Money terms, explained simply
Short, plain definitions of the money words that come up when you pay people regularly in Nigeria.
Updated 3 October 2026
Terms
Scheduled transfer
A payment set up in an app to go out on a future date, once or on repeat. More about scheduled transfers.
Recurring transfer
A scheduled transfer that repeats, for example every week or every month.
Standing order
An instruction to your bank to pay a fixed amount to another account on a regular schedule. Standing order vs scheduled transfer.
Drip
SpenDrip's name for one scheduled payment, like ₦40,000 for fuel every Friday at 2 PM.
Upkeep
Money given regularly to run a home or support a person, such as feeding money for a household. (Not to be confused with NELFUND's student-loan upkeep.) Automating upkeep.
Black tax
Regular financial support earners give to parents, siblings and extended family. Guide and calculator.
Stamp duty (₦50)
A government charge of ₦50 on electronic transfers of ₦10,000 and above, paid by the sender from 2026. Fees.
Account name check
Looking up the name on a bank account before sending money, so you can confirm it's the right person.
Priority
In SpenDrip, one of up to three ranked plans whose money is kept back for the rest of the month before lower plans can spend it. How priorities work.