NGN — FAQ
What is the NGN savings?
This is a flexible naira savings account that let you save, spend, and earn. You can save as little as 50 NGN; spend on airtime and bills to earn Bitcoin; and also earn interest on any cash you save for 24 hours.
You earn an interest of 10% per annum, but this is subject to 4 withdrawals per month.
If you withdraw more than 4 times a month from your NGN account, you lose all your accrued interest on your NGN savings for that month.
Withdrawals on NGN are currently free.
You can only withdraw once every 24 hours from your NGN account.
Is there a minimum amount?
You can save a minimum of 50 NGN and a maximum of 5,000,000 NGN on your NGN account.
Do I earn interest on my NGN savings?
Yes! you earn 10% interest p.a on whatever money you have on your NGN account. Interests are calculated daily(every 24hrs) and paid at the beginning of each new month.
PS: If you deposit, withdraw, or spend, the interest for that day won’t be calculated since it changes the amount you have on your account.
Can I withdraw from my NGN account?
Yes! you can withdraw. It is free!
However, you can only withdraw once in 24 hours.
PS: If you withdraw more than 4 times a month from your NGN account, you lose all your accrued interest on your NGN savings for that month.
How do I fund my NGN account?
To fund your NGN account, follow these steps:
- Tap on “Deposit”
- Choose “NGN” option as the account you would like to fund
- Enter the amount you want to deposit
- Choose how you would like to pay e.g Bank Transfer
- Proceed
You account will be funded.
Can I transfer from my NGN account to my USD account (core dollar savings)?
Yes, you can! Simply click on “Deposit” and then select “USD” option, then enter the naira amount and choose “NGN wallet” as source of payment to transfer to your USD (core savings).
