Frequently Asked Questions
Q. Why do I have to add my BVN?
Ans. Your BVN is required to validate your identity and work against identity theft(CBN rules). And this takes the safety of your funds and transactions to a higher level.
Q. What if I no longer have access to the phone number linked to my BVN?
Ans. In that situation, kindly contact your bank to update the phone number.
Q. What is Storehouse
Ans. Storehouse is mobile wallet app that enables you create budgets and make payments
for goods and services directly from your mobile wallets to businesses operators around you.
You can decide to create a budget and pay strictly from it or be more flexible by paying vendors from your wallet balance.
We take away the stress of cash transactions(long ATM queues) and we offer a true budget that goes with discipline.
And we have a vendor app that helps business operators collect cashless payments from their customers.
Q. How do start using Storehouse?
To start using Storehouse as a customer, download the Storehouse app from Google Playstore to create account.
• Verify your BVN and set your withdrawal Bank account where your withdrawals will be sent to.
• Enter your debit card details and make your first wallet funding.
• Go to any Storehouse enabled vendor and pay for your goods or service via the app by scanning the vendor's QR code or inputting the vendor ID.
As a Vendor,
• Download the Storehouse vendor app and create an account. You would have to wait for verification before you are given access to your dashboard.
• After verification, download your QR code from the QR code section and paste it to the wall of your business premises to accept payments from your customers or simply show them your QR code to scan.
Q. Are there charges when I fund my wallet?
Ans. Yes. Our payment process, Flutterwave that secures your card details and transfers charges you 1.4% of the transaction and Storehouse doesn't add additional charges even when paying a vendor. We good.
Q. As a vendor are there charges when a customer pays me?
Yes. Below is the vendor's pricing list.
• 2.5% on 1 naira - 199 naira.
• 5 naira on #200 - #4,999.
• 10 naira on #5,000 - #9,999.
• 15 naira on #10,000 - #14,999.
• 20 naira on #15,000 - #19,999.
• 25 naira on #20,000 - #24,999.
• 30 naira on #25,000 - #29,999.
• 35 naira on #30,000 - #34,999.
• 40 naira on #35,000 - #39,999.
• 45 naira on #40,000 - #44,999.
• 50 naira on #45,000 - Infinity
Safety & Security
Q. How safe is Storehouse?
Ans. All financial information is encrypted and stored to PCIDSS Level 1 compliant standards. PCIDSS Level 1 compliance is a set of rules stated by credit card companies and audited by an independent third party.
It is the highest possible rating one can get in the electronic payment processing industry. Additionally, all transmission to our server and on our site is via an encrypted 256-bit HTTPS SSL connection.
Q. Does Storehouse have an office?
Ans. Yes, we are located at No. 311 Abak road, Uyo, Akwa Ibom State. Whatsapp number: 08182020237. Email: email@example.com
Q. Are my card details safe?
A. Your security is our major priority, so we work with a PCIDSS-compliant payment processor, Flutterwave to handle your card details.
Your card details are extremely safe and are stored where they can never be compromised.
Q. How secure is my money?
A.We are operating a cooperative license as Storehouse Multi purpose cooperative limited and our partnership with our payment processor allows us to create sub accounts for each user that houses his money separately which is only accessible by the user.
Q. How do I create a budget?
Ans. Fund your wallet with the amount you would love to budget.
Go to your dashboard overview and click on Budgebot.
Choose the type of budget you want to create and follow the steps.
Q. Can I roll over my unused daily budget?
Ans. You sure can. Any unused daily budget can be rolled over to any day after the end of the current budget schedule.
Q. What is a Storehouse referral program?
Ans. Storehouse referral program known as Bannermen League, is a system of rewards and compensation for signing up new users( we call them assets) on our platform using your referral code.
Q. Multi-level marketing structure
Ans. We discovered normal one-time referral bonus of 1k doesn't do much justice to the effort of acquiring a user and people need something they could build an income stream from. So we planned something more financially sustainable.
We structured our commissions in a network marketing style, where you earn commissions not just from your personal sign up assets but from your assets downlines too up to your 4th generation of downlines you don't know personally.
Q. How long does the commissions last?
Ans. Commissions last forever as long as your asset keeps making transactions on Storehouse. Once you acquire an asset, it's yours for life.
Q. How are commissions calculated?
Ans. Commissions are calculated at 1/5 of the service charge on every transaction made by your assets and their downlines.
Example: If an asset makes a payment of #200, the service charge is #5. You earn #1 every time he and his downlines pay that amount to a vendor( and that could be up to 3 times a day).
If you personally sign up 20 assets and each of them signs up 20 too in their 1st gen, that's gives you 400 assets, and at #1 per transaction at twice a day, you earn 24k monthly for life. You also earn 1/5 of the service charge that is charged to a vendor asset for 90 days.
Q. How to participate in our referral program or how to activate your referral code?
Ans. * Create an account
• Verify your BVN
• Fill in your KYC
• Fund your wallet and make your first payment to a vendor.
Q. Referral rules
A. * In other to keep earning your daily referral commission, you need to make at least a transaction every 24 hrs.