FAQs
NEED HELP?
Frequently Asked Questions
Payfaxsav helps you save with ease. With Payfaxsav, you can stop spending and grow funds that you do not want to touch. Payfaxsav helps you build and grow your finances by allowing you to save a particular amount daily, weekly or monthly, quarterly and annually.
You can choose to save little amounts of money periodically towards a specific target or fix funds for a specified period of time. We take away the stress by enabling you to manage your finances better and achieve your financial goals.
Yes, you have to login with your email and password to access your account. You can also save your email and password, it will automatically take you to your account. To keep track, all transactions on your debit card will be visible on your dashboard. We will also send an email receipt to you every single time you save with your card, and your bank will send you an alert as well. Your security and safety are 100% guaranteed.
All of the savings options on Payfaxsav are tailored towards a particular need. Please go through our ways you can build your savings lifestyle.
To start saving on Payfaxsav:
- Visit the website -www.payfaxsav.com, to create an account.
- Enter your email, names, phone number and create 6 – 8 digit password (it can be Alpha-Numeric).
- Check your email for OTP code, input it to verify your account.
- Activate any Savings Plan of your choice – You may now proceed to use any of the Savings Plans to start your daily, weekly, monthly or annual savings.
- Enter your debit card details and then make your first deposit. (You may use a MasterCard, Visa or Verve card from any Nigerian bank, USSD or Bank Transfer)).
Are there bank charges when you deduct from my account?
No! it’s completely free. There are no bank charges for transferring money to your Payfaxsav account.
You can only save between:
Daily – N100 – N20,000
Weekly – N500 – N200,000
Monthly – N1000 – N500,000
Lock Funds – N50,000 & Above
Halal – N100 & Above
Target/Fixed – N100,000 and Above
However, you can always top up your savings at any time using the Swiftsave option which allows you to add up to N500,000 per time.
We won’t debit your account if you missed any day, week or month and we won’t charge you on that. Our Swiftsave option is always available for you to manually make up for any lost day, week or month.
Yes, you can do up to ten different plans at a time. Just go to Active Plan option on your dashboard.
We will only be able to save for you when you have funds in your debit card or your account. You can also use Bank Transfer, USSD or your Bank. However, you have the option to use the “Swift save” option once you have loaded your account.
Swiftsave enables you to add more funds to your savings.
For Instance, if you set N1,000 daily and you miss a day or two, you can use the swift save option to deposit N2,000 at once. This is to ensure you meet up with your savings target.
Please note that you can add this multiple times in a single day. For instance, if you want to add N2,000, you need to add N1,000 twice.
All financial information is encrypted and stored to SSL. All transmission to our banking partner and on our site is via an encrypted bit HTTPS SSL connection.
This is a one-time password used for initiating transfers and withdrawals on your account. So you can input it in the payment process.
Yes! We are located at Suite 069 De Avalon Plaza, Plot 483 Ajose Adeogun Crescent, Utako District, FCT Abuja.
Contact Number: +234 902 7478534,
Email: info@payfaxsav.com
Your security is our major priority; we use SSL security encryption, Paystack is our Payment Gateway partner. Paystack handles your card details, your details are extremely safe and they can never be compromised.
As Payfaxsav, we operated in partnership with 2 Microfinance banks. We are also a registered cooperative Payfax Multipurpose Cooperative Society Limited (Registration number – 002678). All saved funds are warehoused with and managed by a leading asset management company in Nigeria, registered and licensed by the Securities and Exchange Commission (SEC).
You can withdraw your funds only on set Withdrawal dates. You can make use of the PayfaxSav quarterly fixed withdrawal dates. After the request has been made, funds will be sent to your bank account.
You can choose your own withdrawal dates on your dashboard, which are:
- 31st March
- 30th June
- 30th September
- 31st December
What happens, if I withdraw outside the withdrawal dates or before expiration of my tenor?
Withdrawals made outside the Withdrawal dates attract a 5% penalty fee of the withdrawal amount.
You need to have filled your bank details in your cashout settings then, click on the “cashout” option on your dashboard, enter the amount you want to withdraw and your funds will be transferred to your set bank account within the stipulated time (not more than 24 working hours).
You can only withdraw all of your funds on the fixed withdrawal dates.
YES.
- 12% per annum for Esusu(Thrift) savings
- 10% per annum for flexi Savings
- 13.5% per annum on Lock funds Savings
- 14% per annum on Target Savings
- 16% per annum on Fixed savings
Kindly note that interest rates are subject to change at any time based on market conditions
- Esusu (Thrift) Savings – Interest is paid at the end of the period or tenor chosen.
- Flexi Savings – Interest is accrued daily on your balance, and paid at the end of the period or tenor chosen
- Fixed and Lock funds Savings – Interest is paid at the end of your tenor or upfront into your bank account and you can access it immediately.
- Target Savings– Interest is accrued, reflects on your target dashboard, and is paid at the end of your target.
Your saved funds are securely invested in high quality and low-risk financial instruments, a portion of the proceeds is then passed on to users as interests on their savings.
Our operational costs at Payfaxsav are relatively low and we do not hire a lot of staff to manage operations. We are also able to negotiate commission.
We require your BVN to validate your identity and protection from identity theft. We ensure that your funds are safe by this process.