Terms & Conditions

Welcome to KetaPay ("we", "our", "us"). KetaPay is a digital escrow payment platform licensed and regulated by the Central Bank of Nigeria (CBN). By accessing or using our platform, website, mobile application, or any related service (collectively, the "Service"), you agree to be bound by these Terms and Conditions ("Terms").

Please read these Terms carefully before creating an account or initiating any transaction. If you do not agree to any part of these Terms, you must not use the Service.

Who may use KetaPay

• You must be at least 18 years of age.
• You must have a valid Nigerian Bank Verification Number (BVN).
• You must be legally capable of entering into binding contracts under Nigerian law.
• Corporate entities must be duly registered with the Corporate Affairs Commission (CAC) and provide all required documentation.
• You must not be listed on any sanctions list maintained by OFAC, the UN Security Council, or any relevant Nigerian regulatory authority.

Account responsibilities

You are solely responsible for maintaining the confidentiality of your login credentials and for all activities that occur under your account. You must notify us immediately at support@ketapay.ng if you suspect any unauthorized use. KetaPay will not be liable for losses arising from your failure to safeguard your credentials.

You agree to provide accurate, current, and complete information during registration and to keep such information updated at all times. Providing false, misleading, or incomplete information is grounds for immediate account suspension and potential legal action.

KetaPay operates as a neutral third-party escrow agent. When a Buyer initiates a transaction, funds are held securely by KetaPay in a CBN-approved escrow pool until both parties fulfil their agreed obligations, or until a dispute is resolved in accordance with these Terms.

How escrow works

• Buyer creates a transaction and funds the escrow with the agreed amount in Naira (₦).
• KetaPay notifies the Seller and confirms receipt of funds.
• Seller delivers the goods, service, or agreed milestone.
• Buyer inspects and approves the delivery within the inspection window.
• KetaPay releases funds to the Seller upon Buyer confirmation or automatic expiry.
• If a dispute is raised, KetaPay's dispute resolution team mediates.

Inspection period

The default inspection window is 72 hours from the moment the Seller marks delivery as complete. This period may be extended by mutual written agreement of both parties within the platform. Failure of the Buyer to raise a dispute or approve delivery within the inspection window constitutes automatic approval, and funds will be released to the Seller.

KetaPay charges a service fee for holding and disbursing escrow funds. Fees are published on our Pricing page (ketapay.ng/pricing) and may be updated from time to time with at least 14 days' prior notice to active users.

Fee structure

• Transaction fee: deducted from the escrow amount at the time of release, as per the current published rate.
• Dispute processing fee: a flat fee applies if KetaPay's dispute resolution team is engaged. This fee is borne by the losing party.
• Refund processing fee: a processing fee applies on refunds that are not due to KetaPay's error.
• Bank transfer fees: charges imposed by receiving financial institutions are passed through at cost.

All fees are denominated in Nigerian Naira (₦) and are inclusive of applicable taxes including VAT, where applicable under the Value Added Tax Act (as amended) or other relevant Nigerian tax legislation.

You agree not to use the KetaPay Service for any purpose that is unlawful, deceptive, harmful, or in violation of these Terms. Prohibited activities include but are not limited to:

• Money laundering, terrorist financing, or any activity that contravenes the Money Laundering (Prevention and Prohibition) Act 2022 or the Terrorism (Prevention and Prohibition) Act 2022.
• Fraudulent or fictitious transactions designed to move funds without a legitimate commercial purpose.
• Transactions involving illegal goods or services, including but not limited to narcotics, firearms, counterfeit currency, or child exploitation material.
• Using another person's identity, BVN, or financial credentials without authorisation.
• Attempting to reverse-engineer, scrape, or exploit any part of the KetaPay platform.
• Circumventing or disabling any security, anti-fraud, or KYC/AML controls.
• Uploading malicious code, viruses, or engaging in denial-of-service attacks.
• Creating multiple accounts to evade limits, bans, or compliance reviews.

As a CBN-regulated payment service provider, KetaPay is required to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations under the CBN AML/CFT/CPF Regulations 2023 and all relevant FATF recommendations as adopted by Nigeria.

Verification tiers

KetaPay operates a tiered identity verification system aligned with the CBN's risk-based approach. Higher transaction limits require higher verification tiers. You may be asked to provide:

• Tier 1: Phone number and BVN verification (limits apply per CBN guidelines).
• Tier 2: Government-issued ID (NIN, International Passport, Driver's Licence, or Voter's Card).
• Tier 3: Proof of address (utility bill, bank statement dated within 3 months).
• Corporate Tier: CAC registration documents, certificate of incorporation, memorandum and articles of association, directors' IDs, and beneficial ownership declaration.
• Enhanced Due Diligence (EDD): additional documentation for Politically Exposed Persons (PEPs), high-risk sectors, or transactions above ₦10,000,000.

KetaPay may suspend or close your account if you fail to provide required documentation within the stipulated timeframe, or if our compliance review raises concerns we are unable to resolve.

Where a Buyer and Seller cannot reach agreement on delivery, either party may raise a formal dispute through the KetaPay platform. Once a dispute is raised, all funds remain frozen in escrow until a resolution is reached.

Dispute process

• Either party files a dispute via the platform, providing supporting evidence (screenshots, delivery confirmation, communications).
• KetaPay assigns a dispute resolution officer who will contact both parties within 2 business days.
• Both parties have 5 business days to submit their respective evidence and statements.
• KetaPay will issue a decision within 10 business days of the evidence submission deadline.
• The decision is binding and funds will be released or refunded accordingly.
• If either party is dissatisfied, they may escalate to formal arbitration under the Arbitration and Mediation Act 2023 (Nigeria).

Governing law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes not resolved through KetaPay's internal mechanism shall be submitted to the exclusive jurisdiction of the courts of Lagos State, Nigeria.

To the maximum extent permitted by applicable law, KetaPay, its officers, directors, employees, agents, and licensors shall not be liable for:

• Any indirect, incidental, special, consequential, or punitive damages arising from your use of the Service.
• Loss of profits, revenue, data, goodwill, or business opportunities, even if KetaPay has been advised of the possibility of such damages.
• Any failure or delay in performance caused by circumstances beyond our reasonable control, including but not limited to network outages, CBN regulatory directives, natural disasters, or acts of God.
• Actions, omissions, or representations made by Buyers or Sellers in transactions conducted through the platform.
• Losses arising from your failure to comply with security best practices or from unauthorised access to your account where such access resulted from your negligence.

KetaPay's total aggregate liability in respect of any claim arising from or in connection with these Terms or use of the Service shall not exceed the total fees paid by you to KetaPay in the 12 months preceding the event giving rise to the claim.

KetaPay processes your personal data in accordance with the Nigeria Data Protection Act 2023 (NDPA) and the Nigeria Data Protection Regulation (NDPR). Our full Privacy Policy is available at ketapay.ng/privacy and is incorporated into these Terms by reference.

Key data practices

• We collect data necessary to provide the Service, comply with regulations, prevent fraud, and improve user experience.
• Your financial data and KYC documents are encrypted at rest (AES-256) and in transit (TLS 1.3).
• We do not sell your personal data to third parties.
• We may share data with CBN, NFIU, EFCC, or other regulatory bodies where legally required.
• You have the right to access, correct, and request deletion of your personal data, subject to legal retention requirements.
• We retain transaction records for a minimum of 5 years as required by CBN regulations.

KetaPay reserves the right to suspend or terminate your access to the Service at any time, with or without notice, if we determine in our sole discretion that you have violated these Terms, engaged in fraudulent activity, or pose a risk to other users or the platform.

Effect of termination

• All pending transactions must be completed or cancelled before an account can be fully closed.
• Funds in escrow at the time of suspension will be managed in accordance with applicable law and CBN guidelines.
• Obligations that by their nature should survive termination (including dispute resolution, liability, and governing law provisions) will remain in effect.
• You may request account closure at any time by contacting support@ketapay.ng. Closure is subject to the resolution of all outstanding transactions and compliance review.

KetaPay may update these Terms from time to time to reflect changes in our services, legal requirements, or business practices. We will provide at least 14 days' advance notice of material changes via email to your registered address and via an in-app notification.

Your continued use of the Service after the effective date of updated Terms constitutes your acceptance of the revised Terms. If you do not agree to the changes, you must cease using the Service and may request account closure prior to the effective date.

If you have questions, concerns, or complaints regarding these Terms or the KetaPay Service, please contact us through any of the following channels:

• Email: legal@ketapay.ng
• Support: support@ketapay.ng
• Address: KetaPay Technologies Limited, 14 Adeola Odeku Street, Victoria Island, Lagos, Nigeria.
• CBN Consumer Protection: consumerprotection@cbn.gov.ng

We aim to acknowledge all legal inquiries within 2 business days and resolve them within 20 business days in accordance with the CBN Consumer Protection Framework.