Dear Valued Customer,

We would like to inform you that we are sunsetting payment collections via the Providus Virtual Account.

This decision is due to the significant charges the bank has introduced for this service, which include a 1% fee capped at 500 NGN and an additional 0.1% uncapped Account Maintenance Charge (AMC) that we were recently made aware of.

Previously, there were no charges for this service, but now the costs have increased substantially compared to other options.

For example, a transaction of 100,000 NGN will now incur 645 NGN in fees:

500 NGN (1% fee)*

• 100 NGN (0.1% AMC charge)
• 45 NGN (7.5% VAT)

In contrast, the same 100,000 NGN payment via Moniepoint, Wema Bank, or Sterling Bank Virtual Accounts (provided by Monnify) will cost only 107.5 NGN.

A one million naira transaction sent via Providus will cost 1,612.5 NGN, whereas the same amount via Monnify will cost 107.5 NGN.

We recommend that you stop funding your wallet with the Providus Virtual Account and instead use Moniepoint, Wema Bank, or Sterling Bank.

We have stopped generating and assigning Providus accounts to users who do not already have one. However, payments made via already assigned Providus Virtual Accounts will still be credited, less the applicable fees.

Thank you for your understanding.