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How can I withdraw or transfer money and manage payout accounts in Northquest Finance?

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Written by Daniel Torkura

How to Withdraw or Transfer Money and Manage Payout Accounts in Northquest Finance

Managing your funds in Northquest Finance involves understanding withdrawal processes, plan-specific rules, and payout account setup. This guide provides a comprehensive overview to help you navigate these features effectively.

Prerequisites for Withdrawals

  1. Complete KYC Verification: Ensure your KYC (Know Your Customer) process is completed in the app. This includes adding your BVN (Bank Verification Number) and a payout bank account. Without KYC, the Withdraw button will not appear in your account.

  2. Set Up a Payout Bank Account: The bank account name must exactly match the name on your BVN. Any discrepancies, such as differences in spacing or spelling, will result in rejection.

Steps to Withdraw Money

  1. Open the Northquest Finance app.

  2. Tap the Withdraw button, located near the Add Money button on the dashboard.

  3. Follow the prompts to initiate the withdrawal to your linked bank account.

Plan-Specific Withdrawal Rules

  • Can I withdraw anytime, or are there limits?

    Depends on the plan:

    • Qflex: withdraw anytime, no restrictions.

    • AutoSave: depends on your liquidation mode. Flexible plans can be liquidated anytime. Strict plans are locked until maturity, no exceptions for now.

    • Qlock: locked until maturity since it’s a fixed-term plan. No early withdrawals.

    Is there a minimum or maximum amount I can deposit or withdraw?

    No, Northquest doesn’t set any maximum or minimum limits on deposits or withdrawals. You have full flexibility to manage your funds. But to withdraw funds from 11million and above, you need to withdraw 10 million first before you proceed and redraw other amount, therefore the maximum amount you can withdraw is 10million t once to prevent reversal.

    How often can I add money to my Qflex plan?

    As often as you like, there’s no restriction on frequency, whether that’s every few days or less. And unlike a regular wallet, your Qflex balance earns interest with the money in the plan, so it’s a good option if you want your money growing but still want easy access to it.

Automatic Debits

  • Autosave Plan: If funded via a linked card, debits occur automatically. If funded via your wallet, the wallet will be debited.

  • Qlock Plan: No automatic debits or withdrawals are allowed until maturity.

Withdrawal Timelines

Withdrawals are typically approved within 24 hours. If your withdrawal is not completed within this timeframe, it may indicate an issue.

Changing Your Payout Bank Account

You can update your payout bank account in the app’s Profile section. Ensure the new account name matches your BVN to avoid rejection.

Troubleshooting Common Issues

  • Payout Account Rejection: Verify that the account name matches your BVN exactly.

  • Withdraw Button Not Visible: Ensure KYC is completed and a payout bank account is added.

By following these steps and guidelines, you can efficiently manage your funds and resolve common issues in Northquest Finance.

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