Frequently Asked Questions: Bill Payments, Fund Transfers and Airtime
In the time since our announcement of these new features, we’ve gotten a few common questions from customers:
Will the new transactions be treated as loans? No — for now, we’re keeping the new features separate from loans. Payments can be made either using an existing debit card you have saved on your account, or by adding a new card.
How much do I pay per transfer or bill payment? We’ve built this to increase convenience and make it easier to manage your money — all the new features are cheaper than existing options available. Airtime recharges are free. Funds transfers will cost a maximum of NGN50, while service charges for bill payments will never exceed NGN100.
Are there transaction limits? To start, we’ll have the following limits on transactions:
- Airtime top ups — NGN10,000
- Fund transfers — NGN50,000
- Bill payments — no transaction limits
Does performing transactions on the Paylater app help me access better loans? Definitely! The more we learn about you and your financial activities allows the app to craft better loan offers for you based on your spending patterns. We’ll reward you just for doing the things you already do.
Do I need to have taken loans previously on Paylater to use the new features? Not at all! Anyone can use the new app to access these features. If you’re not quite ready to take a loan or don’t need one, but would like to perform other transactions — fire it up!
I’m worried about security — won’t someone be able to use my app to perform transactions without my authorization? With lots more financial transactions possible, it’s even more important that there’s no unauthorized access to your app. All transactions can only be completed by entering your private 4-digit Paylater PIN. We’ll also prevent transactions from occurring after too many wrong PIN entry attempts, in case someone gets a hold of your device.
The Paylater app is available for download now on the Google Play Store.
