This Schedule sets out what you pay. Part 1 is charged by Cosine. Part 2 is charged by our Partner Institution or imposed by law and passed through to you at cost.
Part 1: Cosine fees
| Item | Rate |
|---|---|
| Transaction Fee on Fee Payments (the "Collection Fee") | 2% of the gross amount, uncapped |
| Collection Account provisioning | No charge |
| Business and identity verification (KYB) | No charge |
| Additional Collection Accounts beyond the standard allocation | No charge |
| Transfers between your own Collection Accounts | No charge |
| Withdrawals to a nominated bank account | No charge by Cosine. Part 2 charges apply |
| Refunds | Transaction Fee refunded in accordance with clause 10.2 |
Part 1 fees are exclusive of VAT and other applicable taxes.
Changes to Part 1 are subject to clause 7.6 of the Terms of Service, which requires at least 60 days' prior notice.
Part 2: Partner Institution charges and statutory levies
The charges in this Part are not Cosine fees. They are set by our Partner Institution or imposed by law, and are passed through to you at cost under clause 7.4 of the Terms of Service.
| Item | Rate |
|---|---|
| Transfers between your own accounts | No charge |
| Outbound transfer to another bank (NIP) | ₦50.00 per transfer |
| Stamp duty (Electronic Money Transfer Levy) | ₦50.00 per transfer of ₦10,000 or more, where required by law |
| Account maintenance on outbound transfers above ₦10,000,000 | 0.1% of the amount transferred, charged per transaction |
Stamp duty is a statutory levy collected on behalf of the Federal Government under the Stamp Duties Act as amended. Cosine receives no part of it. Intra-institution self-transfers are exempt.
Where a charge in this Part changes because our Partner Institution or the law changes it, we will update this Part and notify you as soon as practicable. Clause 7.6 does not apply to this Part.
Notes
- Who bears the Transaction Fee. At the time of billing you choose whether to absorb the Transaction Fee or pass it to the Payer as a separate invoice line item, under clause 7.2 of the Terms of Service.
- Pricing locks. Where we have granted you a written pricing lock, the locked rate prevails over Part 1 for its stated duration.