For US Stocks:
If you purchase the stock of a US company that issues dividends, the dividends will be credited directly to your brokerage account. From there, you can decide to either reinvest or withdraw your dividends.
To confirm your dividend payment, check your transaction history by tapping the bell icon on the top-right corner of your home page.
To access your brokerage account, click on “US Stocks” on the app homepage, then select “Breakdown”.
Please note that a 30% Withholding Tax (WHT) is applied to US stock dividends, as it’s a mandatory U.S. tax for non-U.S. investors.
For Nigerian Stocks:
If you purchase the stock of a Nigerian company that pays dividends, the dividends will be paid directly to your bank account.
Please note:
A 0.5% Withholding Tax (WHT), capped at ₦500, applies to dividends.
This does not apply to returns from selling stocks or capital appreciation.
A dividend holding fee of ₦100 per dividend received is also charged.