Taking your money out
What you learn in 3 minutesThis lesson follows one withdrawal from the moment you tap send to the moment the money lands, and it puts a naira cost on every step that can hold it up. A withdrawal is not a single event. It is a queue of checks, and each check can add a day or a fee.
A ₦180,000 withdrawal in five steps
| Step | Amount | Note |
|---|---|---|
| Request submitted | ₦180,000 | the full amount you ask to take out |
| Platform or network fee | ₦1,500 | a flat charge some brokers apply per payout; it varies between brokers |
| Amount sent to the bank | ₦178,500 | ₦180,000 minus ₦1,500 |
| Time in internal review | up to 1 business day | the broker checks the request against your account record |
| Time in compliance check | up to 2 business days | identity and source-of-funds checks; longer if documents are missing |
| Time in bank settlement | same day to 1 business day | depends on the receiving bank and the payment rail |
| Total time | up to 4 business days | 1 + 2 + 1 added together |
Your broker may round the fee, apply a minimum withdrawal amount, or quote a different payout cut-off time. Bank charges on the receiving side are set by the bank, not the broker.
The mistake people make here
The common mistake is to send a withdrawal request and then trade the same balance again before the payout clears, so the request fails or is partly rejected. Treat the amount as already gone once you submit it. The second mistake is ignoring a compliance email for a day or two, because that is usually what turns a two-day payout into a week. If a document is requested, send it the same day and keep the reference number.Check yourself
You request ₦250,000 and the broker charges a flat ₦2,000 payout fee. How much reaches your bank before any bank charges?
₦248,000. That is ₦250,000 minus ₦2,000.
Internal review takes 1 day, compliance takes 2 days and the bank takes 1 day. If you submit on Monday morning, when is the money expected?
By Friday. Monday plus 1 day is Tuesday, plus 2 days is Thursday, plus 1 day is Friday.
You need ₦100,000 for a bill on Thursday and you submit on Wednesday. Is that realistic?
No. The route alone can take up to 4 business days, so a Wednesday request may not clear by Thursday. Submit earlier or hold a separate cash buffer.
In Nigeria
- Currency
- Naira, written ₦ (NGN)
- Regulator
- SEC Nigeria
- Payout methods
- bank transfer, USSD and cards
- Typical payout time
- 1 to 4 business days, depending on the broker and the bank
- Compliance documents
- usually a government ID and proof of address; brokers may ask for more