Meristem Securities Ltd. has launched the One Meristem app, which merges its Meritrade stock-trading app and its WealthBuddy wealth-management app.
The new app arrived after more than a month in which WealthBuddy stopped working, and customers still cannot use it to redeem their fund investments.
The app went live around Oct. 19.
A Meristem customer care representative told MoneyCentral that withdrawals and redemptions are currently not possible through it, even as clients owning funds such as the Meristem Money Market Fund and the Meristem Equity Market Fund must instead email the firm’s customer care team to get their money out.
A Month Without an App
WealthBuddy stopped functioning for more than a month while Meristem built the replacement platform. During that time, customers who wanted to invest in or redeem from their mutual funds had to email their instructions. That manual process defeated the purpose of having an app in the first place.
This is not the first time a Meristem platform upgrade has left gaps. When the firm relaunched WealthBuddy in June 2025, its own FAQ told users to email customer relationship management to fund or redeem from existing sub-accounts, while access to those sub-accounts was being restored, according to the Meristem blog.
Meristem relaunched Meritrade, first introduced in 2014 as Nigeria’s first digital online trading platform, in March this year.
Who Is Affected
The redemption gap matters most for money-market investors, who treat the fund as a near-cash account. The Meristem Money Market Fund had net assets of N131.06 billion and 12,361 unitholders as of Oct. 9, according to The Investor Side.
Agusto & Co. upgraded the fund to A+(f) in a rating that expires on Nov. 21, 2026.
The Meristem Equity Market Fund managed N8.77 billion for 2,458 unitholders at the end of September. It returned 55.28% in the year to date, the eighth-best among Nigerian equity funds.
Its assets were N9.87 billion at the end of July.
Meristem Wealth Management Ltd. carries an asset and portfolio management rating of BBB(IM) with a stable outlook.
That rating was valid through August 2025, and MoneyCentral could not confirm whether it has been renewed. The firm has publicly said its assets under management have crossed N188 billion.
The Stakes for Digital Wealth
Nigerian retail investors have moved quickly to app-based savings and investment platforms. Competitors such as Cowrywise process money-market redemptions within one to three business days, according to a Hiberry Finance review.
A wealth manager whose flagship app cannot process withdrawals risks losing customers to rivals, especially while money-market yields remain high enough to make switching worthwhile.
Some customers had complained even before the outage.
“The experience is totally different when trying to make a withdrawal,” one Meritrade user wrote in an August review on Google Play. The reviewer said withdrawals can take “more than a week or two,” despite escalations to customer service.
MoneyCentral found no public statement from Meristem on the outage or on when redemptions will be available in the new app.
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