FAQ

QUESTION: Is there a cap/limit to the volume of cash that can be dealt with between paystack transaction and the wallet?

ANSWER: There's no limit to Paystack transaction and the Wallet (No limit on Deposit).

QUESTION: Do we have a cap/limit on the volume of cash that can be transferred between one wallet and another?

ANSWER: No, there's Currently no Limit.

QUESTION: Do we have a limit to the number of transactions carried out per day on the wallet platform?

ANSWER: a. Deposits: No Limit. b. Wallet to Wallet transfer: No Limit for now.

c. Withdrawal: Yes, there's a Limit which is N100,000 per day but can be adjusted on demand if applied for.

QUESTION: Is there a limit to the amount involved in withdrawal transactions?

ANSWER: N100.00 per day.

QUESTION: How are charges calculated, especially on transactions that attract charges.

ANSWER: Deposits via dedicated Virtual Account 2% per transaction capped at NGN1000. Wallet to Wallet transfer is Free. Withdrawal 3% + NGN100 capped at NGN2000

QUESTION: Loan Application:- Is there a limit to amount placed on loan application?

ANSWER: 1 - 10Million

QUESTION: The deposits, does it in any way form part of the amount to be disbursed as loan to the cluster?

ANSWER: NO (First of all, it is a Minimum Deposit, it's an un-withdrawable balance that must be in the Wallet, that can also be considered as an Equity for the Loan.)

QUESTION: Should the same cluster require another loan after repayment on current loan, will the same cluster pay additional minimum deposit or just the charges?

ANSWER: a) YES, a cluster can apply for another Loan after repayment.
b) Additional minimum deposit may be required depending on the loan amount.
c) Charges: Yes

QUESTION: Tenor of credit:- Is there penalty for exceeding the approved loan tenor?

ANSWER: Yes, the penalty is dependent on the loan amount.

QUESTION: Should a cluster pay off it's loan before tenor date, will the cluster be entitled to any benefits, reduction on interest?

ANSWER: NO because it's not possible to pay before tenor date, they're paying back with product and not cash

QUESTION: In order to reduce paper work, can the consent form be compressed and have members sign underneath and individually rather than the current standard.

ANSWER: No, for the main time let's stick to the current standard.

QUESTION: How much is the minimum deposit on the Shalom Wallet?

ANSWER: Currently N3000 only

QUESTION: Is e-mail a mandatory requirement for creation of a wallet?

ANSWER: Yes

QUESTION: The Email criteria might be a challenge for the average rural farmer to meet. Is there alternative to this please?

ANSWER: It's compulsory with no alternative. The best you can do is help them get one by creating for them and also handing over the login details to them and their clusters heads/Secretary

QUESTION: Most farmers do not have android phones. In practical terms the few I've met already do not even know how to make use of the phone functions. What can be done?

ANSWER: Clusters heads and Secretary has the responsibility of educating their members on usage and guide them through the process. Take it as an educational process of helping farmers in rural area get emails and understand it's importance in accessing facilities in the 21st century.

QUESTION: Can a cluster decide to increase it's minimum deposit per individual in order to access a higher loan amount?

ANSWER: Yes, that's wisdom.

QUESTION: Of Yes to question above, how can this be treated?

ANSWER: It's treated as 20% of the required amount. That's the determining factor.

QUESTION: How is batch tenure determined? That is the period between the approval of one batch and the likely approval date for the next.

ANSWER: 4months or less. In a situation where the number of farmers increases geometrically, batch payments can happen in spaces of 1month to cover the gaps.

QUESTION: Which organization owns ECODEV?

ANSWER: It is a program of Touching Lives Skills International Development Foundation that is facilitated by Shalom Agro

QUESTION: What is the responsibility of Shalom Agro in the ECODEV Program?

ANSWER: to receive deposit from members of Touching Lives Skills International Development Foundation through our Paystack-Titan Virtual terminals to each individual member's Shalom Wallet app, receive loan application, disburse loan to qualified clusters and manage/recover loans.

QUESTION: Is Shalom Agro a Bank or Microfinance Bank?

ANSWER: No, Shalom Agro is a multi-purpose cooperative society in Nigeria.

QUESTION: Is Shalom Agro Licensed to issue loans and receive deposits?

ANSWER: Yes, Shalom Agro is licensed to receive deposits and issue out loans in Nigeria.

QUESTION: Can I earn interest on my deposits?

ANSWER: No, to earn interest on your deposits, you have to convert deposits to savings.

QUESTION: How else can I use my wallet?

ANSWER: To buy things from the Shalom Store.