Sweep mandate or Multiple Account Direct Debit enables payments to be deducted from any linked accounts with sufficient balance. If the primary mandated account lacks adequate funds, the system automatically attempts to collect the repayment from those linked accounts.
All Transactions between N200 and N20,000 are charged a minimum fee of N55 per transaction.
Here's a breakdown of the pricing for Sweep Mandate:
Action | Fee |
Setup fee | 500 NGN per setup |
Per-account Activation Fee | 100 NGN per linked account activated, tied to BVN |
For transactions above 20,000 | (1% capped at N1000 per debit)+ 7.5% VAT |
For transactions between N200 and N20,000 | N55 flat fee |
NOTE: All fees are deducted from the businesses' Mono wallet, so you will need to fund your Mono wallet to access this service.
You can refer to this article to learn how to fund your wallet on the Mono dashboard.