Review: Is Paymyrent Legit Or Scam?

Paymyrent Review: this is the name of a cooperative society that claims to be licensed in Nigeria. Is legit or scam?

When it comes to license and registration of this company, it is not clear. It mentions that it is under a cooperative license ‘Paymyrent cooperative Multipurpose society’. They also mention that the company is a legal entity in Nigeria. We still find this claims unclear and unverifiable.

They mention that funds are held by Meristem Trustees, which they mention is registered with the Security and Exchange Commission. When we checked this, we confirmed that Meristem is a duly licensed outfit with the Nigerian SEC.

Several testimonies are published on the page but we find it hard to trust this. They can be easily manipulated and we only trust those on other third-party websites. Other features that Paymyrent claims to have are as follows:

Interest per Deposit
Quick Save
Flexibility24/7 Online Support

How Paymyrent Works

They mention that it automatically saves a portion of clients’ income; daily, weekly or monthly for their rents. Clients can borrow from their savings when they need it. Up to 7% interest is offered on every deposit the clients save. There is an in-house lawyer available to sort rent issues for clients.

We are not informed how all of it works but to get started, clients are to create an account with the company. They are to provide such details as: names, email address, phone number, and an optional referral mention.

Since there is no way to verify their claims and the minimum needed we will go with what we are provided with on the page. Since the payments can be made daily, weekly or monthly, it seems there is no minimum requirement.

Pricing Structure of Paymyrent

Like we mentioned above, there is no mention of how the prices work. It is fishy to find this because we do not know how the company make their gain. If they charge something for deposits, they should mention it on the page.

Clients Feedback

It is only on the page that we find clients giving positive reviews of the company. Like have been stated earlier, these are not really trustworthy as they can be fabricated easily.


To get in touch with the customer care, traders and investors can send emails to: or call: +2349034800393


We do not have much to go on for now about the company. Paymyrent seem to have a degree of legitimacy with the mention of Meristem Trustees but not much else. There is no way to tell if the two firms are even related. Fees are not mentioned upfront and it is difficult for traders to know what they are getting into.

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