Instant2Send, Instant2Transfer, Instant2PayBills, Instant2Mpesa, Instant2Bank, Instant2Invest and most importantly you stand to earn up to 11% P.A” said Dande.
“The world has changed dramatically over the last couple of months. Businesses will evolve and emerge from the COVID-19 crisis in different and profound ways. This will translate into an even greater need for digital platforms to carry out transactions,” added Dande.
According to Cytonn Investments Senior Brand Manager Daniel Mainye, the Cytonn Wallet guarantees clients a fixed Return on Investment (ROI), access to liquidity when needed to their M-PESA or their bank accounts via PesaLink directly from their Cytonn Money Market Fund Account by redeeming units, and transfer units between unitholders in the Cytonn Money Market Fund
“Clients will now be able to withdraw to M-PESA or Bank via PesaLink with a daily limit of Ksh300,000, as well as send money from their Cytonn Wallet to another M-PESA number or Bank account that does not belong to them,” said Mainye.
The Cytonn Money Market Fund is a fund that seeks to obtain a high level of current income while protecting investor’s capital and liquidity.
Cytonn Investments operates on a ‘outperform all’ strategy by by investing in interest-bearing securities and short-term money market instruments available to institutional clients.
Digital Wallet
A digital wallet also known as e-Wallet is an online service or software program that allows one party to make electronic transactions with another party bartering digital currency units for goods and services.
This can include purchasing items on-line with a computer or using a smartphone to purchase something at a store.
Money can be deposited in the digital wallet prior to any transactions or, in other cases, an individual’s bank account can be linked to the digital wallet.
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