FG’s N50k Monthly Cash: How To Withdraw Funds, 3 Options Available As Payment Begins
- Nigerians receiving the FGs N50,000 monthly cash support can withdraw their money in 3 ways
- Beneficiaries can move funds from their payment wallets to local POS operators or transfer the money directly to commercial bank accounts
- Those using ALAT by Wema Bank, MoMo PSB and NairaGram can also access cash through their respective branches and agent networks
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Nigerians approved for the federal government’s N50,000 monthly cash support facilitated by can access their funds through different withdrawal channels as payments begin.
The National Emergency Relief And Stabilisation Intervention (NERSI) programme is designed to provide financial assistance to vulnerable households, allows beneficiaries to receive payments through approved financial service providers.
Source: Getty Images
With funds credited to their designated wallets, beneficiaries can withdraw cash or transfer the money to other bank accounts, depending on their payment provider.
Here are three ways Nigerians can withdraw the money.
1. Withdraw through POS agents
Beneficiaries can visit nearby Point of Sale (POS) operators to withdraw their money.
The process involves transferring funds from their payment wallets to the POS agent using the relevant provider's USSD code or mobile application.
Once the transaction is confirmed, the agent gives the beneficiary the equivalent cash, subject to any applicable service charges.
2. Transfer money to a bank account
Another option is to transfer the funds directly to a commercial bank account.
Beneficiaries can use their provider's USSD code or mobile application to send money to their personal bank accounts or other accounts.
This option allows recipients to access their money through regular banking channels, including ATM withdrawals and transfers.
3. Use authorised branches and agent networks
Beneficiaries can also withdraw cash through the physical branches and agent networks supported by their payment providers.
Those using ALAT by Wema Bank can visit Wema Bank branches for assistance, while MoMo PSB and NairaGram users can access their respective authorised agent networks.
Beneficiaries are advised to confirm the available withdrawal services and applicable charges with their providers before visiting an agent or branch.
Source: Getty Images
Important safety advice
Beneficiaries should use only official USSD codes, mobile applications and authorised agents to access their funds.
They should never disclose their PINs or one-time passwords (OTPs) to agents or strangers. The Federal Government's cash support programme does not require beneficiaries to pay registration or processing fees.
FG opens portal for Nigerians to apply for N1m
Earlier, Legit.ng reported that the federal government has outlined the application process for Nigerians seeking affordable financing to purchase laptops, smartphones, tablets, and other digital devices under the Credit for Laptops, Internet, Connectivity, and Knowledge Digital Devices (C.L.I.C.K.D.) Programme.
The initiative, launched through the Nigerian Consumer Credit Corporation (CREDICORP), is designed to improve access to digital devices by providing consumer credit to eligible Nigerians.
Applicants are required to complete an online registration form before they can be considered for the scheme.
Source: Legit.ng
