1. Agreement
These Terms of Service ("Terms") govern your use of the PayIQ app and services ("PayIQ", "we", "us"), operated by Tecton Studio Limited, a company registered in Nigeria. By creating an account or using PayIQ, you agree to these Terms and to our Privacy Policy. If you do not agree, do not use PayIQ.
About PayIQ and our banking partner
PayIQ is a technology platform; it is not a bank. Account, deposit, and payment services are provided by Safe Haven Microfinance Bank ("Safe Haven MFB"), a CBN-licensed microfinance bank. Funds you hold in PayIQ are maintained in accounts with Safe Haven MFB and are NDIC-insured subject to NDIC limits and conditions.
Eligibility
You must be at least 18 years old, a resident of Nigeria, and able to form a binding contract. You must provide accurate information and complete identity verification (KYC).
Your account and KYC
You must register with accurate personal details and complete verification, which may include BVN, NIN, a selfie/face check, and address documents, as required by law.
You are responsible for keeping your PIN, password, and device secure, and for all activity on your account.
Notify us immediately of any unauthorized access or suspected fraud.
We may limit, suspend, or close accounts to comply with KYC/AML obligations or where we detect risk or misuse.
The services
Through PayIQ you can, among other things: send money to Nigerian banks, buy airtime and data, pay bills, save and set goals, create and join Ajo (rotating group savings), shop in the in-app marketplace, and use the AI assistant to act on and understand your finances. Features may change, launch in stages, or be withdrawn.
The AI assistant
The AI assistant ("Ibra") helps you prepare and understand transactions. It will never move money or complete an action without your explicit confirmation. Insights and suggestions are for general informational purposes and do not constitute licensed financial, investment, tax, or legal advice. You are responsible for the decisions you make.
Fees and charges
Applicable fees (e.g., transfers, bill payments, payouts) are disclosed before you confirm a transaction and/or in our schedule of fees. By confirming a transaction you authorize us and Safe Haven MFB to deduct the stated amount and fees.
Transactions, authorization, and reversals
You authorize each transaction by confirming it in the app.
Once submitted, transactions may be irreversible. Provide correct recipient and payment details — we are not liable for losses from details you enter incorrectly.
Failed or disputed transactions are handled according to our and Safe Haven MFB's processes and applicable CBN rules. We may reverse, hold, or decline transactions to prevent fraud or comply with law.
Marketplace (buyers and vendors)
PayIQ provides a platform connecting buyers and vendors. Vendors are responsible for their products, descriptions, pricing, fulfilment, and compliance.
Payments may be held in escrow and released to vendors per our marketplace rules. Disputes, refunds, and delivery are subject to those rules.
PayIQ is not the seller of vendor products and does not guarantee them, except as expressly stated.
Acceptable use
You agree not to use PayIQ for fraud, money laundering, terrorism financing, illegal goods/services, or any unlawful purpose; not to circumvent security, scrape, or reverse-engineer the app; and not to provide false information. Violations may lead to suspension, closure, and reporting to authorities.
Intellectual property
PayIQ, its software, branding, and content are owned by Tecton Studio Limited and its licensors. We grant you a limited, revocable, non-transferable licence to use the app for personal, lawful purposes. You may not copy, modify, or exploit it without permission.
Third-party services
PayIQ relies on third parties (e.g., Safe Haven MFB, payment processors, billers, vendors, logistics, identity providers). Your use of those services may be subject to their terms, and we are not responsible for their acts or omissions.
Suspension and termination
You may close your account at any time, subject to settling outstanding obligations. We may suspend or terminate access for breach of these Terms, legal/regulatory reasons, or risk. Provisions that should survive termination (e.g., liability, disputes) will continue to apply.
Disclaimers
PayIQ is provided "as is" and "as available." To the maximum extent permitted by law, we disclaim warranties not expressly stated, including uninterrupted or error-free service. Banking services are governed additionally by Safe Haven MFB's terms.
Limitation of liability
To the maximum extent permitted by law, Tecton Studio Limited is not liable for indirect, incidental, or consequential losses, or for losses arising from incorrect details you provide, unauthorized access due to your failure to secure credentials, or third-party services. Nothing limits liability that cannot be excluded by law.
Indemnity
You agree to indemnify Tecton Studio Limited against claims and losses arising from your misuse of PayIQ or breach of these Terms.
Governing law and disputes
These Terms are governed by the laws of the Federal Republic of Nigeria. We aim to resolve complaints through our support channels first (see Disclosures). Unresolved disputes are subject to the jurisdiction of the Nigerian courts, and, where applicable, CBN consumer-protection processes.
Changes
We may update these Terms. We will post the new version with an updated date and, for material changes, notify you in-app or by email. Continued use means acceptance.
Contact
Questions, requests, or complaints about this terms of service:
Email: privacy@payiqapp.com