Financial terminology

Money movements#

| Use | Avoid | Why | | --- | --- | --- | | send money / transfer | remit, disburse | Match the spoken language of money | | the person you're sending to / recipient | beneficiary | "Beneficiary" reads as insurance/legalese | | description (optional) | narration | "Narration" is core-banking jargon that leaked into apps | | returned to your account | reversed | Use "reversed" only where users already use it; pair with a timeframe | | pending | processing, in flight | One word for one state, product-wide |

Charges#

• Call them fees in interfaces; "charges" is acceptable in statements.
• State fees before confirmation, in naira, beside the amount: see Currency.
• Name the fee by cause: "transfer fee", "SMS alert fee", "card maintenance fee" — never "miscellaneous charges".

Identity and KYC#

• Spell out Bank Verification Number (BVN) and National Identification Number (NIN) on first use per flow.
• Explain why at the point of asking, and what you can't see: "Your BVN lets us confirm your identity. It doesn't give us access to your other accounts."
• Use "verify your identity", not "complete your KYC" — KYC is the bank's task, identity is the user's.
• Account tiers: name the benefit, not the regulation. "Upgrade to send up to ₦5,000,000 a day", not "Upgrade to Tier 3".

Savings and loans#

• State interest as both rate and naira where possible: "12% per year — about ₦1,000 monthly on this balance".
• For loans, always show total repayment alongside instalments. "₦10,000 monthly for 6 months (₦60,000 total)".
• Never euphemise penalties. "Late fee: ₦500 per week" beats "service adjustment".

Related guidance#

• Currency
• Error messages
• Government IDs