Frequently Asked Questions (FAQs)

What is float?

A Float wallet is a flexible savings wallet where interest earned on all other features on the
Herconomy app are paid.
Float offers an impressive 5% interest p.a., unlimited transactions, daily interest accrual, and
zero fees.
Additionally, you can fund other features on the app from your float wallet and carry out a
float-to-float transfer to other Herconomy savers.

Can I withdraw from my Float wallet?

Yes, you can! And it's free.
Simply click on "Withdraw" and then follow through with the required steps to withdraw funds
to your bank account.

Can I withdraw funds to any Bank Account?

No, you can't!
You can only withdraw to your bank account. This must be the same name as your Herconomy
account name.

How do I fund my Float wallet?

To fund your Float wallet, simply click on “Account number” to get your static Float account
number. Once this is done, log into your banking app, input this account number in the required
field, and proceed with a transfer.

How can I carry out a float-to-float transfer?

Simply click on "Send Money" on the float feature and then select the “make a transfer” option,
input the recipient’s phone number, and click on Proceed to transfer funds to another
Herconomy saver.

Can I transfer to a non-Herconomy user?

Not at the moment. We’re constantly working to add new features to our apps.

What is Vault?

Vault is a feature that helps you build financial discipline by allowing you to save any amount
daily, weekly, or monthly automatically. You also have the option to save manually.
Vault helps you reach your financial goals with ease. With 10% interest p.a., daily interest, and
automatic savings options, you’ll be on your way to financial freedom in no time.

Do I have to log in every time I want to save?

No, everything is done automatically once you have added your debit card to the app and set up
your “Easy-save”, except if you want to top up your savings using the “Add funds” option.
You will also get an email receipt every single time you get debited to your Easy-save(vault) and
your bank will send you an alert as well.

Can I increase my savings at any time?

Yes, you can increase the amount you're saving at any time. Simply log in and click on ‘Easy-
save settings', then edit the amount. You can also edit your frequency to either daily, weekly, or

monthly.

Can I pause and continue saving anytime?

Yes, you can pause and continue the automatic saving at any time. Simply log in to your account,
go to your Vault, and select "Turn off ".

What if I miss some days, weeks, or months?

Your account won’t be automatically debited if you missed any day, week or month and you
won’t be charged either. The “Add funds” option is always available for you to manually make up
for any lost day, week, or month.

How does the Add Funds option work?

This option basically enables you to add more funds to your savings. For example, if you miss a
day or two of your savings, you can use the “Add funds” option to deposit any amount at once.
This is to ensure you meet your savings target.

Can I transfer from my Vault wallet to another Vault wallet?

No, you can’t. A transfer is only available between two float wallets.

How does vault withdrawal work?

There are 4 free set withdrawal days which are quarterly fixed and 1 adjustable withdrawal day.
If you decide to set your own adjustable withdrawal date, the next available FREE date will be
exactly 3 months from your last free withdrawal day.
Ps: Any withdrawal made outside these 5 days will attract a 2% breaking fee of the withdrawal
amount.

Can I withdraw to my bank account directly from the vault?

No, you can’t.
Simply withdraw from your vault to your float wallet and then to your bank account from the
float.

What is Easy-Save?

Easy-save allows you to automate payments from your bank account to your vault Herconomy
account.

How often can I automate my savings?

You can automate your savings daily, weekly, or monthly.

Where will the payment be deducted from?

Payments will be automatically deducted from the user's bank card (or flex wallet) and added to
the Vault (Fixed Wallet).

How do I turn off Easy-Save?

Simply go to your Vault and select the turn-off button to stop your automatic savings.

What is Plans?

Plans is a feature that helps you save consistently towards a particular financial goal.
You can create a personal plan or a public plan or even join a public plan with multiple savers.
You can save for your rent, vacation, education, Japa plans or even towards starting a new
business and earn a whopping 9% interest while at it!

What is the minimum time to save in my plan before I can withdraw?

3 months

How do I create/Join plans?

Log in to your plans dashboard and click on either Create a Plan or join plans and then follow
through with the required steps involved.
You can invite friends to join your public plan at any time.

Can I break my plans at any time?

Yes, you can.
Simply log into your plans dashboard and select the 'Ongoing' option. Click on the plan you
want to break and then 'Quick Actions' and then break the plan. Follow the steps provided and
click on confirm.
Funds will then be sent to your Float wallet, and you can withdraw them to your bank account.
However, please note that if you break these funds before the maturity date, you will lose your
accrued interest.

How is payment made to plans?

Payments to plans are made via the Float or Debit Card

Interests

10% per annum on Vault
9% per annum on Plans
8% per annum on Float

How is my interest paid and how do I claim my Interest?

Interest is accrued daily on your balance and made available from the 1st of every month when
you simply click on “Accrued Interest” on the vault and float and then click on “Claim interest”.
Ps: All claimed interest from vault and float reflects in the float wallet.

How do I go about the Zero interest savings?

Savers who do not want to earn interest on their savings can disable interest.

To do this, simply log into your account, go to Account >> Turn on Zero Interest savings >>
Click on Turn on and then save.

Why do I need to add my BVN?

Your BVN is required to validate your identity and kick against identity theft. This ensures
another level of safety for your funds and transactions.

Why did my BVN verification fail?

The provided BVN number is incorrect OR
The BVN does not match your supplied Date of Birth OR
You provided the incorrect last 4 digits of the linked phone number.

What should I do to verify my BVN?

To verify your BVN, you must provide the following:
1. Your BVN
2. Your date of birth
3. The last 4 digits of the number linked to your BVN
If you can't provide all or if any of these details are incorrect, we will be unable to verify your
BVN.

Why am I unable to add a card?

The card has expired.

The card has been deactivated by the bank.
The card issuer is having network issues, and you may be unable to receive OTP or complete the
transaction. Please try again later if this occurs.

Why was I charged N100 when adding my card?

We charge a N100 fee to verify that the card is still active, however, the N100 is paid into your
Vault.

What is the least and highest amount to withdraw?

The least amount to withdraw is 2,000 naira and the highest amount to withdraw has to do with
your tiering.
Tier 1 customer: 20,000 per withdrawal and 50,000 daily.
Tier 2 customer: 100,000 per withdrawal and 200,000 daily (requires a valid means of ID)

Tier 3 customer: 1,000,000 per withdrawal and 5,000,000 daily (requires a Utility bill)

What is the bill payment feature?

Bills Payment feature as the name implies is a feature that allows you to purchase airtime and
pay internet bills at the convenience of your mobile phones on the Herconomy app.

What type of bills can I pay using this feature?

You can make airtime purchases and buy data bundles.

Can I view my payment history?

Absolutely!
You can view your payment/transaction history by clicking on the transaction history tab on
your Float Account dashboard.

Where would the payment be charged from?

All bill payment purchases are charged from your Float account.
As long as your Float account is funded, you can purchase as much data and airtime as you want.

Are there any rewards or cashback offers associated with bill payments?

Users get to earn 2% cash back on every airtime and data purchase made.

Is there a receipt for my bill payment transaction?

Yes, receipts are generated for each transaction.

Who is an accountability partner?

An accountability partner is someone who encourages you on your saving journey and ensures
that you’re meeting your saving goals.

Can I have multiple accountability partners?

Yes, you can have a single or even multiple accountability partners. It depends on what you
want.

What services and features does the app offer?

The App offers a place to meet your savings goals with different structured savings products all available at great interest rates, Bill payment features and Discounts on goods bought from our Partners.

Frequently Asked Questions (FAQs)

  • WITHDRAWAL & TIERING
    • What can I do if all four of my withdrawal days are in the past?
      • This is because you have exhausted your four withdrawal days in the year. 
      • You can reset the withdrawal days following these steps;
      Click on Vault Then the “Set a New Date” screen pops up for you to set a new withdrawal date. Choose any date you want Click Proceed
    • Why is my withdrawal day in the past?
      This is because you did not withdraw on the designated withdrawal dates. You can edit your withdrawal days by taking the following steps: Click on Vault Click on Easy Save settings Complete the form Click on Proceed Save settings Then the “Set a New Date” screen pops up for you to set a new withdrawal date
  • TROUBLESHOOTING
    • How do I recover my lost account?
      This can be done hassle-free by contacting our customer support team via any of our channels.
    • How do I update the app?
      Simply visit the Google Playstore or the IOS App store.
    • Toggle TitleWhat should I do if I encounter an error or technical issue?
      Just contact us via the Support tab in the app; Goto Account then Support.
  • TRANSACTIONS AND PAYMENTS
    • Are there any fees associated with using the app?
      There is a 2% breaking fee when you withdraw outside your customizable withdrawal days
    • Can I view my payment history?
      Absolutely! You can view your payment/transaction history by clicking on the transaction history tab on your Float Account dashboard.
    • How does the bill payment feature work?
      Log in to the Herconomy app, click on the “Float Button”, select a network provider and enter your mobile number. Your mobile number will be topped up instantly and you get a 2% cashback on every purchase added to your float account balance.
    • What is the bill payment feature?
      Bills Payment feature as the name implies is a feature that allows you to purchase airtime and pay internet bills at the convenience of your mobile phones on the Herconomy app.
    • What payment methods are accepted?
      Debit cards, Bank transfers and direct deposits
    • What type of bills can I pay using this feature?
      You can make airtime purchases and buy data bundles.
  • STATEMENT OF ACCOUNT
    • Can I get a Statement of Account?
      Yes, you can!
    • How can I get the Statement of Account?
      To get your statement of account, click “Accounts” and “Get Account statement”. Enter the dates of your choice and click on confirm. You will automatically get it in your email.
  • SECURITY AND PRIVACY
    • How do I report a lost or stolen device linked to my account?
      Just reach out to our customer support team via all our channels and we will secure your account immediately
    • How is my personal and financial information protected?
      Our platform is fully secured using industry-standard security protocols. We process your data responsibly and our practices are aligned with NDPR.
    • What security measures are in place to prevent unauthorized access?
      We send confirmation of login emails to you every time there is a login on your account
  • PLANS
    • Can I break my plans at any time?
      Yes, you can. Simply log into your plans dashboard and select the 'Ongoing' option. Click on the plan you want to break and then 'Quick Actions' and then break the plan. Follow the steps provided and click on confirm. Funds will then be sent to your Float wallet, and you can withdraw them to your bank account. However, please note that if you break these funds before the maturity date, you will lose your accrued interest.
    • How do I create/Join plans?
      Log in to your plans dashboard and click on either Create a Plan or join plans and then follow through with the required steps involved. You can invite friends to join your public plan at any time.
    • How is payment made to plans?
      Payments to plans are made via the Float or Debit Card
    • What is Plans?
      Plans is a feature that helps you save consistently towards a particular financial goal. You can create a personal plan or a public plan or even join a public plan with multiple savers. You can save for your rent, vacation, education, Japa plans or even towards starting a new business and earn a whopping 9% interest while at it!
    • What is the minimum time to save in my plan before I can withdraw?
      3 months
  • OTHERS
    • Can I link my Verve card to my account?
      Yes, you can use Verve cards on the App. However, the usability of Verve cards may vary for online payments.
    • How can I delete my card?
      Go to your account. Select card and bank settings Select card settings and click on the bin icon
    • Will the number linked to my BVN be contacted?
      No, it wouldn’t. The last four digits of the phone number linked to your BVN are only required to confirm your identity
  • INTERESTS
    • How do I go about the Zero interest savings?
      Savers who do not want to earn interest on their savings can disable interest. To do this, simply log into your account, go to Account >> Turn on Zero Interest savings >> Click on Turn on and then save.
    • How is my interest paid and how do I claim my Interest?
      Interest is accrued daily on your balance and made available from the 1st of every month when you simply click on “Accrued Interest” on the vault and float and then click on “Claim interest”. Ps: All claimed interest from vault and float reflects in the float wallet.
    • Interests
      10% per annum on Vault 9% per annum on Plans 8% per annum on Float
  • EASY-SAVE
    • How do I turn off Easy-Save?
      Simply go to your Vault and select the turn-off button to stop your automatic savings.
    • How often can I automate my savings?
      You can automate your savings daily, weekly, or monthly.
    • What is Easy-Save?
      Easy-save allows you to automate payments from your bank account to your vault Herconomy account.
    • Where will the payment be deducted from?
      Payments will be automatically deducted from the user's bank card (or flex wallet) and added to the Vault (Fixed Wallet).
  • CUSTOMER SUPPORT
    • What are the available support channels?
      We are available via email, phone and whatsapp chat as well.
    • What are the operating hours for customer support?
      We are available from 9am to 5pm Mondays to Fridays and 10am to 2pm on Public holidays and saturdays. We are not reachable on sundays.
  • COMPLIANCE AND REGULATORY INFORMATION
    • What consumer protection measures are in place?
      We operate standard operating procedures for consumer protection ranging from service standards, data protection, transparency, and provision of clear mechanisms for dispute resolution.
  • CARDS
    • Why am I unable to add a card?
      The card has expired. The card has been deactivated by the bank. The card issuer is having network issues, and you may be unable to receive OTP or complete the transaction. Please try again later if this occurs.
    • Why was I charged N100 when adding my card?
      We charge a N100 fee to verify that the card is still active, however, the N100 is paid into your Vault.
  • BVN
    • What if I no longer have access to the phone number linked to my BVN?
      Kindly contact your bank to update your preferred phone number.
    • What should I do to verify my BVN?
      To verify your BVN, you must provide the following: 1. Your BVN 2. Your date of birth 3. The last 4 digits of the number linked to your BVN If you can't provide all or if any of these details are incorrect, we will be unable to verify your BVN.
    • Why did my BVN verification fail?
      The provided BVN number is incorrect OR The BVN does not match your supplied Date of Birth OR You provided the incorrect last 4 digits of the linked phone number.
    • Why do I need to add my BVN?
      Your BVN is required to validate your identity and kick against identity theft. This ensures another level of safety for your funds and transactions.
  • BILL PAYMENT
    • Are there any fees associated with using the app?
      There is a 2% breaking fee when you withdraw outside your customizable withdrawal days
    • Are there any rewards or cashback offers associated with bill payments?
      Users get to earn 2% cash back on every airtime and data purchase made.
    • Can I view my payment history?
      Absolutely! You can view your payment/transaction history by clicking on the transaction history tab on your Float Account dashboard.
    • How does the bill payment feature work?
      Log in to the Herconomy app, click on the “Float Button”, select a network provider and enter your mobile number. Your mobile number will be topped up instantly and you get a 2% cashback on every purchase added to your float account balance.
    • What is the bill payment feature?
      Bills Payment feature as the name implies is a feature that allows you to purchase airtime and pay internet bills at the convenience of your mobile phones on the Herconomy app.
    • What payment methods are accepted?
      Debit cards, Bank transfers and direct deposits
    • What type of bills can I pay using this feature?
      You can make airtime purchases and buy data bundles.
    • Where would the payment be charged from?
      All bill payment purchases are charged from your Float account. As long as your Float account is funded, you can purchase as much data and airtime as you want.
  • APP FEATURES AND FUNCTIONALITY
    • What services and features does the app offer?
      The App offers a place to meet your savings goals with different structured savings products all available at great interest rates, Bill payment features and Discounts on goods bought from our Partners.
  • ACCOUNTABILITY PARTNER
    • Can I have multiple accountability partners?
      Yes, you can have a single or even multiple accountability partners. It depends on what you want.
    • Who is an accountability partner?
      An accountability partner is someone who encourages you on your saving journey and ensures that you’re meeting your saving goals.
  • ACCOUNT SETUP AND REGISTRATION
    • Can I link my existing bank account?
      Yes, you can link your Bank account with Herconomy.
    • How do I create an account?
      You can create an account by simply visiting herconomy.com or downloading the App and providing an email and Password.
    • What if I don't have a phone?
      No problem, just visit herconomy.com
    • What information is required for registration?
      You will need to provide a Name, phone Number, BVN and NIN for KYC reasons.
  • VAULT
    •  How does the Add Funds option work?

      This option basically enables you to add more funds to your savings. For example, if you miss a day or two of your savings, you can use the “Add funds” option to deposit any amount at once. This is to ensure you meet your savings target.

    • Can I increase my savings at any time?

      Yes, you can increase the amount you're saving at any time. Simply log in and click on ‘Easy- save settings', then edit the amount. You can also edit your frequency to either daily, weekly, or monthly.

    • Can I increase my savings at any time?
      Yes, you can increase the amount you're saving at any time. Simply log in and click on ‘Easy- save settings', then edit the amount. You can also edit your frequency to either daily, weekly, or monthly.
    • Can I pause and continue saving anytime?

      Yes, you can pause and continue the automatic saving at any time. Simply log in to your account, go to your Vault and then select "Turn off ".

    • Can I pause and continue saving anytime?
      Yes, you can pause and continue the automatic saving at any time. Simply log in to your account, go to your Vault, and select "Turn off ".
    • Can I transfer from my Vault wallet to another Vault wallet?

      No, you can’t. A transfer is only available between two float wallets.

    • Can I transfer to my vault?
      Yes, you can. However, it is only a temporary account number and will expire in 15 minutes. Avoid saving it for future transactions. To generate the temporary account number, click ‘Vault’ then ‘Add funds’ and select ‘Bank transfer’ Fill in the amount you’d like to transfer and click ‘Continue’.
    • Can I withdraw to my bank account directly from the vault?
      No, you can’t. Simply withdraw from your vault to your float wallet and then to your bank account from the float.
    • Do I have to log in every time I want to save?

      No, everything is done automatically once you have added your debit card to the app and set up your “Easy-save”, except if you want to top up your savings using the “Add funds” option.

      You will also get an email receipt every single time you get debited to your Easy-save(vault) and your bank will send you an alert as well.

    • Do I have to log in every time I want to save?
      No, everything is done automatically once you have added your debit card to the app and set up your “Easy-save”, except if you want to top up your savings using the “Add funds” option. You will also get an email receipt every single time you get debited to your Easy-save(vault) and your bank will send you an alert as well.
  • FLOAT
    • Can I transfer outside of Herconomy?

      Not at the moment. We’re constantly working to add new features to our apps

    • Can I transfer to a non-Herconomy user?
      Not at the moment. We’re constantly working to add new features to our apps.
    • Can I withdraw from my Float wallet?

      Yes o, you can! And it's free.

      Simply click on "Withdraw" and then follow through with the required steps to withdraw funds to your bank account.

    • Can I withdraw funds to any Bank Account?
      No, you can't! You can only withdraw to your bank account. This must be the same name as your Herconomy account name.
    • Can I Withdraw to any Bank Account?

      No, you can't!

      You can only withdraw to your bank account. This must be the same name as your Herconomy account name.

    • Does my interest automatically reflect in my float?
      No, it doesn’t. You have to claim your accrued interest before it is reflected in your float. Interest is made available for claiming on the first day of the month.
    • How can I carry out a float-to-float transfer?

      Simply click on "transfers" and then select the “make a transfer” option, input the recipient’s phone number and click on Proceed to transfer funds to another Herconomy saver.

    • How can I carry out a float-to-float transfer?
      Simply click on "Send Money" on the float feature and then select the “make a transfer” option, input the recipient’s phone number, and click on Proceed to transfer funds to another Herconomy saver.
    • How do I fund my Float wallet?

      To fund your Float wallet, simply click on “Account number” to get your unique Float account number. Once this is done, log into your banking app, input this account number in the required field, and proceed with a transfer.

    • How do I fund my Float wallet?
      To fund your Float wallet, simply click on “Account number” to get your static Float account number. Once this is done, log into your banking app, input this account number in the required field, and proceed with a transfer.
  • GOVERNMENT LICENCES
    • What regulatory bodies oversee the Herconomy app?
      The Lagos state cooperative license, General Data Protection Regulation (GDPR), NDPC - Nigeria Data Protection Commission, FCCPC - Federal Competition and Consumer Protection Commission