Introduction:
At Yana, we’re committed to informing you about anything affecting your financial decisions. This article explains the recent changes to our interest rates and deposit yields, and what it means for you.
Understanding the Change
On the 27th of February, 2024, at the Central Bank of Nigeria (CBN) after a meeting of Nigeria’s Monetary Policy Committee (MPC), an increase was made to the current monetary policy rate (MPR) to 22.75% from 18.75% in a bid to contain inflation. See here for more information.
This increase impacts the entire financial sector in the country, including Yana.
What This Means for You
At Yana, you have both a credit and deposit account. One of the benefits our deposit accounts provided was the ability for you to have a yield of up to 18%.
Yield refers to the income an investment generates, separate from the principal.
With these changes, Yana’s interest rates and deposit yields will be changing.
This new policy rate comes with the following changes effective immediately:
New Interest Rates:
To reflect the change in the financial environment, Yana has adjusted its interest rates. While we strive to provide competitive returns, we also prioritize responsible financial practices.
Yana’s new interest rate range for utilised credit is now 3% to 5% monthly, compared to the previous range of 2% to 4%. Our previous average interest which was 36% annually has also now been adjusted to 48% annually.
What this means is that for all monies used as credit, your interest for repayments is now 3% to 5% monthly.
Higher Minimum Deposit Yield:
Previously, minimum deposits on Yana earned you an 18% yield per annum. Moving forward, your yield now be 24% per annum on the monies left in your deposit account.
Important Note
The new interest rate range provides stability and ensures sustainable growth for both Yana and our valued users. While the interest rates have slightly increased, your yield has increased as well, which gives you a higher earning capacity.
Yana remains committed to offering competitive financial solutions and a secure platform for your financial needs to provide your business with the best chances at growth.
Please note, that this will only apply to new users, and new transactions being conducted as previous transactions will not be affected.
Stay Informed
We understand that navigating financial changes can be challenging. Please visit our FAQ resources (here) for frequently asked questions and additional resources.
Next Steps
Log in to your Yana account and top up your deposit account to key in the new changes to deposit yields.
Remember, Yana we take your growth very seriously and will continue to provide financing and financial management for your business.
Take advantage and empower your business by unlocking growth today!