So far, these are banks with the highest fixed deposit interest rate as at January 2020. Other banks that their rates are quite commendable are zenith, which offers interest rate for deposits of N100,000 – N9.99M in 30, 60 or 90 days is 5.75%.. First bank fixed deposit interest rate is also okay, though i can’t tell of their 2020 interest rate, as i’m yet to get a feedback from them. Want to borrow money in Nigeria? Kwickcash is an online lending platform, created by “partnership between banks, mobile operators and technology companies”, that offers online loans in Nigeria. It offers fast loan amount of up to #500,000 with no collateral. The repayment duration is between 14 – 30 days with interest rate 5 – 15%. In contrast, the interest rate in South Africa, Nigeria’s perennial economic rival, is currently 6.75%. Unsurprisingly, many groups bemoan the high-interest rate environment, arguing that it restricts bank lending, which, in turn, impedes economic growth. Notwithstanding the truth in that statement, high interest rates serve multiple purposes.