Terms of service

Who we are

PayIQ is operated by PayIQ Technologies Limited, registered in Nigeria. Your account is opened and held with Safe Haven Microfinance Bank Limited, which provides the deposit-taking and payment services. Naira cards are issued through Sudo. Where these terms say "we", they mean whichever of those is providing the service in question.

By joining the waitlist, opening an account or using PayIQ, you agree to these terms.

The waitlist

Joining the waitlist does not open an account or promise you one. Every account is subject to identity checks when you sign up.

Opening an account

• The details you give us must be true, and you must keep them up to date.
• We verify every person and business before they can move money. Your account sits on a verification tier that sets how much you can send, receive and hold. The tier goes up as you complete checks.
• You may open a business account only if you are authorised to act for that business.
• For a company, we are required to identify every person who holds 5% or more of it. Until each of them has completed their checks, the account stays on a restricted tier.

Keeping your account safe

• Keep your PIN and sign-in details to yourself. We will never ask you for them.
• You are responsible for instructions given from your account, including by anyone you give access to.
• In a business, review what each role on your team can do and remove access when someone leaves.
• Tell us straight away if you think someone has access they should not have.

Payments, cards and bills

Balances, transfers, card payments, bill payments and shop purchases are subject to verification, transaction limits, fraud checks and the rules our regulators set.

A transfer that has been sent cannot be recalled by us. If you sent it in error, we will help you contact the receiving bank, but the money is theirs to return.

What you must not do

• Use PayIQ for anything unlawful, or for a transaction we have told you is prohibited.
• Give us false information or pretend to be someone else.
• Try to get into accounts or systems you are not allowed into, or get around our security controls.
• Misuse PayIQ in a way that harms other people or the service.

Shops on PayIQ

PayIQ provides the shop platform, the payment, order tracking and support. Sellers are responsible for their listings, their stock, the quality of what they sell and getting it to you. Extra shop terms and the returns and refund policy are shown in the app and apply when you buy or sell there.

Fees and limits

Transfer fees and any plan fee are shown before you are charged. Fees, transaction limits and balance limits can differ by tier, service and provider, so check them before you complete a transaction. We will give you at least 30 days’ notice before increasing a fee.

Fees already charged are not refunded if you close your account, but nothing further is charged after it is closed.

When the service is unavailable

We work to keep PayIQ running, but some services may be unavailable for a while because of maintenance, downtime at a provider we rely on, network problems, compliance reviews or a security event.

Other companies’ services

Some PayIQ features depend on banks, payment processors, card providers, identity providers, logistics providers and sellers. They have their own terms, and those apply to the part they provide.

Our content and brand

The PayIQ name, logos, software, designs and content belong to PayIQ or the partners who license them to us. You may not copy or reuse them without our permission.

Suspension and closure

We may suspend or limit an account where the law or our regulator requires it, where we reasonably suspect fraud or a breach of these terms, or where verification is not complete. You can close your account at any time, and we will return any remaining balance to an account in your name once anything outstanding has settled.

Our responsibility to you

We are responsible for providing PayIQ with reasonable care. To the extent the law allows, we are not liable for indirect losses, for failures of other companies’ services, for losses caused by misuse of your account, or for losses caused by wrong information you gave us. Nothing in these terms removes rights you have under Nigerian consumer protection law.

Complaints and disputes

Tell us first, from the Help screen in the app or at support@payiqapp.com. Most things are resolved quickly. If we cannot resolve it, you may escalate to the Consumer Protection Department of the Central Bank of Nigeria.

These terms are governed by the laws of the Federal Republic of Nigeria.

Changes to these terms

We may update these terms from time to time. The date at the top shows the current version. We will tell you about important changes before they take effect, and for some changes we will ask you to accept the new terms in the app.