Settlement Account

Configure your bank account to receive payouts from your Vaendora transactions. Manage settlement details and track your payouts.

Overview

A settlement account is the bank account where Vaendora deposits your earnings from successful transactions. You must set up and verify a settlement account before you can receive payments.

  • Receive payouts directly to your Nigerian bank account
  • Automatic account name verification
  • Instant settlement after payment confirmation
  • Transaction fees are deducted before settlement
  • Support for all major Nigerian banks

Adding a Settlement Account

Set up your bank account to receive payouts:

1

Navigate to Settlement Settings

Go to Settings → Settlement Account in your dashboard.

2

Select Your Bank

Choose your bank from the dropdown list. All major Nigerian banks are supported.

3

Enter Account Number

Enter your 10-digit bank account number. Double-check the number to avoid errors.

4

Verify Account Name

Vaendora automatically fetches and displays the account name associated with the account number. Confirm that the name displayed is correct.

5

Save Account

Click Save to set this as your settlement account.

Account Name Must Match
Your bank account name must match the name on your Vaendora account (either your business name or personal name). Mismatched names may cause settlement delays or require additional verification.

Account Verification Process

When you enter your bank details, Vaendora verifies your account through the following process:

  1. Account Number Validation – The system checks that the account number is valid and belongs to the selected bank
  2. Name Lookup – The account holder's name is fetched from the bank's records
  3. Name Matching – The fetched name is compared against your registered name on Vaendora
  4. Confirmation – You review and confirm the account details before saving

Verification Status

Verified

Account details confirmed and ready to receive settlements

Pending

Account details are being reviewed

Failed

Verification failed – check account details and try again

How Settlements Work

Understanding the settlement process from payment to payout:

1

Customer Makes Payment

A customer pays through your payment page, storefront, or API integration.

2

Payment Confirmed

Vaendora confirms the payment with the payment processor and marks the transaction as successful.

3

Fees Deducted

Transaction fees are automatically deducted from the payment amount.

4

Settlement Initiated

The net amount is settled to your registered bank account.

Settlement Timing

Settlement timing depends on your account configuration:

  • Instant Settlement – Funds are transferred to your bank account immediately after payment confirmation
  • No Minimum Amount – There is no minimum threshold for settlements; every successful payment is settled
  • Business Hours – Settlements are processed around the clock, including weekends and holidays
Settlement Fees
Transaction fees are deducted before settlement. You receive the net amount after fees. View your fee structure in the Billing section of your dashboard.

Supported Nigerian Banks

Vaendora supports settlements to all major Nigerian banks, including:

  • Access Bank
  • Ecobank Nigeria
  • Fidelity Bank
  • First Bank of Nigeria
  • First City Monument Bank (FCMB)
  • Guaranty Trust Bank (GTBank)
  • Heritage Bank
  • Keystone Bank
  • Polaris Bank
  • Stanbic IBTC Bank
  • Standard Chartered Bank
  • Sterling Bank
  • Union Bank
  • United Bank for Africa (UBA)
  • Unity Bank
  • Wema Bank
  • Zenith Bank

Microfinance banks and mobile money wallets (e.g., OPay, PalmPay, Kuda) are also supported.

Updating Your Settlement Account

You can change your settlement account at any time:

1

Go to Settlement Settings

Navigate to Settings → Settlement Account.

2

Enter New Bank Details

Select the new bank and enter the account number.

3

Verify and Save

Confirm the account name and click Save to update your settlement account.

Pending Settlements
If you change your settlement account while there are pending settlements, those settlements will be processed to the previous account. Only new transactions will be settled to the updated account.

Troubleshooting Verification Issues

If you encounter issues verifying your bank account:

Invalid Account Number

  • Ensure you have entered exactly 10 digits
  • Double-check the number against your bank statement or mobile app
  • Make sure you selected the correct bank

Account Name Mismatch

  • Your bank account name must match the name registered on your Vaendora account
  • For businesses, the account should be in the registered business name
  • For individuals, use a personal account matching your full name
  • Contact support if your names differ due to abbreviations or formatting differences

Verification Timeout

  • Bank verification services may occasionally be slow or unavailable
  • Wait a few minutes and try again
  • If the issue persists, try during banking hours

Still Having Issues?

If you cannot resolve verification issues, contact Vaendora support with the following information:

  • Bank name
  • Account number
  • Expected account name
  • Screenshot of the error message
Support
Reach out to Vaendora support via the Support section in your dashboard or email support for assistance with settlement account issues.