Your wallet, and who holds the money.

01Parties and structure of this Agreement

This E-Wallet / Payment Services Agreement (the "Agreement") is entered into between you (the "Wallet Holder", "you") and CredaFi Limited ("CredaFi", "we", "us"), and applies each time you open, hold, fund or transact through a CredaFi wallet.

The wallet itself is issued, and your funds are held, by a Central Bank of Nigeria ("CBN") licensed institution — a deposit money bank, microfinance bank, mobile money operator or payment service provider (the "Licensed Partner"). CredaFi provides the chat interface, instruction capture, records and support layer. This Agreement supplements our Terms of Service, and does not replace the Licensed Partner's own account terms, which will be presented to you at onboarding and prevail on matters of custody of funds.

02What the wallet is — and what it is not

• Your wallet is an electronic record of value held for you by the Licensed Partner in a pooled or designated customer account maintained under its licence.
• Wallet balances are not deposits with CredaFi, are not held on CredaFi's balance sheet, and CredaFi never takes custody of, or title to, your money.
• Wallet balances do not earn interest unless the Licensed Partner expressly offers and discloses an interest-bearing product to you.
• Wallet balances are not an investment product, and CredaFi does not offer investment, securities or advisory services.
• Where the Licensed Partner is a bank or microfinance bank, funds may be covered by the Nigeria Deposit Insurance Corporation (NDIC) scheme only to the extent, and on the terms, that scheme applies to that institution and account type.

03Opening a wallet: eligibility and tiered KYC

To open a wallet you must be at least 18 years old, resident in a supported country, and able to complete identity verification to the standard required by the Licensed Partner and the CBN's tiered KYC framework. Higher tiers unlock higher balance and transaction limits and require more verification.

04Your instructions and authorisation

• Every debit from your wallet requires your explicit authorisation, given through your PIN, biometric confirmation or an equivalent secure step in the chat flow.
• CredaFi's assistant may interpret your message and prepare an instruction, but it can never authorise or execute a payment on your behalf.
• Before you confirm, we will display the amount, the beneficiary, the currency, the applicable rate where relevant, the fee and the expected delivery window.
• Once confirmed and accepted by the Licensed Partner, an instruction is generally irrevocable. Recalls are attempted on a best-efforts basis only and may not succeed.
• You are responsible for the accuracy of beneficiary details. Losses caused by an incorrect beneficiary account supplied by you may not be recoverable.

05Funding your wallet

• You may fund your wallet by bank transfer, card, USSD, agent deposit or any other channel we and the Licensed Partner make available.
• Funds are credited once received and cleared by the Licensed Partner. Third-party channel delays are outside our control.
• We may decline or reverse a funding transaction where the source of funds cannot be verified, where the sender name does not match your verified identity, or where required by AML/CFT rules.
• Cash-in and cash-out through agents is subject to the Licensed Partner's agent network rules and the CBN's agent banking guidelines.

06Payments, transfers and payouts

• Supported payment types include wallet-to-wallet transfers, bank payouts (NIP), airtime and data purchases, bill payments and merchant collections, where enabled for your account.
• Transactions may be queued, held or declined for risk, fraud, sanctions-screening, limit or regulatory reasons, or where the receiving institution is unavailable.
• Receipts and statements are delivered in the chat thread and remain available for the retention period stated in our Privacy Policy.
• Scheduled or recurring instructions require your standing authorisation, which you may cancel at any time before the next execution.

07Cross-border payments and foreign exchange

Cross-border transfers are executed through Licensed Partners and, where applicable, correspondent institutions or licensed international money transfer operators in the destination country, in accordance with CBN foreign exchange regulations, the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and destination-country law.

• The applicable exchange rate, any FX margin and all fees are quoted to you before you confirm. The quoted rate may be valid only for a short window.
• Cross-border transactions require Tier 3 KYC, a stated purpose of payment, and may require supporting documentation or source-of-funds evidence.
• Delivery timeframes depend on destination-country systems, cut-off times and public holidays, and are indicative rather than guaranteed.
• Transfers may be delayed or returned where the beneficiary institution, a correspondent or a regulator requires further information. Returned funds are credited back net of unrecoverable third-party charges.
• Completing a cross-border instruction necessarily involves transferring limited personal data to the destination country, as described in our Privacy Policy.

08Fees, charges and statutory levies

All fees are disclosed before you confirm a transaction. Fees may include CredaFi service fees, Licensed Partner processing fees, third-party biller or network charges, FX margins and statutory charges such as electronic money transfer levy, stamp duty and VAT where applicable. We will give at least 14 days' notice of any increase to recurring fees.

09Limits, holds and risk controls

• Balance, velocity and single-transaction limits apply based on your KYC tier, transaction history and risk profile, and may be changed to comply with CBN or Licensed Partner requirements.
• We may place a temporary hold on a transaction or on your wallet where fraud, coercion, account takeover or unlawful activity is suspected, and will tell you what is needed to release it as soon as we lawfully can.
• Where a hold is imposed at the direction of a court, regulator or law enforcement agency, we may be legally unable to disclose the reason.

10Security obligations of the Wallet Holder

• Keep your PIN, one-time passwords and device secure, and never share them — not even with someone claiming to be CredaFi staff. We will never ask for your PIN or an OTP.
• Register and transact only from a phone number and device you control.
• Report loss of your device, SIM swap, or any suspected unauthorised transaction immediately via WhatsApp (+234 816 994 5302) or the Help & Support line (+234 816 994 5302).
• Timely reporting matters: liability for unauthorised transactions is assessed under the CBN Consumer Protection Framework and depends materially on whether you reported promptly and whether your credentials were shared or negligently exposed.

11Errors, disputes and chargebacks

Report any disputed or erroneous transaction to support@usecredafi.com.ng or through the chat within 30 days of the transaction date. We will acknowledge within 72 hours, log the dispute with the Licensed Partner, and provide an outcome or status update within 14 working days, extendable where a third-party institution or destination-country partner must respond.

Where a transaction is found to be unauthorised or erroneously processed, the Licensed Partner will reverse it in accordance with CBN rules. Where funds have been credited to a beneficiary in error, you authorise us and the Licensed Partner to attempt recall and to debit your wallet for any amount credited to you in error.

12Merchant and SME collections

• Merchant accounts require CAC registration details, verified directors or proprietors, and a settlement account in the business name.
• Settlement timing, rolling reserves and refund obligations are set out in your merchant schedule at onboarding.
• You are responsible for fulfilling the underlying goods or services, for your own refund policy, and for any customer chargebacks arising from your sales.

13Dormancy, closure and unclaimed balances

• A wallet with no customer-initiated activity for 12 consecutive months may be flagged inactive, and restricted after 24 months, in line with the Licensed Partner's dormancy policy and CBN guidance.
• You may close your wallet at any time. We will pay out any remaining balance to a bank account in your verified name, subject to outstanding obligations, holds and AML checks.
• Unclaimed balances are handled by the Licensed Partner in accordance with CBN rules on unclaimed and dormant balances.
• Records are retained after closure for the periods stated in our Privacy Policy, because CBN AML/CFT rules require it.

14Liability allocation

The Licensed Partner is responsible for the custody of your funds and for the execution of regulated payment activity under its licence. CredaFi is responsible for the software layer, the accuracy of the instruction it captures and displays, and the security of the data it processes.

CredaFi's aggregate liability under this Agreement is limited as set out in our Terms of Service. Nothing in this Agreement excludes liability for fraud, wilful misconduct, or any liability that cannot lawfully be excluded under Nigerian law, nor does it limit the Licensed Partner's own statutory and regulatory obligations to you.

15Data protection, AML and lawful disclosure

Personal data processed under this Agreement is handled in accordance with our Privacy Policy and the Nigeria Data Protection Act 2023. Transaction, KYC and screening data will be shared with the Licensed Partner, identity verification providers and, where legally required, the CBN, NFIU, EFCC, courts and other competent authorities. Suspicious transaction reports are filed where the law requires, and we may be prohibited from telling you that a report has been made.

16Amendments, suspension and governing law

We may amend this Agreement to reflect changes in law, regulation, Licensed Partners or product functionality. Material changes take effect no earlier than 14 days after notice to you in the chat thread or by email. We may suspend or terminate wallet access as set out in our Terms of Service.

This Agreement is governed by the laws of the Federal Republic of Nigeria, and the Nigerian courts have non-exclusive jurisdiction, subject to the complaints and escalation process in our Terms of Service and to escalation to the CBN Consumer Protection Department where applicable.

17Acknowledgement

• You confirm you are at least 18, acting for yourself (or duly authorised for your business), and not on behalf of an undisclosed third party.
• You accept that regulated wallet and payment services are provided by the Licensed Partner, and that CredaFi acts as its technology partner and agent.
• You consent to KYC verification, ongoing AML/CFT screening and the data processing described in our Privacy Policy and Consent & KYC Disclosure.
• You accept that CredaFi is pre-launch: wallet functionality becomes available only when we confirm onboarding is open in your corridor. Questions: legal@usecredafi.com.ng.