Rewards & support · 3 min read
Fees, safety and common worries
What Rainpay charges, how your money is held, and the scams to watch for.
Fees
- Rainpay-to-Rainpay transfers: free, always.
- Bank transfers out: a small fee shown before you approve, never a surprise afterwards.
- Adding money: the payment partner's charge is shown on the checkout page.
- Savings: no fee to open; only the stated penalty if you break a plan early.
How your money is held
Rainpay is not a bank. Money in your wallet is held with our CBN-licensed partner institution, Beamer Microfinance Bank, and payouts run through Platnova, a licensed payment service provider. Deposits held with our licensed banking partner are covered by that institution's NDIC insurance.
Scams to watch for
- Nobody from Rainpay will ever ask for your PIN, your password or a code.
- A "reversal" you did not expect, followed by someone asking you to send the money on, is a scam.
- Only use links you typed yourself or the installed app — check the address before signing in.
Rainpay is a financial technology company and is not a bank. Banking, payment and deposit services are provided by licensed financial institutions and licensed payment service providers regulated by the Central Bank of Nigeria, currently Beamer Microfinance Bank, Platnova and Red Biller Technologies.