What it is
In Phone → Bank, you can save money and earn 0.5% interest each week, or buy a government bond that pays 2% after seven days. You can also manage your LAPO starter loan from your Sim panel.
How to save or buy a bond
- Open Phone → Bank and scroll to the Naija Reserve Bank card.
- To save or withdraw, open Save, enter an amount or choose a quick amount, then tap Deposit or Withdraw.
- To buy a bond, open Bonds, enter at least ₦10,000 and buy it. When the seven-day countdown ends, tap Cash in.
How to pay off LAPO early
- Tap your Sim’s portrait to open the Sim panel.
- On the LAPO card, tap Pay ₦12,000 now to pay one week, or tap Pay it all off twice to clear the loan.
Rules & numbers
- You need at least ₦1,000 to deposit or withdraw, and at least ₦10,000 to buy a bond.
- You can make up to 20 deposits, 20 withdrawals and 10 bond purchases each day. You can hold up to 10 bonds at once, worth no more than ₦500m in total.
- Savings earn interest up to a balance of ₦1bn. Interest builds over time and is added in whole naira at most once a day.
- A bond’s return is fixed when you buy it. You must cash it in after it matures; it does not pay out automatically.
- LAPO gives you ₦60,000, and you owe ₦72,000. Payments of ₦12,000 are due every seven days from 10 AM. If you cannot pay, a penalty of 10% of that week’s payment is added.
- The Reserve Bank does not offer loans.
Tips
- Savings count towards your net worth and cannot be robbed or raided.
- Bonds pay more than savings, but your money is locked until the bond matures.