Sumotrust Review: Legit or Scam? Here is everything to know in 2020

Unlike piggyvest, SumoTrust is one of the best savings and investment platforms in Nigeria that allows you to save and invest with ease and earn up to 15% interest per annum on savings.

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.

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:

  1. Addition of NUBAN account number which allows users to have their unique bank account numbers for transactions on their sumotrust accounts.
  2. Group savings function that allows you to save with your friends, family and loved ones.

Why Choose SumoTrust

Here are the following reason why I recommend SumoTrust as your savings options:

1. High Interest Returns

Sumotrust allows you to earn up to 15% interest per annum when you choose to save money in Nigeria with them. This is more beneficial than just leaving your money in your bank accounts.

2. No Hidden Charge

Sumotrust offers no Hidden charges when you choose to deposit funds into your SumoTrust account or when you choose to withdraw funds to your local bank account in Nigeria.

3. Security is Paramount

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.

4. Learn and Connect

Sumotrust in partnership with Entrepreneurs platform gives you free access to Nigerias largest online business academy as well as connect and collaborate with business minded individuals.

5. Partners with Top Brands

Sumotrust in partnership with well known trusted brands such as paystack and flutterwave ensures that your funds are well secured and protected.

Sumotrust Savings/Investment Options

Sumotrust has up to four savings plan namely:

Sumotrust Fixed Plan

These plan helps you meet commitments to long term financial goals by allowing you to lock funds away (grow money) towards a fixed date, and you earn up to 15% interest in annum.

Sumotrust Main Savings

This plan allows you to save money periodically (daily, weekly or monthly) towards a set financial goals and earn 10% interest per annum.

You need only to specify this once during the setting up of your plan and sumotrust will ensure this money is saved automatically on those specified days into your SumoTrust savings wallet.

Sumotrust Mission Savings

This plan allows you to save consistently towards a particular financial goal. You can save towards starting a business , save for a rent, vacation etc, and earn interest while doing so.

Sumotrust Kick Account

This is a sub-account where all interest, affiliate earnings, bonuses, etc earned on sumotrust are paid.

You can proceed to withdraw your funds any time without any hidden charges. All withdrawals from a kick account is absolutely free.

Features of SumoTrust

Apart from savings options, there are also four other packages on the sumotrust platforms such as:

AutoSave

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.

Instant Save

In this fracture, 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.

SumoPay

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:

  1. Receive savings from anyone
  2. Receive donations from the public
  3. Receive money from clients
  4. Request money from clients’/debtors friends e.t.c
  5. Crowdfunding and fundraising for a project.

Sumotrust Affiliate

This feature allows you to earn up to N600 for any family and friends you refer on the sumotrust platform via your affiliate program which is being given to you upon registration, and they save up to N7500.

Sumotrust Review: Legit or Scam?

Sumotrust is a legitimate online savings and investment platform in Nigeria owned and founded by GT Igwe Chrisent in 2016. Registered and Lincense by the corporate affairs commission with RC Number: 1524989. So be rest assured that all your funds are well protected from any third party access.

Do Sumotrust Gives out Loans to People?

At the moment, sumotrust don't give out loans to individuals, but they are making provisions for that. This feature will allow you get access to personal and small business loan from Sumotrust without collateral depending on your savings and community culture which will be calculated from your sumo credit balance and growth pattern. So at the moment you can check out these top 10+ website that offers quick and instant online loans without collateral in Nigeria.

Sumotrust Contact Details

SumoTrust has it’s head office in Abuja, the Federal capital territory of Nigeria. Their office is located at House 4, Suite 1, Ifeanyi Okowa street, River Park Estate, Lugbe, Abuja, FCT, Nigeria.
Contact number: +2348148008091.

Sumotrust Review: Final Conclusion

Sumotrust is a popular and legitimate online savings/investment platform in Nigeria that allows you to save money with ease and earn interest on the go.

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