Transfers

This is a case of a fraudulent transfer, it also means that your account has been compromised and you need immediately change your log in details and authorisation pin. 

Kindly reach out to our support team providing the receipt of the transaction and details of the correct account you intended to make the transfer to. Our team will reach out to the bank for a possible recall of funds.

Kindly note that the recall of funds is dependent on : 

1. Availability of funds in the beneficiary's account
2. Consent of the beneficiary 
3. Discretion of the beneficiary and it’s Financial Institution.

Also note that a police report or court order will be needed in this case to validate the claim. 

Do not hesitate to contact us if you have any further questions or require additional information.

Kindly provide the beneficiary with the 30-digit session ID on the transaction receipt and advice him/her to contact their bank, providing the session ID, as the bank might be experiencing a delay in crediting the account of the beneficiary. 

If this has been done and the beneficiary has yet to receive the value in his/her account after 24 hours, please reach out to our support team for further assistance. 

Do not hesitate to contact us if you have any further questions or require additional information.

Kindly reach out to our support team providing the receipt of the transaction and details of the correct account you intended to make the transfer to. Our team will reach out to the bank for a possible recall of funds.

Kindly note that the recall of funds is dependent on : 

1. Availability of funds in the beneficiary's account
2. Consent of the beneficiary 
3. Discretion of the beneficiary and it’s Financial Institution.

Do not hesitate to contact us if you have any further questions or require additional information.

Kindly follow the steps below to add a beneficiary:

• Log in to your app
• Click Transfer
• Enter the recipient’s account number
• Select the bank
• Toggle on Add to Saved Beneficiaries
• Confirm the recipient details
• Enter the amount
• Click Continue
• Review the transaction details and add a narration (optional)
• Click Pay
• Enter your PIN to complete the transfer.

Kindly follow the steps below to delete a beneficiary:

• Log in to your app
• Click Transfer
• Under Select Beneficiary, click Saved
• Click Manage
• Scroll through the saved beneficiaries or search using the search box
• Click the delete icon next to the beneficiary’s name
• Select Delete Beneficiary to complete the action

What is Stamp Duty?

Stamp Duty on electronic transfers is a ₦50 statutory charge applied to transfers of ₦10,000 and above. Under current tax regulations, this levy is paid by the sender and replaces the former Electronic Money Transfer Levy (EMTL).

What transactions attract Stamp Duty?

Stamp Duty is charged on the sender’s account for:

1. Transfers of ₦10,000 and above
2. Moniepoint to Moniepoint transfers (intrabank)
3. Moniepoint to other banks transfers (interbank)

Can the bank waive this charge?

Stamp Duty is a government-mandated levy, and banks are legally required to collect it.

The only exemption applies to transfers between two Moniepoint accounts owned by the same person, provided the BVNs match.

Am I charged an extra ₦50 on every transfer?

No.

The ₦50 Stamp Duty is only applied to each transfer above ₦10,000 made to another recipient.

Is Stamp Duty the same as VAT?

No.

VAT: 7.5% of the transaction fee (For example, it would be 0.75naira for every 10naira charged).

They are two separate charges.

Will I see the Stamp Duty charge?

Yes. The Stamp Duty charge will be clearly displayed in your transaction details and history.

Can I make a transfer if my current account balance does not include the Stamp Duty charge?

Yes, you can.

However, the Stamp Duty charge will be automatically deducted as soon as your balance is sufficient.