In this article, I’ll guide you through the process of opening a Mutual Fund account with Stanbic IBTC. You can use the same steps for most Mutual Funds in Nigeria.

Before I begin, you should probably read this article, which explains what a Mutual Fund is. In summary, it includes a mix of investment instruments with different risk profiles, like Treasury Bills, Bonds or Stocks. It is managed by a professional asset management institution and typically provides a higher return than what you would receive in a savings or fixed deposit account, depending on the product you choose. You also earn compound returns from month-to-month. This makes the fund an ideal investment account that you can use to grow your savings.

The minimum opening balance is N5,000 and both your principal and returns are assured if you choose the following products – Money Market Fund, Guaranteed Investment Fund or Bond Fund. You can top up the account at any time with any amount, and after the first 30 to 90 days of any deposit, you can withdraw at any time without penalties.

Now here’s a step-by-step guide for opening the account:

1.  Download and fill the individual account opening form if you’re a person. If you’re opening an account for your company, please use the corporate form instead. On the form, select the “re-invest interest option”, so you can enjoy compound returns. At the top of the account opening form, kindly write “Corporate Wealth Rep – Subomi Plumptre” so I am identified as the one who referred you.

2. Fund your account via a transfer from your bank account to the account number for the product you choose (which is clearly stated on the form). You don’t need to be an existing customer of Stanbic IBTC.

3. Your bank transfer receipt, completed form, colour passport photograph and a copy of your utility bill and ID card (e.g. National ID, International Passport, Voters Card or Driver’s License) should be delivered to any Stanbic IBTC branch. In the absence of a utility bill in your name, kindly use the first page of your stamped bank statement which bears your address. If you live abroad, you can scan all the items to anyone to print and drop off at a branch for you.

4. After submitting your documents, you will be sent login details to an online platform, from which you can manage your account and continue to top it up remotely. Individuals can also use the Stanbic IBTC mobile app to top up and redeem funds. For companies, there’s a redemption form you can use.

5. If Stanbic IBTC does not send you login details 5 days after sending your documents and funding your account, please call their asset management unit on +234 1 280 1266 and +234 1 270 2852, stating when you opened the account.

6. You may use the same form to subscribe to different mutual fund products by Stanbic IBTC. Simply tick the product(s) you want and pay to the designated account(s).

Topping Up Your Account

To top up your account as an individual, please use the debit card payment option within the Stanbic IBTC mobile app. If you would like to use a bank transfer, then please include your Money Market e-account number in the remarks.

For companies, you can only top up via the bank account transfer option. Please include your Money Market e-account number in the remarks. If you pay in person at a Stanbic IBTC branch, please give the teller my code, 5724.

You should receive an acknowledgment of your payment via your registered email address, in 24 hours. Your Mutual Fund account should also be credited in 48 hours. Kindly check to confirm.

Redeeming Your Funds

For individuals, you may redeem your funds within the Stanbic IBTC mobile app. For corporate accounts and for large sums, you can only redeem manually via a redemption form. Fill the form and submit at a physical branch. Your bank account will be credited in 3 to 5 working days.

That’s it!

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