SumoBank Review: All you need to know about SumoTrust before you invest or make money with them
February 14, 2020
SumoBank Review: All you need to know about SumoTrust before you invest or make money with them
In this part of the world, we have seen it hard, rough, high, low and relatively soft with finances, that we hardly get excited once opportunity comes begging to be utilized.
If you’ve never had a reason to suspect any opportunity that promises returns on investment, forget it you aren’t a Nigerian or African, however if your case is the other way, you are simply not alone in this struggle.
The rate at which scam impoverishes, decorated as opportunity for a livelihood within the cyber space, thereby ripping the gullible and unsuspecting victims of their hard earned naira and kobo has called for a great concern.
As I write, majority are still getting their fingers burnt, trying to invest in one scheme or the other.
Why exactly am I doing this, like the topic of this guide refers, I want to help you decide ifSumoBank now called Sumo Trust is worth investing your hard earned money as well your time trying to make money off it with other parameters available to aid your course.
Who is this SumoBank/Sumo Trust?
Sumo Trust is an automated savings and investment platform that claims to help reshape the poor saving and investment culture of Africans.
They claim to help Africans save and raise money for any of the following purposes:
- To start a business
- Pay for rent
- Buy property
- Buy a car
- Do some shopping
- Pay school fees etc.
Who owns Sumo Trust?
It’s a product of Sumo Tech Global Limited registered as a finance company with Cooperate affairs commission (CAC) with RC Number: 1524989 in partnership with Entrepreneur Platform, one of the Nigeria’s largest business and enterprise blog.
Sumo Trust was founded by GT Igwe Chrisent, who claims to be a serial entrepreneur and has helped scale different startups into multimillion dollar companies with his business development and marketing expertise.
Information available about him saya “He’s a Geologist turned businessman,” passionate about Fintech, data analysis and wealth creation for Africans at large.
Why then the sudden change from SumoBank to Sumo Trust?
Recall Sumo Trust is affiliated/ in partnership withEntrepreneur Platform, one of the Nigeria’s largest business and enterprise blog.
Having been in business for 2 years as at June 14th 2019 with Entrepreneur Platform, Sumobank was launched and introduced as well.
Sumobank was designed to help people save and invest their money on the go having realized a common problem with their readers on business related topics.
It’s a problem of not having money to either start, scale or expand their businesses. This was what gave birth to sumobank, which can help one with the following tasks:
- Save money
- Invest money
- Monitor and reduce one’s expenses
- It also gave users the opportunity to withdraw part or all saved funds on free withdraw-able dates.
The development was announced on the Sumobank blog on the 27th of December 2019 by the Chief Executive Officer, Igwe Chrisent. In his words,
“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.”
The Change of name from SumoBank to Sumo Trust also came with some updates on the SumoTrust savings App which include:
Addition of NUBAN ACCOUNT numbers which allow users to have their unique bank account numbers for transactions (deposits) in their Sumo Trust account.
Group Saving feature which allows users to go on a savings mission with a group of friends, family, associations, challenges, etc to reach a savings goal.
The article also mentioned that their Learn feature (Motute) which will enable you to teach or learn anything from anywhere in the world will be ready and announced in a few months and will be released on Entrepreneur Platform. This means the Sumo trust’s partnership with Entrepreneur Platform will enable you to access the company’s course for free and get third party course at a discounted rate.
Now you know why the name was changed as announced in the recent press briefing by the CEO himself.
Features of Sumo Bank/SumoTrust
According available report, if you register with Sumo bank for any of the aforementioned services, be rest assured to have the following:
High interest returns: Sumo Bank pays you higher interest as regards to what any other bank would pay you on any amount saved.
No hidden fees: Your account is not being charged for any fee, no SMS fees, no withdrawal fees, COT whatsoever.
Trusted and Secured: Sumo Bank is highly secured and trusted by thousands (4000) of people.
You learn and connect: Sumo Bank in partnership with Entrepreneur platform will let you have free access to Nigeria’s largest online business academy as well as connect and collaborate with like minds.
Strong security: Sumo Bank uses the highest levels of internet Security, and it is secured by 256 bits SSL security encryption to ensure that your information is protected from fraud. Also uses a powerful block-chain security protocol to secure users account against hackers.
Operational Accounts available
This is an account type that helps users to automatically save daily, weekly or monthly as the case may be. On this account, you earn 10% interest per annum. You are allowed to make withdrawals on stipulated withdraw-able dates.
This is a category of savings in which you lock your money, for a long period of about 365 days, with this account class, you earn to a maximum 15% interest annually, it’s as well called investment account.
This is an account type designed for those who want to raise money for whatsoever project ahead. You are allowed to set your savings target, amount, then start saving until you hit the threshold.
This is an account that houses all interests earned in your above accounts, referral commissions, bonuses and winnings, they are all paid into this account. This account does not attract or have any interest attached to it whatsoever.
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Benefits and draw backs
- From what we understand and our experience, it is an avenue to help one raise finances to start business, building projects, buy cars, pay school fees, rent etc. Which ordinarily wouldn’t had been possible considering so many financial challenges when working on tight budget. This suggest an opportunity to raise funds you ordinarily would have borrowed elsewhere with jaw breaking interest rate.
- You have the opportunity to meet high net worth business men and women who will help to groom your business to enviable height, this is an advantage of their affiliation with Entrepreneur Platform blog called Entorm.com you may need to pay a visit to see things for yourself.
- Their interest rate accruable is more than what is obtainable with the traditional banks
- You’re not charged any fee for using any of their services, unlike the trading banking.
- Your money is very safe with them, you can view your earnings and balances via the dashboard anytime.Cons
- From my experience, their success seems rapid, they seem to have grown fast within 6 months of invention, then changed to Sumo Trust, though they cited reasons for this trend, which appears understandable.
- 4000 trusted users within this period is something you may want to doubt, that being said, do well to understand that a viable business with good strategy could surpass this rank within a short period. Considering the era of inbound marketing and how much followers and readers Entrepreneur Platform has.
- There’s a little charge attached to unprecedented withdrawals before the scheduled withdrawal able day which comes 4 times a year. This is however introduced to discourage you from making withdrawals from your savings before the withdraw-able date.What are other users saying about this SumoBank come Sumo TrustWe don’t just jump on offers from the blues, we take our time to ensure safety of your money and emotions. A detailed search and investigation carried out shows that a handful of users had submissions about Sumo Trust formally known as SumoBank according to their experiences.
In their words:
I was a “doubting Thomas” before now, but so far I have no complaints whatsoever. Sumobank is a wonderful concept, with simple easy to use platform. It is a good way to earn money while saving money. I like this, wish I had started earlier, well I’m here now!!! –ONYINYECHI VIVIAN UHUO
Sumobank is a good way forward for business development executive individuals and companies also use as making more ideas in economics. –GOMBA FINEMAN
Sumobank has really helped me in saving money monthly from my salary with the Autosave feature. I can’t thank the brains behind this enough. It has been a very easy and simple process for me. – OMINYE JEROME NELSON.
Hey! Just created an account here and trust me it is almost as easy as breathing. Added my card in a split second and got started on my Mission Savings. Referral system is 1000% Hassle free. –MAKINDE TAIWO OLUWATOYIN
I have always been a fanatic of watching my money grow. After carefully analyzing SumoBank. I strongly believe it is one of the best savings and investment platforms in the world. – IDOKO NICHOLAS CHINAZOM
Those are few words from existing users which had as well been subjected to scrutiny, of course you don’t just take it for it, we cgo extra mile to ensure authenticity.
Our investigation and expertise online/offline does not produce negative comments or bad experiences about SumoBank/Sumo Trust, we took a step further to get the App rating, to the best of our sincerity it was top notch.
You know a good business by its app ratings and downloads, a lot of people are keying into it aggressively.
Are you sure this is not another Ponzi or HYIP?
Our detailed search shows it’s a business that has great prospect and future. The mechanisms are designed to outlast the inventors with workable systems. It’s neither a Ponzi nor a HYIP, it’s a genuine business, not a get rich quick scheme, it’s a function of diverse business strategies, if you’re conversant with Entrepreneur Platform (entorm.com), you will have less stress running a conclusion about this.
How do they make the money they pay back as interest and all that?
SumoBank/Sumo Trust generates its revenue through asset management turnover. They invest a percentage of savings saved with them by their users every month and plough back most of the interests made to its users.
Users on Sumobank with an account will earn 15% interest annually for every dime invested and not touched for a minimum of six months, while users on Main and Mission account will earn 10% interest annually which you know is way higher than the average interest payouts from commercial banks.
Can they be trusted that much?
Well they are duly registered with the Corporate Affairs Commission, approved and recognized by constituted authority to do business in Nigeria with RC NUMBER:1524989 as owned by Tech Global Limited. There lies the answer to your question.
Sumo Trust Savings features and what they stand for
SumoPay is a feature on Sumobank that allows you to receive savings from anyone anywhere without having to create account. With your SumoPay link, you can ask your colleague, uncle, Aunt, friend or family in Nigeria to send you savings which will be credited to your account immediately.
What you can do With SumoPay
- Receive savings from anyone
- Receive donations from the public
- Receive money from clients
- Request money from Clients/debtors, friends, etc.
- Crowdfunding and fundraising for a project.How to Use SumoPay?to your Sumobank account
From the admin menu, click on ‘Sumopay’ you can choose to edit and customize your Sumopay link or not.
Copy your Sumopay link to clipboard and send it to anyone who wants to send/pay you money
They will be able to send you money instantly without having to create an account with Sumobank and the money will instantly be credited to your Main account which you can withdraw to bank anytime.
It is best recommended not to withdraw money received into your main account from Sumopay as withdrawals out non-free withdrawal dates comes with charges, aside from that, Withdrawals is 100% free.
If you’re just getting started with Sumobank, here is how to connect a debit card to your account and start saving.
The AutoSave feature on Sumobank allows you to automatically set auto-debits from your debit card to your Sumobank savings account until you reach your saving target. Debited funds can go into either your Main savings account, Fixed/Investment account or Mission savings account depending on the selection you made.
You can set the AutoSave to daily, weekly or monthly and can set the amount and exact time you want the money to be debited from your bank account to your Sumobank account.
The InstantSave option on Sumobank allows you to add more funds to your savings account. For instance, you set an Autosave of N1000 daily and you miss a day or two because they was no money in your account or something, you can use the InstantSave option to deposit N1,000 or N2,000 at once just to ensure you meet up with your savings target that you missed.
The InstantSave option can be used on all account type (Main, Fixed and Mission account), also you can InstantSave any amount at any time per day.
Just came across careless cash after you have AutoSaved your daily target and want to save more? Go ahead and use the InstantSave option to add the money to your account.
It is best recommended not to withdraw money received into your main account from Sumopay and withdrawals out non-free withdrawal dates come with charges remember.
Sumo Trust Affiliate Program
Sumo Trust created an affiliate program to help you make money off its platform from your effort by telling/encouraging friends and family to key in and start using its services.
You stand to make N600 each time a referrer registers and saves up to N7,500 in their account with sumo trust via your affiliate link, that’s aside your initial savings, interest etc.
It goes beyond saving and hoping, you can as well make money by sharing the word across your network.
- Our ratingWe have studied Sumo Trust carefully with reasonable yardsticks, thus the following score apply across our parameters in a scale of 10:
- Customer service
- System Uptime
- User experience
- Online/offline credibility
- Withdrawal on request and appointed dates
- Customer assistanceHaving carefully visited the above with intense care, we score Sumo Trust a total of 8.5/10.Our word
Sincerely encourage you to tow this path and define your financial future in 2020, we have demonstrated a track record advising you right in time like this, very meticulous about what you choose to call an investment, we don’t encourage you to gamble, rather put your money where I’m dead sure I have tried and will surely aid your success as well.
How to register and start making money with Sumo Trust
Click HERE to register your account now.
Fill in your complete name as contained in your bank account so you can easily make your withdrawals, include a valid email address, phone number and a strong password.
On submission, check your email inbox or spam for activation link, click on the link to activate your account.
Then log in using your phone number and password, then start saving, referring and earn continuously without bound.
SumoBank is one of its kind in Nigeria, its apparently outsmarting the conventional bank through higher interest rate and easy referral program, alongside functional system.
It has a working system designed to outlast the test of time, it helps users learn new trends in business, as well provides basic and advance academy to its users to manage their businesses without bounds.
Entrepreneur Platform forms the basis upon which the business wing is being derived, if making a significant difference in your finance in 2020 is of utmost concern, then Sumobank may just be your best bet. Thank for staying with me and do have a prosperous future ahead.
Raphael Orji is a freelance writer, professional blogger and a content marketing consultant. I work with small businesses, startups and entrepreneurs in building their brand image with high quality blogging and content marketing strategy.
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