Sumotrust is another financial related review I’ll be discussing in this article. The platform is a saving and investment platform that allows its users to save and manage their fund. This review will let you know some certain things about the company. Perhaps, to let you know if sumotrust is legit or scam.
As we all know, we can’t do without unforeseen expenses and emergencies. As a result, we need to save to be financially independent. And, there are many online saving platforms that can help you save your money wisely. One of them is sumotrust.
Before joining an investment platform especially those that promises high returns like sumotrust, it’s important to know some certain things about those companies before investing your money. This is because most of the investment platforms are not reliable. Even if you think they can be trusted, you need to know if it’s a platform that suits your need.
As a result, I’ll be discussing sumotrust review in this article to let you know if it’s really worth joining or one that you can entrust your money in. whatever it is you’ll like to know about sumotrust saving platform, this post has got you covered. All your questions about the company will be answered in this post.
Now let’s get started.
Sumotrust is a saving and investment platform of sumo tech Global Limited which is fully registered with Corporate Affairs Commission (CAC) with a RC Number 1524989. The company was first launched as SumoBank in August 2018 before it rebranded as Sumotrust later in 2019. They announced the development on their blog on the 27th of December 2019.
According to Sumo Trust, they are on a mission to help Africans to save and invest seamlessly without stress of walking into the bank to create a saving account. Their goal is to help you raise and manage your money and also earn while you save.
The platform added some features when they changed their name. Some of the updates are discussed below.
- Addition of NUBAN Account
Sumotrust users can use their bank account numbers for transaction. This means that they can easily make a deposit into their sumotrust account.
- Group Saving
This feature allows you to use the mission saving account with friend, family and association to reach a saving goal.
- Free Course
Sumotrust has partnered with entrepreneur platform. This will allow you to have access to the company’s course for free.
The brain behind sumotrust is GT Igwe Chrisent. According to him, he is an entrepreneur who has worked with different businesses before he decided to create saving and investment platform in 2019. Now, sumobank has been helping people to conquer the problem of saving.
Is Sumotrust Legit or Scam?
In this section of this review, I’ll be talking about the reliability of sumotrust platform since you would want to know if it’s legit before any other thing.
Sumotrust has been operating as a saving and investment platform since 2019 without any negative review about them. In addition, sumotrust is registered with CAC and also in partnership with flutterwave. Any transaction you made on the website is secure since Flutterwave is a trusted payment processor which is licensed by CBN.
Their user’s financial information is encrypted and securely stored to PCI DSS Level 1 compliant standards. The platform uses HTTPS SSL connection which makes the website secure. This means that sumotrust is legit and secure.
Why Choose Sumotrust
There are reasons why sumotrust is one of the best saving and investment platforms. Some of the reasons are discussed below.
No Hidden Charges
Sumotrust doesn’t charge for any transaction. You won’t be charged for SMS, withdrawal etc. Unlike commercial bank that charge you for sms alert and maintenance fee, transaction on sumotrust is free.
High Interest Rate
The platform pays high interest rate. Interest return on sumobank is much higher that what your bank pays you. You stand to earn up to 15% interest of the amount you save annually.
Opportunity to Learn and Connect
Sumotrust has partnership with entrepreneur platform which enables you to have cheap access to Nigeria’s largest online learning institute.
One of the good things about sumotrust is that they have strong security. The platform uses the highest levels of internet security.
It is secured by 256 bits SSL security encryption to ensure that all your information is completely protected from fraud. In addition, it uses a powerful blockchain security protocol to ensure the safety of its users account from hackers.
How Does Sumotrust Work?
There are different saving options on sumotrust. You can always decide always decide when to save and how much you want to be saving. Everything is absolutely under your control.
You can decide to be saving daily, weekly or monthly. For instance, sumotrust allows you to save between
- #100 – #100,000 daily
- #1000 – #1,000,000 weekly
- #5000 – #5,000,000 monthly.
As you can see, the minimum amount you can save daily is #100 up to a maximum of #5,000,000 monthly.
The website allows its users to automatically save their money easily. You can easily set the amount you want to be saving daily, weekly or monthly using the autosave feature. The money will be debited from your account into you sumotrust account.
The good thing about the sumotrust feature is that you will be relieved from the stress of saving manually. You just have to choose the time you want the money to be debited from your bank account.
The instasave feature allows you to meet up with your savings in case you missed some days because there was no money in your bank account.
So let’s assume you’re using the autosave feature and it happens that your bank account balance is lower than the amount you’re auto saving, you can use the instasave option to add fund to your account to meet up with your savings. You can use the feature anytime on any account type.
All interest earned from your account, affiliate and bonuses will be paid into your kick account. You can withdraw your money from it at anytime without any charges. All withdrawals are free.
The kick account number on sumotrust let you make deposits and receive money into your sumotrust savings account via bank transfers and deposits.
What is SumoPay
Sumopay is a feature on sumotrust that allows you to receive savings from anyone anywhere without having to create account. You can access your sumopay link in your account dashboard.
Here’s what you can do with sumopay.
- Receive saving from anyone
- Request money from debtor, friends etc.
- Receive donations from the public
- Crowdfunding and fundraising for a project
- Receive money from client.
To use your sumopay, login to your account dashboard. then Click on ‘sumopay’. You can customize your link. After that, copy your sumo pay link and send it to anyone who wants to send you money.
They will be able to send you money without having to create an account with sumotrust. And, the money will be credited to you main account which you can withdraw to bank anytime.
Type of Account
Sumotrust has 3 different types of savings which include main savings, fixed savings and mission savings. All the saving options are discussed below.
This account is for regular savings account which is good for anyone who wants to save and raise funds for emergency. With this account, you may not have to save for a particular reason. It allows you to keep your money for the number of days you want. All you’re saving on sumotrust will remain on main savings which you can withdraw on the set withdrawal date.
You should know that withdrawal on main savings is restricted to only withdrawal dates (the date you choose to withdraw). This means that you saving will not be available for withdrawal if the days you set to keep the money are not yet complete. However, you can withdraw the money before the days are over but it will attract penalty fees.
For instance, if you choose to save for 30 days, you won’t be able to withdraw the full amount you’ve saved if the 30 days you set is not complete. For example, if you’ve saved #50,000, you can’t withdraw it if the days you set is complete. If the days are not yet over, you won’t be able to withdraw.
However, you can withdraw before the set date is complete but it will attract 4.5% penalty fee which is #2250.
This saving option allows you to earn up to 15% interest per annum. It’s a fixed saving which is usually paid up front. Fixed saving on sumotrust allows you to lock away your funds or a long period of time (up to 1 year).
You won’t have access to the money you lock until the time you set is over. However, you can withdraw the money before the days are over, but it will attract 4.5% penalty fee. You should know that interest rate on fixed savings depends on the number of days you choose to lock your funds.
You can create different fixed saving on sumotrust if it’s meant for different purposes. You can have a fixed saving for your birthday, vacation etc. interest rate with fixed saving is higher than other saving option.
As its name implies, mission saving allows you to save for a particular project. You just have to set your savings mission and amount and start saving until the money is complete. You can safe towards starting your desired business with mission savings.
Withdrawal from this account is free provided you’ve reached your saving target amount. Just like main and fixed savings, mission saving also attract 4.5% penalty fee if you withdraw before your target amount.
What is Sumotrust Interest Rate?
Interest rate on sumotrust depends on the saving option you choose. How they pay interest with each saving options are discussed below.
- Main savings
All the money you’re saving will display on main savings. You can always move funds to desired saving option. Interest rate on main saving is accrued daily in your balance. You’ll earn 10% interest per annum.
- Fixed Savings
Interest rate with fixed savings is paid up front. You’ll earn 15% interest annually. Interest rate on fixed saving is higher than other saving options.
- Mission Saving
Interest rate with mission saving is 10% per annum. It is accrued daily in your balance and is paid at the end of your target. Unlike main and fixed saving, mission saving pay your interest at the end of your target.
Sumotrust Referral Program
You can earn money with the platform’s affiliate program. You stand a chance to make a decent amount of money by referring people to the platform with your referral link. Each person you refer earns you #600 which they will pay into your main saving account.
Once you’ve signed up and your account is valid, you can start referring people to sumotrust with your referral link.
How to Register
You can register and become a member within few minutes. Just follow the simple guide below.
Visit Sumotrust Registration Page here.
Fill in all the required details which include your account name, email address, phone number and password. Then click on “register”. Note that your name should match your bank account name.
You’ll receive a confirmation message in your email. Just login to your email and click on the link to activate your account.
Once you’ve confirmed the message sent to your email, you can login with your phone number and password to access your account.
You can then start saving with sumotrust.
You can also use the sumotrust app to create an account and start saving easily. You can Download the App on sumotrust website and install it into your smart phone. After that, you can then select ‘create an account’ button to open an account.
However, if you’ve created an account already, just click on the login button and enter your account login details to start using the app.
The answers to some of the questions people ask most about sumotrust are discussed below.
Is Sumotrust Legit?
Yes, sumotrust is legit and reliable. All your information is encrypted and stored to PCIDSS level 1 compliant standard. So, your money and card details are secure.
What happen if I withdraw before the free withdrawal dates?
As I’ve mentioned in the post, you can decide to withdraw before the free withdrawal days. If you do so, you’ll be charged 4.5% penalty fee.
Sumotrust is one of the best saving and investment platform that I’ll recommend to anyone who wants to start saving. The platform also pays high interest (10% – 15%) which is higher than what your bank pays you.
Sumotrust does not charge for deposit and withdrawal which is one of the good things about them. And, you can also be earning while you’re saving through interest and referrals.
Hope you found this sumotrust review helpful.
If you need to ask a question, make use of the comment box below.