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Frequently Asked Questions


What is M36?

M36 is a digital lifestyle and investment application for affluent and High Net-worth Individuals (HNIs) powered by Union Bank of Nigeria Plc.

How does M36 work?

M36 allows you to choose from a wide and diverse range of investment products, including Treasury Bills, FGN Bonds, Eurobonds, Mutual Funds, and alternative options such as Real Estate opportunities.

In very simple steps, you can navigate your way through the app and make your investments with little or no assistance.

With innovative features like our real time market analysis and investment news and updates, you have total control over your investments.

What are the benefits to me if I use M36?
  • With a bouquet of investment products to choose from, M36 is your one-stop-shop for investments
  • Access to professional Investment Advisors
  • 24/7 dedicated Concierge Service to handle all your enquiries and requests
  • The most competitive interest rates in the industry
  • An ultra-stylish M36 physical/virtual debit and credit card for your everyday transactions in 4 (four) different currencies (NGN, USD, GBP and EURO) delivered straight to your doorstep
  • Send money to friends and family all over the world straight from your M36 wallet


Which mobile phones are supported?

We support the two most popular mobile operating platforms - Android and iOS

Where can I download M36?

From the official M36 website - You can also down the app from either the Google Play store for android devices or App store for iOS devices.

What do I need to register?

All you need is your BVN, a valid phone number, a functional e-mail, a smart phone - and you are ready to go.

Can I edit my profile after registration?

Yes, you can edit your username, email address and phone number, provided you answer some security questions. However, you wouldn’t not be able to change your first and last name without legal documentation.

Can I own multiple profiles on M36?

No, you cannot register multiple profiles with the same BVN.

Can I have an M36 account on multiple devices?

You can only register/operate your account on a device at a time. You can always move your account from a previous device to a new device whenever you wish.


What are Treasury Bills?

Federal Government Treasury Bills are a risk-free short-term investment with attractive returns. The maximum tenor for this investment is 365 days (or 366 days in a Leap Year).

Before you invest, we will always show you the prevailing rate and your expected returns. Once your investment has been processed, you will receive an investment certificate for your records via email and in app.

What are FGN Bonds?

Federal Government of Nigeria (FGN) Bonds are long -term debt instruments issued by the Debt Management Office (“DMO”) on behalf of the Federal Government of Nigeria. When an investor purchases an FGN bond, the investor is indirectly lending to government to finance its budget deficit. Interest is earned on the investment semi-annually

  • Is it safe to invest in FGN Bonds?
  • FGN bond is considered a safe investment because it is backed by the ‘full faith and credit’ of the government. They have no default risk, meaning that it is virtually certain your interest and principal will be paid as and when due.

  • What are the Benefits of Investing in FGN Bonds?
    • It is a risk-free investment with guaranteed principal and
    • The income earned (interest payments) are tax
    • It provides relatively fixed and stable returns
    • The principal element can be used as a collateral for securing a credit facility
  • What is the Nominal Value?
  • The nominal value of a bond is also known as the principal or the face value. It is the amount which the issuer of the bond pays interest on and is also the amount the investor will receive on the maturity date.

  • What is a Coupon?
  • A coupon is the periodic interest (paid semi-annually) which the issuer pays to the bond holder. This is generally fixed at issuance and expressed as a percentage of the bond’s face value.

    How is the Coupon Calculated on the FGN Bond?

    If the coupon rate is 15% on a 3-year bond, an investor gets 15%*Face Value of the bond e.g. N1,000,000.00 = N150,000.0. Therefore, the semi-annual payment would be N75,000.00 i.e. N150,000 divided by 2-part payments for the lifetime (3 years) of the bond which would then be a total of 6 payments (N75,000+N75,000+N75,000+N75,000+N75,000+N75,000 = N450,000)

  • What is a Yield?
  • A bond yield is the amount of return an investor will realize on a bond. The yield of a bond is inversely related to its price, as the market price of a bond increases, the yield falls and vice versa.

  • What does Clean and Dirty Price mean?
  • The market price of a bond is the present value of all future interest and principal payments of the bond discounted at the bond’s yield or rate of return. The market price of a bond may include the accrued interest since the last coupon date.

    The price including accrued interest is known as the “dirty price”, while the price excluding accrued interest is the “clean price”.

  • What is Accrued Interest?
  • Accrued interest is the amount of interest that has accumulated on a bond since the principal investment or last coupon payment date. Interest is calculated and paid semi-annually.

  • What is a Maturity Date?
  • Maturity date is the day on which the government repays the principal amount /face value plus all outstanding accrued interests.

  • Do I have to hold Purchased Bonds till Maturity?
  • No. Bonds can be sold in the secondary market before maturity. However, there is a risk that the bond can be sold at a discount to the initial investment. On the hand there is the possibility that they can also be sold at a premium to the initial purchase price.


  • What is the Minimum Investment?
  • A minimum subscription of N50.0m is required to purchase FGN bonds from the Primary Market as specified by the DMO. However, you can purchase FGN bonds through Union Bank with a minimum subscription of only N1 million via the secondary Market.

  • What are the Associated Risks in Investing in FGN Bonds?

    The FGN bond is a risk-free investment because it is backed by the full faith and credit of the Federal Government of Nigeria and the risk of default is zero. Principal and returns are guaranteed. However, there could be a risk of losing value if you decide to sell before maturity given the prevalent possible risks of liquidity, inflation, credit-spread and re-investment amongst others.


  • Why should I invest in FGN bonds?
    • Payment of children tuition fees in future (e.g. for College, University )
    • For Retirement
    • Saving towards a capital project (e.g. Building a house etc.)
    • Funding future social events such as weddings, graduation
  • How do I invest in FGN Bonds?
  • For clients that are interested in investing in FGN Bonds, simply contact Treasury Sales team

  • Can Customers purchase FGN Savings Bonds from the bank?

    No, FGN Savings Bonds are not sold in the bank.

What is a Fixed Deposit?

A Fixed Deposit guarantees you a fixed interest rate when you keep funds for a specified period. The minimum tenor is 30 days and maximum tenor is 365 days.

Your principal and interest are paid at maturity. This product can also be used as a security for cash-backed loans.

What is a Foreign Currency Conversion transaction?

Foreign Currency (FX) Conversion transaction allows you to convert your foreign currency to Naira at an attractive exchange rate, e.g. USD to NGN; GBP to NGN, etc. Please note we cannot convert Naira (NGN) to a foreign currency without an underlying CBN transaction.

What is a Commercial Paper?

A Commercial Paper (CP) is a short-term debt instrument issued by corporations to raise funding to meet short-term working capital needs.


  • Why should I invest in Commercial Paper?

Interest earned is tax-exempt

You can enjoy attractive returns on your investment

It’s a great way to diversify your portfolio


  • What Tenors are available?

Tenors range from 15days to 270days.


  • Do I need to hold the Commercial Paper till maturity?

No but It is advisable to hold to maturity. If you need to terminate, you can conveniently do so on the platform


  • Will I be penalized if I terminate the Commercial Paper before the maturity date?

No, there are no penalty charges if you decide to sell before the maturity date.  However, the rate at which you can sell depends on the prevailing market rate at the time. If the CP is trading at a higher discount rate, you may end up selling at a loss but if its trading at a lower discount rate, you may make a profit


  • How does Commercial Papers work?

Commercial Papers work like Treasury bills. They are discounted instruments which means you get your interest upfront. For example, if you invest N1 Million in a 1-year Commercial Paper with a discount rate of 10%, on the day of purchase, you will only pay N900,000 then on the maturity date you will receive N1 Million.


  • Is Commercial Paper risk-free?

Similar to Treasury bills where you take on the risk of the issuer (Federal Government), Commercial Papers you take on the risk of the issuer (corporation) that issues the paper. Hence, you are exposed to the credit risk of the issuer.


What is a Eurobond?

A Eurobond is a bond issued in a currency other than the native currency of the issuer, issued outside the home country of the issuer. Eurobonds can be issued by Governments or corporate institutions. For example, if Nigeria issues a dollar denominated bond outside Nigeria it is called a Eurobond, more specifically a euro-dollar bond. If it is issued in Chinese yuan, then it is specifically a euro-yuan bond but also referred to as a Eurobond. Eurobonds are usually issued in stronger currencies that the native currency of the issuer to make them appealing to international investors.

  • Are Eurobonds considered a risk- free investment like Treasury bills? if not, what are the risks associated with Eurobonds?  

No investment is risk-free, and the term is purely a hypothetical. Every investment has some type of risk associated with it, but Treasury bills are considered the closest investment possible to being risk free. Regarding Eurobonds, each issuer and issue should be assessed on the strength of its credit. Investors will generally consider their risk appetite, look at the issuer’s credit rating, undertake some macroeconomic analysis and speak to an investment professional before deciding on which bond to invest in.


  • What are the expected returns on Eurobonds at the moment?

As it is the characteristic of fixed income assets, returns on Eurobonds vary widely and depend on the current market conditions and quality of the issuer. Nigerian Eurobonds today are returning:

  • 6.00% - 6 months
  • 7.20% - 2years
  • 8.00% for 5 years,
  • 9.00% for 10 years 


These are subject to change daily

  • What was the cause of the drastic increase in the Eurobond yield?

Due to combined effects of the Russia-Saudi production dispute and the loss in consumption on the back of the COVID-19 pandemic oil prices fell dramatically, at the height of the crisis, most portfolio investors sold off assets across emerging markets. This included Nigerian Eurobonds and the resultant effect was higher yields. However, the trend is reversing as oil prices begin to recover and countries have started to open up their economies leading to a more positive global outlook and an expectation of a return of production and consumption of commodities. 


  • With Nigeria’s major source of FX revenue being threatened, is there a risk that Nigeria will default on its Eurobonds obligations?

FX earnings do affect the perception and generally the performance on Eurobonds, however given the size of Nigeria’s outstanding Eurobond stock (circa $11bn with maturities that extend up until 2049) compared to foreign reserve levels (circa $34bn as at 10th may 2020) the country is in a good position to meet its near term obligations of principal and interest payments.


  • What should one consider when deciding on which Eurobond to invest in? Is it better to invest in the Sovereign Eurobonds or Corporates? 

The investment decision will depend on you risk appetite, capital in hand, expected return, duration of investment, the credit quality of the issuer backed with professional advice and analysis. These considerations will determine what you decide with regards to investing in sovereigns or corporates.

  • With Eurobond yields currently at double digits?  Do we expect it to keep trending upwards or is it likely to crash anytime soon?

Most maturities have retraced back to single digits as demand returned to the market on the back of improved oil prices. Yields are expected to dip steadily as macroeconomic conditions improve globally... In addition, the Federal Government has cancelled plans to issue new Eurobonds in this year. This will result in lower supply of Nigerian Eurobonds to the market.

  • If one is looking to diversify their portfolio, is this a good time to invest in Eurobonds?

Eurobonds provide a viable source for diversification of your investments. Entry point would depend on the investor’s assessment of market levels vis a vis perception of risk, available capital, expected return and duration of investment. The question of timing is relative to each individual investor and their investment strategy.


  • What is the minimum amount required by an individual to invest in Eurobond?

Standard market size is $200k, some sellers can offer lower entry points for their clients where available, M36 is able to offer an entry point as low as $20,000,00 in shorter dated bonds for our retail clients.


  • Investing in Eurobonds or Real Estate, which is the better option right now?

A straight-line comparison cannot be made due to fundamental differences between the asset classes. Investors can evaluate each based on a risk versus return basis then select the best option for them. However, you should consider if the yield on Eurobonds exceeds the rental yield on real estate, what it does give you that real estate locally wont is a hedge against potential exchange rate losses on your investment.


  • As Eurobonds are long-term investments, can one terminate the investment before it matures? 
  • Yes, every bond is subject to market risk (the risk of an adverse movement in price) Should the market price be lower than the price at which the bond was bought at the time of the sale then a loss will be incurred. However, an investor can buy short dated Eurobonds and hold to maturity to minimize risk. You are also able to pledge these Eurobonds as security and borrow against them should you need liquidity before the bond matures.


    What is a Foreign Currency Switch transaction?

    As the name implies, Foreign Currency (FX)Switch allows for conversion from one foreign currency to another foreign currency without stress. e.g. USD to GBP; EUR to USD.

    What Loans are available on M36?

    Cash-backed: You can borrow up to 80% of your Fixed Deposit for up to 1 year.

    Asset-backed: You can borrow up to 70% of your Treasury Bills or FGN Bonds investment for up to 1 year.

    A lien would be placed on the instrument being used as a security for the loan.

    What is Personal Travel Allowance (PTA)?

    PTA is our lifestyle product that gives you access to foreign currency when travelling out of the country. You can request up to $4000 or its equivalent in any other currency per quarter. You will only need to upload your visa, passport and flight ticket which are regulatory documentations.

    To apply for PTA, you need to be traveling to a destination that is at least 5 hours away by air.

    Please select the branch closest to you to collect your funds and submit your original documents.

    What happens when my investments mature?

    When your investment matures, we will automatically credit your wallet and inform you. You don’t have to do anything!

    What documents do I need for transactions?

    For regulatory purposes, we would require you to upload a necessary Know Your Customer (KYC) documents like a utility bill, and a valid means of identification i.e. driver’s license, or national identity card, voter’s card or international passport for before you can transfer funds out of your wallet. In addition, some investment products require you to fill out a product suitability form.

    What is the minimum investment amount?

    You can start with as little as ₦50,000 (Fifty Thousand Naira) now in Treasury Bills and FGN Bonds. However, from 30th of April 2021, the minimum investment amount would be ₦100,000 (One Hundred Thousand naira). Investment minimum varies for other products. There is no upper limit for investments.

    How long can I hold my investments on M36?

    You can hold on to your investments on M36 for as long as you want, depending on the maturity date of your investment.

    Can I liquidate my investment at any time?

    Yes, you can liquidate any of your investments whenever you need your funds. However, liquidating your investment before maturity can lead to a loss of interest and in some cases, principal/capital. Please speak to one of our Investment Advisors before you liquidate your investments. Remember that we make every day count for you when your money stays with us.

    Fees and Charges

    What are the fees and charges?

    Because we value your trust, we are always transparent about charges and fees on M36. For every transaction you will get a full cost breakdown outlining all fees and charges.


    How do I fund my wallet?

    You can either fund your wallet with a debit card, via bank transfer or via your bank’s mobile banking application.

    We process card payments from Mastercard, Visa, Verve.

    To pay in person, just walk into any Bank branch, select M36 as the bank name, supply your wallet ID, make payment and your wallet will be funded real-time.

    You can also transfer funds to your wallet directly from your Bank’s mobile banking platform. Just select M36 from the list of banks and you are good to go.

    How many wallets can I have?

    You can have as many as four (4) wallets for different currencies. Naira (default), US Dollars, Pounds Sterling, and Euros.

    Are there any transaction charges when I fund my account?

    We do not charge any fees when you fund your M36 wallet.

    Please note that the regulatory ₦50 stamp duty for transactions from ₦10,000 and above will be deducted by your financial institution.


    Can I transfer out of my wallet?

    Yes, you can transfer to any bank account of your choice.

    Are there any restrictions to the number of times you can withdraw?

    There are no restrictions on the number of times you can withdraw funds from your M36 wallet. You may withdraw as many times as you wish.

    How do I transfer funds from my M36 wallet to my bank account?

    To withdraw:

    1. Navigate to your home page on the M36 app.
    2. Click the wallet icon on the bottom of the page.
    3. Select transfer to a Bank account option.
    4. Complete the requested details. Please note that you can transfer into any bank account of your choice.
    5. Tap transfer. Your funds will be credit into your bank account in no time.
    Are there any transaction charges when I transfer funds out of my wallet?

    Yes, there are charges for processing the transfer of funds from your wallet to any bank account and this is VAT inclusive. See breakdown below:

    ₦5,000 and Below: ₦10.75

    ₦5,000 – ₦50,000: ₦26.88

    ₦50,000 and above: ₦53.75

    Safety and Security

    Why does M36 need my BVN?

    M36 is committed to upholding the highest standards of security. For regulatory purposes, we verify your BVN before you can credit your wallet and begin transaction on your account.

    M36 will never share your BVN and/or any of your personal details with any third party, and we will never ask you to share your BVN and/or any of your personal details with others.

    Are my card details safe?

    Your security is a priority for us, so we ensure that our processors are PCIDSS compliant. Your card details will never be compromised on M36.

    How safe is my investment on M36?

    All investment products listed on our platform are offered by Union Bank of Nigeria (UBN). UBN is licensed by the Central Bank of Nigeria to offer commercial banking services within Nigeria. We have also partnered with some credible third-party fund managers to provide asset management products and services.


    Where do I get support

    Our dedicated Concierge agents are available 24/7 to handle any issues and complaints. You can reach them via any of these channels:

    Phone: 0700 005 00500

    Email: [email protected]


    The response time on all enquiries/complaints is 24 hours or less- that’s a promise!