If you are like most people, you avoid transfer charges whenever you can.
You try as much as you can to transfer only to people who use the same bank as you and you prefer to pay cash when dealing with others who have accounts with different banks.
Some people think that it’s much ado about so little.
How much is this transfer charge that somebody will be stressing themselves to avoid?
Is it not N10, N25 and N50 again?
These are small changes right, but small monies just like small drops of water can come together to become huge.
When you think about how often you pay these charges, you can get to see the bigger picture and how much you are actually spending on transfer charges.
We transfer money for many things these days; to family and friends, to purchase stuff when the store doesn’t have a working POS.
Transferring funds has become a part of our everyday life – it is time to take a closer look
Let us see if we can calculate the actual amount of money that an average individual spends on transfer charges.
According to the latest interbank transfer rates released by CBN, you pay N10 for transferring N5,000 and below.
Transferring any amount of money between N5,001 and N50,000 costs N25 and transferring amounts of money above N50,000 costs N50
Let us say that you transfer N5,000 or less, say ten times a week
That is 10 x 10 that’s N100 naira in a week.
Still small right.
When we make it for the year, it becomes N5,200
Still looks small but that is some substantial amount of money that you can save or invest.
If you add about 20 members of family and friends, the number jumps to over N100,000.
Now that is one year.
If you multiplied that by how many years you have been transferring and how many years you will still transfer – let us just say 10 – that is a million naira gone on transfer charges for members of your family and friends.
Let us stop to think about it, a million naira that you have not planned nor budgeted for, but it’s gone.
It could be more, but let us even be moderate in estimation – think about what you can do with your family and friends with one million naira.
What if we go ahead to calculate the numbers for your entire office, your entire village, or your entire tribe – the amounts would be mind-blowing.
Somewhere in our minds all of us want to do away with transfer charges. This is why we have introduced Zole, the digital wallet with multiple benefits to help you avoid it even more.
Zole allows you unlimited transfers to anyone in Nigeria for free, through their phone numbers.
