Bamboo Updates Nigerian Investors on New WHT Rules

According to Bamboo, in alignment with the latest guidelines from the Federal Inland Revenue Service (FIRS) regarding short-term investment securities, some assets on Bamboo are now subject to a 10% Withholding Tax (WHT). This is a mandatory requirement for all financial platforms operating within these FIRS frameworks.

Which Assets Are Affected?

The 10% WHT applies to the interest earned on the following investment products:

Treasury Bills
Fixed Returns
Naira Savings

What This Means for You

We have designed our systems to handle this transition automatically so you can focus on your goals:

Automatic Deductions: The 10% tax will be deducted from your earned interest at the moment your investment matures or is liquidated.
Interest Only: To be clear, the tax is only applied to the profit you earn. Your initial deposit (principal) remains untouched and is not subject to this tax.

        Example: If your investment earns ₦5,000 in interest, a 10% tax (₦500) will be deducted, and ₦4,500 in net interest will be credited to your account alongside your original investment.
    

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Why Is This Happening?

This update follows standard fiscal policy in Nigeria. As a compliant financial institution, Bamboo is required to remit these taxes to the federal government on behalf of our investors. This ensures your investment portfolio remains in good standing with national tax regulations.

Need Help

If you have any questions or require further clarification regarding these changes, Bamboo dedicated support team is ready to assist you.

Email Bamboo: [email protected]

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Bamboo Updates Nigerian Investors on New WHT Rules