Frequently Asked Questions (FAQs)

What is float?

A Float wallet is a flexible savings wallet where interests earned on all other features on the
Herconomy app are paid.
Float offers an impressive 8% 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


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

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

What is Easy-Save?

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

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


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

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

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?

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