FG begins N50,000 monthly cash support: three ways beneficiaries can withdraw

Nigerians approved for the Federal Government’s N50,000 monthly cash support can now withdraw their money as payments begin. The scheme, the National Emergency Relief And Stabilisation Intervention (NERSI) programme, is meant to provide financial assistance to vulnerable households through approved financial service providers.

Funds are credited to designated wallets. Beneficiaries can withdraw cash or transfer the money to other bank accounts, depending on their payment provider.

1. Withdraw through POS operators

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 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 to a commercial 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 lets them access the money through regular banking channels, including ATM withdrawals and transfers.

3. Use provider 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. MoMo PSB and NairaGram users can access their respective authorised agent networks.

Beneficiaries should confirm the available withdrawal services and applicable charges with their providers before visiting an agent or branch. They 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.

Separately, the Federal Government has outlined the application process for affordable financing to buy 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.

The payment channels put the N50,000 monthly support within reach of beneficiaries who may not have easy access to banking services. Cash movement through POS agents, bank accounts and provider networks could support everyday spending in vulnerable households, though service charges will matter for beneficiaries.