Frequently Asked Questions
Cashurban is a Secure Web, Mobile, USSD, SMS channel platform, where customers can request for cash (specific amount) and merchants/agents in the neighborhood that can service the transaction will accept the transaction and will appear on a map to the customer, then the merchant can service the transaction within 100 meters radius in the neighborhood.
Interestingly, on Cashurban, customers can also exchange foreign currencies; United States Dollars (USD), Great Britain Pounds (GBP) and European Euros (Eur) for Naira in their neighborhoods too, thereby eliminating the stress of going to a very far location to access their Naira.
To do transactions on Cashurban, all platforms can serve you. If there is not internet connection, customers can request for cash using our USSD channels.
Joining Cashurban is FREE. All you are required to do, is register on the platform, by filling the registration form, an email will be sent to you, which you will have to verify, once you verify your email, then you can login and start to use the service. You can either use Cashurban to Request for Cash in your desired Neighborhood, Register to become a Cash merchant, enlist products using our stock management module free of charge for merchants or Subscribe to be a Mobile Phone POS merchant, pay the annual subscription fee, get trained and start to earn income.
Only Cashurban POS Service and Merchants Mobile SMS Search Engine service are paid services on Cashurban, registration for every other services are FREE.
Registration on the platform is FREE OF CHARGE. However, all transactions executed on this platform attracts fees broken down as follows:
WEB - NAIRA
Cashurban Fees: N50 Per Transaction
Cash Merchant Charges: 0.5% – 1.5%
1.5% (Payment Processor Charges), with a maximum of N2, 000.00 cap
WEB - USD, GBP, EUR
Cashurban Fees: 0.5% Per Transaction Foreign Currency Value
Cash Merchant Charges: 0.5% – 1.5% Naira Value
3.8% Payment Processor Transaction Charges Foreign Currency Value
MOBILE PHONE POS SERVICE
N150 Per Transaction
The minimum amount of cash you can have access to from cash merchants on this platform is N1, 000.00 and the maximum is N300, 000.00. This we have carefully considered because of your own safety.
All that is required is to ensure that you reside in a safe environment and you are able to trade with an amount of Cash between N1, 000.00 and N300, 000.00 on Cashurban.
But to trade Cash Back on Foreign currencies, depending on the fluctuations of the daily exchange rates as shown on international forex websites. The Naira conversions to pay to your customer would range around these amounts:
For USD: Minimum Amount:
USD 20.00 will average N7,200.00 – N7, 300.00
Maximum Amount: $500.00 will average N180, 000.00 – N182, 500.00
For GBP: Minimum Amount:
GBP 20.00 will average N8, 900.00 – N9, 100.00
Maximum Amount: GBP 500.00 will average N222, 500.00 – N250, 000.00
For EUR: Minimum Amount:
EUR 20.00 will average N7, 940.00 – N8, 040.00
Maximum Amount: Eur 500.00 will average N198, 500.00 – N201, 000.00
You would be required to provide the following information as part of your validation requirements to be able to transact on this platform:
• Your electronic passport photograph, which must not be more than 300KB
• A clearly scanned unexpired acceptable ID (300KB); Drivers’ License, International Passport, National ID Card, Voters Card
• The Valid ID number
• Your NUBAN Bank Account Number
You can only access you Naira immediately from the merchant, once you execute a transaction.
However, for all foreign exchange transactions, the transactions are T+1. i.e. If you want your Naira tomorrow, its adviceable you make your transaction for all foreign exchange today.
No. A cash merchant does not need to have a Domiciliary Account, as customers just need only Naira from the merchant. All foreign exchange received shall be warehoused by us, while the merchant only provides the Naira equivalent for cash back.
However, for a customer to be able to use our cash back foreign exchange cash back service, the foreign exchange must be in a domicialiary account if resident in Nigeria. If the customer is not resident in Nigeria, they only need to register and login and process the transaction from the country they are.
We currently only support United States Dollar (USD), Great Britain Pound (GBP) and European Euro (EUR).
Minimum Amount: USD 20.00
Maximum Amount: USD 500.00
Minimum Amount: GBP 20.00
Maximum Amount: GBP 500.00
Minimum Amount: EUR 20.00
Maximum Amount: EUR 500.00
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