To make money, one has to invest wisely. Investing wisely not just means investing in something that’ll bring returns, it also entails investing in something that’s legit.
In today’s internet world, investing online is a thing. However, a lot of Nigerians can share bad experiences about online investment with platforms like MMM, Ultimate Cycle, etc.
Notwithstanding, a new online investment company is making the rounds in 2020. This is the Pennywise Wealth Management & Investments Company. While a lot of Nigerians are already in, others have ruled it off while some are having doubts concerning the legitimacy of the platform.
So here, we’ll look at how real the company is. It’s a must read before you invest your money.
What is PennyWise Wealth Management & Investments?
Pennywise, as the company description states, is an investment company. With them, you can invest in stock markets, real estate, gold, digital market , crude oil, and more. And all you need is just a mobile phone and money to put in.
How Pennywise works?
Depending on your package, Pennywise promises a 2%, 2.5%, and 3% daily return.
The Premium package promises 2% daily return and you have to invest from $100 – $30,000. Approximately N38,000 – N11.5 million.
The Gold package promises 2.5% daily return and you have to invest from $30,000 – $60,000. Approximately N11.5 million – N23 million.
The Platinum package promises 3% daily return and you have to invest from $60,000 – $100,000. Approximately N23 million – N384 million.
You make a deposit and cannot withdraw your returns until the investment period of 90 days elapses. Users can also make money from referrals which is why there was too many buzz about Pennywise in Nigeria. Investors were looking for new investors to register under them so they make earnings.
From all of these, Pennywise has all the features of a Ponzi scheme. Also, the platform charges a $50 (N19,000) maintenance fee.
Is Pennywise real or not?
At the moment, the Pennywise website is off the internet. The site went down on August 17th 2020 and since then, there has been no news from them. Try visiting http://www.pennywisewealthmanagement.com and you’ll get an empty page. What does this mean?
This means that all who had their money in the platform without withdrawal just lost their funds. This is similar to how MMM and some other dubious online investment scheme vanished. Although while it lasted, a lot of investors smiled but that’s the thing with Ponzi schemes – they don’t last and are bound to end once there are not many new investors coming in.
If you’re thinking of investing with Pennywise Wealth Management & Investments, don’t. The website is off the internet now but there’s no telling that they won’t be back again. No serious investment company will disappear like that without giving their customers a prior notice and a reason.
Before investing your money in any online scheme, do check to see their finance backings. Are they regulated? Are they registered with CBN or SEC? Are they an affiliate or subsidiary of any renowned company? That’s how you identify legit investment and avoid falling for scams.