Effective November 8th, 2024, OwoDaily will implement changes to its marketplace payout fee structure to ensure compliance with Nigerian tax regulations and Withholding Tax requirements.

What's Changing?

The payout processing fee will be adjusted from 3.5% to 5.5% for all Member payout requests.

Why This Update?

This adjustment is essential to:

• Comply with Nigerian Withholding Tax (WHT) requirements of 5%
• Account for an additional 0.5% for CBN and transfer fees
• Maintain seamless marketplace operations
• Ensure proper tax remittance to relevant authorities

Impact on Your Earnings

Here's a quick breakdown of the changes:

Previous Structure:

• Payout Fee: 3.5%
• Example: ₦100,000 payout = ₦3,500 fee

New Structure:

• Withholding Tax: 5%
• CBN & Transfer Fees: 0.5%
• Total Payout Fee: 5.5%
• Example: ₦100,000 payout = ₦5,500 fee

Implementation Timeline

• Effective Date: November 8th, 2024
• All payouts processed before this date maintain the 3.5% fee
• New fee applies to all transactions from November 8th, 2024

What Stays the Same?

• Direct bank transfer payments
• Fast payout processing
• Secure transaction handling
• Platform features and benefits
• Quality customer support

Moving Forward

This update enables OwoDaily to better serve our community while maintaining compliance with Nigerian regulations. All other platform features, earning opportunities, and benefits remain unchanged. For questions or clarification, contact our support team