How to Set Up Direct Debit in 12 Steps

Would you like to set up a direct debit on your bank account?

Direct Debit allows your bank to automatically pay your premiums on the due date and means you don’t have to make manual transfers or worry about missing payments.

Follow these steps to set it up:

  1. Click “Setup Direct Debit”.
  2.  Enter your Policy Number (e.g. LSP10000000) and Email Address
  3. Select your Bank and enter your Account Number.
  4. Confirm your Account Name and Debit Amount (Premium) displayed
    automatically.
  5. Enter your Mobile Number, Address, State, and City.
  6. Choose your Tenure Start Date (preferred debit day) and End Date.
  7. Select your Debit Frequency (Monthly, Quarterly, Semi-Annual, or Annual).
  8. Click ‘Preview’ to review your details, then click “Submit.”
  9. You’ll be redirected to the Paystack page. Click “Get Started” and follow the prompts to finish.

Please note that an authorization fee of N50 will be required to complete the transaction.

Important Guidelines on Debit Frequency:

  • Monthly: Debit starts on your chosen date and continues the same date
    every month. (e.g., if you choose January 5th, the next payment will be
    February 5th.)
  • Quarterly: Debit starts on your chosen date and repeats every 3 months.
    (e.g., January 5th, the next payment will be April 5th.)
  • Semi-Annual: Debit starts on your chosen date and repeats every 6 months.
    (e.g., January 5th, the next payment will be July 5th.)
  • Annual: Debit starts on your chosen date and repeats on the same date
    each year.

To change your bank account, cancel a direct debit, or get assistance, please email