If your question is not here, contact SWM and a representative will answer it directly.
- What is my SWM code and why does it matter?
- It is your permanent identifier, for example SWM009. Staff type it to find you instantly, see which group you are in and what you owe today. It never changes, even if you join more groups.
- What charges will I pay?
- There are three, and they are always shown separately. A 3% management charge on each contribution, a 5% late payment charge only if you miss a due date, and a one-time ₦2,000 registration charge when you join.
- Can I pay the management charge at payout instead of every month?
- Yes. Your membership records which option you chose. If you defer it, the unpaid management charge is deducted from your payout, and the deduction is itemised on the payout record.
- What happens if I pay late?
- A separate late charge is raised. It never increases your contribution amount, and the two are always shown on different lines. If you pay part of what you owe, the system records exactly which balance the money went to.
- What if I pay less than the full amount?
- Partial payments are accepted where the group allows them. The receipt shows precisely how your money was applied, and the remaining balance stays visible on your account.
- How do I know when I will be paid?
- Your payout position and scheduled date are set when you join and shown in your member portal. Reaching that date does not release money on its own: a member of staff has to confirm the payout, and large payouts need a second approver.
- Can SWM change a payment after it is recorded?
- No one can silently edit or delete a posted payment. A correction is made by posting a reversal with a stated reason, and both the original and the reversal stay in your history.
- Can other members see my details?
- No. You see your own contributions, charges and payouts. Other members see the group progress, not your name, your balance or your bank details.
- Can I leave a group before my turn?
- Yes. Ask from your member account or contact SWM, and staff will review it. If you have not paid anything in, your place is simply removed. If you have, your membership is closed and SWM works out what you paid in against anything you received or still owe.
- If I leave early, do I get my money back?
- Money you paid in and have not received back is still yours. SWM agrees with you how and when it is repaid, and every refund is recorded against your account like any other payment. Anything you owe, such as charges, is settled at the same time.
- What happens if a member stops paying after they have been paid out?
- What they still owe remains a debt to the group, and late charges are raised on each missed payment. SWM follows it up with the member, may contact their next of kin, and can take lawful steps to recover it. Every payment still owed stays visible on the group’s records.
- Where is my money kept?
- Contributions are paid into SWM’s business bank account and held for your group until each payout. Our records keep members’ contribution money separate from SWM’s own income from charges. SWM is not a bank, so contributions do not earn interest.
- How do I make a complaint?
- Call +234 816 708 1067 or email info@swmfinance.com, and quote your SWM code and any receipt or payout reference. We acknowledge every complaint and tell you the outcome. If it is about your personal data, you can also complain to the Nigeria Data Protection Commission. See our privacy notice.
- Can I get a copy of my data, or have it removed?
- Yes. Sign in and open Your data to download a copy of everything SWM holds about you, or to ask for a correction or removal. Records of money you paid and received are kept, as the law requires, but without your name.
- Do I get proof of my payments?
- Every payment produces a receipt showing the amount, the split, the method, the date and the staff member who recorded it. You can download your full statement at any time.