Payout Processing Fees on Lumi Rewards

Payout Processing Fees on Lumi Rewards

Lumi supports payouts from either your reward wallet or naira wallet to bank accounts in Nigeria. The processing fee for payouts depends on the wallet from which you are making the payout.
 
Reward Wallet Charges

Just like regular bank processing fees, the amount that you will be charged per payout depends on how much money you are withdrawing. See the breakdown of the charges below
 
  • 10.7 Naira for Transactions up to N5,000
  • 26.875 Naira for Transactions from N5,001 to N50,000
  • 53.75 Naira for Transactions from N50,001 and above.
 
If you are withdrawing N5,000 or any amount less than that, you will pay a withdrawal fee of N10.75. The withdrawal fee for amounts above N5,000 is only slightly higher. For amounts of money between N5,001 and N50,000, you will be charged a processing fee of N28.75. If, however, you are withdrawing any amount greater than N50,000, the withdrawal fee becomes N53.75 only. 
 
Naira Wallet Charges

You will be charged a token for each cash withdrawal that you make from your Lumi Naira wallet. See the breakdown below 
 
  • 10.7 Naira for Transactions up to N5,000. + 1.4% of the amount the user is withdrawing
  • 26.875 Naira for Transactions from N5,001 to N50,000 + 1.4% of the amount the user is withdrawing
  • 53.75 Naira for Transactions more than N50,000 + 1.4 % of the amount the user is withdrawing
 
For instance, If you are withdrawing N5,000 or any amount below it, say N500 or N4000, you will be charged N10.75 and 1.4% of that amount as the processing fee. Assume that Ayo wants to withdraw N3,000 from his Lumi Naira wallet, he will be charged N10.75 and 1.4% of N3,000. This means that he will pay N10.75 + N42, which adds up to N52.75, as the processing fee to withdraw N3,000 from his Naira wallet. 
 
However, if the money that you are withdrawing is more than N5,000 or it is up to N50,000, the fee that you will be charged is N28.75 and 1.4% of the amount that you are withdrawing. For instance, say Ayo wants to withdraw N20,000 from his Lumi wallet, he will be charged N28.75 and 1.4% of N20,000. This means that he will pay N28.75 + N280, which amounts to N308.75 as the processing fee to withdraw N20,000 from his Naira wallet.
 
In the case where you want to withdraw more than N50,000 from your Naira wallet, the withdrawal fee slightly increases. It now becomes N53.75 + 1.4% of whatever amount that you are withdrawing. 
 
Instead of N20,000, if Ayo decides to withdraw N70,000 from his Naira wallet, he will be charged a withdrawal fee of N53.75 + N980, which adds up to N1,033.75. 

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