Frequently Asked Questions
SolomonHills is a Safety-First savings and Investment platform. We want you to feel confident and secure on solomonhills, so these are the commitments you can always expect from us.
Solomonhills
SolomonHills is a modern online cooperative platform that simplifies savings and investing
and makes it easy and affordable for you to access loans in other to achieve your financial goals.
SolomonHills was built to grant everyone access to safe investments.
With the aid of SolomonHills, a cutting-edge online cooperative platform, you can easily get loans to assist you in reaching your financial objectives while also streamlining your savings and investing strategies.
By giving people in Nigeria simple access to the necessary money, Solomonhills secures their future and assists them in achieving their ambitions. SolomonHills is suitable for anyone who wants to
- have safe place to run to when in need of money.
- build strong finanacial foundation that secures the future.
- build wealth for the long-term.
- invest without the fear of losing money.
- access risk-free investment instruments.
To start investing on SolomonHills,
- Visit the website and click on Start for Free”.
- Input your details and create an account.
- Verify your email address by clicking the link sent to your inbox. Check your spam folder and click on "report not a spam" if you can not find the verification email in your inbox.
- Complete your KYC information on your dashboard. Input your personal information, next of kin, and bank details. This will enable us to know you better.
- Click on ‘Cooperative’ if you are accessing the platform with a mobile phone and click on ‘Subscribe’ to complete your subscription while you only need to click on ‘Subscribe’ on the web.
Brooks subscription
Login, click on ‘Brooks’ if you are accessing the platform with a mobile phone and click on ‘Subscribe’ to complete your subscription while you only need to click on ‘Subscribe’ on the web.
The subscription is one-time, with a minimum payment of 500 naira and automatic renewal every month.
Yes. However, this is only allowed after the initial subscription has been started and is active for six months.
To automate regular monthly contributions, you can only make payments using your debit card. However, anytime a monthly payment is missed owing to an insufficient balance, you can subsequently make the regular payment using your Divi (internal wallet) by clicking on the 'Renew' button
No, there are no bank charges on payments made from your card. We bear the cost of all transactions made under your subscription.
Yes, you can monitor your monthly subscription growth on your dashboard.
Once your subscription has been active and consistent for at least three months, you are eligible to request a loan.
The only condition is as stated above. However, you can only request a loan of a maximum of X2 of your current total subscription.
You just pay 3.50% interest on the amount borrowed. On the other hand, a free one-month period will be given, after which a 0.40% interest charge will be applied to your loan balance every month.
Bucket
Bucket helps you to save for specific goals such as your child’s education, your house rent, a car, and so on. You can easily set up automatic periodic contributions from your bank account by connecting your debit card to help you meet your goal faster.
You can add as many saving goals as you choose.
The minimum savings is 200 Naira for the daily and weekly plan, and 500 Naira for the monthly plan.
Your savings (Bucket) begin to earn returns from midnight.
Once you make your first savings, your card will be added for automatic periodic contributions and you wouldn’t need to log in every time to top up.
Yes, you can pause and continue automatic saving on your card by enabling or disabling ‘automate’ on your dashboard.
Solomonhills offers up to 8% interest per annum on Buckets.
Hills
Hills is smartly designed to offer you a balance of dividends and growth. It generally protects your funds against inflation and provides growth for your funds in the long term. Hills offers a convenient automatic reinvestment of your funds, with the extra benefit of daily compounding interest.
The least amount you can invest in Hills is 50,000 Naira.
The least amount you can top up with on Hills is 10,000 naira.
Your investment (Hills) will begin to earn returns from midnight.
Yes, you can monitor your daily returns on your dashboard.
Solomonhills offers up to 15% interest per annum on Hills, compounding daily.
There is no minimum tenor on Hills.
Safety and Security
At SolomonHills, safety is our priority and number one core value and so, our platform was built
with the security of your data and personal information in mind. Sensitive customer data is encrypted
with 256-bit, transmitted on an HTTPS SSL connection, and securely stored.
In addition, we do not store card information as all card payments are processed by our banking and payment partners which are also
PCI DSS-compliant and transmitted over a secure network. The PCI DSS is a global standard that stands for
"The Payment Card Industry Data Security Standard (PCI DSS)".
All saved funds are warehoused and managed by a professional fund manager that is duly registered and
licensed by the Securities and Exchange Commission (SEC). We are also a registered
cooperative - Solomon Hills Cooperative Multipurpose Society Limited (Registration number, 18079)
We do not store your card details on our database. Your card details are processed by a PCI-DSS-compliant payment processor, Paystack , and are extremely safe.
We use a cooperative approach to conduct our business. A dividend is paid annually and can be withdrawn into your bank account or Divi account (internal wallet). When you need money, you can submit a loan application to be approved without delay. This approach is to secure your funds for the future. After a year of service, you can, however, cancel your subscription for a fee of 3%, which is not advised.
Withdrawals
You can withdraw your savings and accrued interest from Buckets at the set maturity date you choose for FREE. A withdrawal button will appear at the maturity of each bucket you create. After the request has been made, funds will be sent to your bank account within 24 hours.
Withdrawal on Hills is made very flexible. You can add money whenever you choose and withdraw once in a month.
If for any reason, you still choose to withdraw the funds in a bucket before its maturity date, you can request a withdrawal. The selected bucket will be terminated and your funds and accrued interest will be paid to you. However, a penalty of 5% on the value of your bucket will be charged for withdrawals initiated before the set maturity date.
On Hills, withdrawals more than once in a month incur a 5% penalty on the withdrawn amount. This is to help keep you prudent in your investment and grow your funds over time.
To initiate a withdrawal,
- Login to your dashboard.
- Fill in your bank details, if you haven’t done that earlier.
- Click on the “withdraw” option on your dashboard.
- Input your withdrawal amount and choose how you want to receive your money.
- Confirm withdrawal.
