STERLING or WEMA BANK funding fees

Why do I get less than what I pay to fund my wallet with STERLING or WEMA BANK?

Jude Atebe

Last Update vor 8 Monaten

This is due to the service for New STERLING or WEMA BANK Account Assignment System with MONIFY for MOBitooT wallets.


All clients will henceforth be assigned a new set of STERLING or WEMA BANK account number through our new integration with MONNIFY by TeamApt. 

 

Funding via this method will attract a fee of 0.75% of the amount capped at N50 + 7.5% VAT on the transaction fee.


Example 1:

if you send N1,000 to your wallet, you will receive

N1,000 - (0.0075x1000 + 0.075x(0.0075x1000))

= N1000 - (7.5 + 0.075x7.5)

= N1000 - (7.5 + 0.5625)

= N1000 - 8.0625

= N991.9375

If however the transaction fee is more than N50, then only N50 + VAT on N50 will be applied.


Example 2:

Payment of N50,000

Transaction fee should be 0.0075x50,000 = N375. This is clearly more than N50 so your fee is capped at N50.

7.5% VAT on N50 = 3.75.

Total deduction = 50+3.75

= N53.75

Your wallet will therefore be credited with

N50,000 - N53.75 = N49,946.25.


All PROVIDUS BANK accounts have been re-assigned the new STERLING or WEMA BANK account numbers. The exercise was initiated on the 17th of Feb. 2021 and completed on the 18th of Feb. 2021.  Stamp duty is not applied to payments made to these new sets of accounts. The label in the MOBitooT app still shows Providus bank but the are NO LONGER from Providus bank. All account numbers beginning with the number "8" are Sterling bank accounts while all those beginning with the number "7" are Wema bank account numbers.


Note that these charges are from the bank and not imposed by Voucher Net Limited. Wallet funding via this process is 100% automated.

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