Last Update: 05 February 2021

This Agreement is a contract between you and OnlineNaira and applies to your use of our Services. The terms of the Privacy Policy and User Agreement, located on separate pages are incorporated by reference into this Agreement and provide additional terms and conditions related to the Services. This Agreement, together with other legal terms and legally required disclosures relating to your use of the OnlineNaira Service will be provided to you, at all times on the OnlineNaira website.

By registering for the Services, you must read, agree with and accept all of the terms and conditions contained in this Agreement. This Agreement is provided to you and concluded in English. You agree that any use by you of the Services shall constitute your acceptance of the Agreement and we recommend that you store or print-off a copy of the Agreement (including all policies) for your records.

This is an important document which you must consider carefully when choosing whether to use OnlineNaira at any time. Please read the terms of this Agreement carefully before agreeing to it. This Agreement also highlights certain risks on using the Services together with guidance on how to safely carry out online payments via OnlineNaira.

You are solely responsible for understanding and complying with any and all laws, rules and regulations of your specific jurisdiction that may be applicable to you in connection with your use of the OnlineNaira Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions.

If you have a Dispute with another OnlineNaira member, you must send us an email within 7 days of making the disputed payment to dispute@onlinenaira.com. On receiving the email, OnlineNaira will contact the other member.

Payment Execution
Please note that OnlineNaira will execute a valid Payment Order made by you through your Payment Account and credit the payment service provider or the person you are sending your payment to within 60 minutes during the date you gave us your valid Payment Order.

1.1 OnlineNaira is only a Payment Service Provider.
OnlineNaira’s main business is the issuance of E-money and the provision of services closely related to the issuance of E-money. Since the service is limited to E-money, which does not qualify as a deposit or an investment service in the sense of the Law, you are not protected by any deposit guarantee scheme anywhere in the world. OnlineNaira enables you to make payments to and accept payments from third parties. OnlineNaira is an independent contractor for all purposes. OnlineNaira does not have control of nor assumes the liability or legality for the products or services that are paid for with our Service. We do not guarantee the identity of any User or ensure that a buyer or a seller will complete a transaction. Please note that there are risks of dealing with underage persons or people acting under false pretence.

1.2 Your Privacy. Protecting your privacy is very important to OnlineNaira. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your Information.

1.3 Intellectual Property. The URLs representing the OnlineNaira website(s), “OnlineNaira,” and all related logos of our products and services described in our website(s) are either copyrighted by OnlineNaira, trademarks or registered trademarks of OnlineNaira or its licensors. In addition, all page headers, custom graphics, button icons, and scripts are either copyrighted by OnlineNaira, service marks, trademarks, and/or trade dress of OnlineNaira. You may not copy, imitate, modify, alter, amend or use them without our prior written consent. You, as a user, may use HTML logos provided by OnlineNaira through our merchant services, auction tools features or affiliate programmes without prior written consent for the purpose of directing web traffic to the Service. You may not alter, modify or change these HTML logos in any way, use them in a manner that is disparaging to OnlineNaira or the Service or display them in any manner that implies OnlineNaira’s sponsorship or endorsement. All right, title and interest in and to the OnlineNaira website and any content thereon is the exclusive property of OnlineNaira and its licensors.

1.4 Assignment. You may not transfer or assign any rights or obligations you have under this Agreement without OnlineNaira’s prior written consent. You are not permitted to transfer your Account to a third party. OnlineNaira reserves the right to transfer or assign this Agreement or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Account under section 7.1.

1.5 Notices to You. We will communicate with you in English in which we have made available this Agreement to you. You agree that OnlineNaira may provide notice or other information to you by posting it on the OnlineNaira website(s) (including the posting of information which is only accessed by you by logging into your Account), emailing it to the email address listed in your Account, mailing it to the street address listed in your Account, calling you by phone, or sending you a Text/SMS message. You must have internet access and an e-mail account to receive communications and information relating to the Services. With the exception of amendments to this Agreement, such notice shall be considered to be received by you within 24 hours of the time it is posted to the OnlineNaira website(s) or emailed to you. If the notice is sent by mail, we will consider it to have been received by you three days after it is sent. You may request a copy of any legally required disclosures (including this Agreement) from us and we will provide this to you in a form which allows you to store and reproduce the information (for example, by e-mail) and you may terminate your consent to receive required disclosures through electronic communications by contacting OnlineNaira as described in section 1.6 below. OnlineNaira may charge you a Records Request Fee (per Schedule 1) to provide a paper copy. OnlineNaira reserves the right to close your Account if you withdraw your consent to receive electronic communications.

1.6 Notices to OnlineNaira. Notices to OnlineNaira made in connection with this Agreement must be sent by postal mail to OnlineNaira’s head office: OnlineNaira, Attention: Legal Department, 81 Maran Way, Erith, KENT DA18 4BS, United Kingdom.

1.7 Transaction History. Unless your Account is restricted, you can access your details of executed payment transactions and other information relating to your Account transaction history and Balance by logging into your Account and clicking on the “Transaction History” link. See section 5.1 of this Agreement for more information about accessing your Account information. You agree to review your transactions through your Account History instead of receiving periodic statements by mail.

1.8 Amendments to this Agreement. We may at any time amend, delete or add to this Agreement, including the Fees and other amounts which apply to your Account (as set out in Schedule 1) (a “Change”) by giving notice of such Change by posting a revised version of this Agreement on the OnlineNaira website(s). A Change will be made unilaterally by us and you will be deemed to have accepted the Change after you have received notice of it. We will give you 2 months' notice of any Change with the Change taking effect once the 2 month notice period has passed, except the 2 month notice period will not apply where a Change relates to the addition of a new service, extra functionality to the existing Service or any other change which we believe in our reasonable opinion to neither reduce your rights nor increase your responsibilities. In such instances, the Change will be made without prior notice to you and shall be effective immediately.

If you do not accept any Change, you must close your Account following the account closure procedure set out in section 7.1. If you do not object to a Change by closing your Account within the 2 month notice period, you will be deemed to have accepted it. While you may close your Account at any time and without charge, please note that you may still be liable to us after you terminate this Agreement for any liabilities you may have incurred and are responsible for prior to terminating this Agreement and please further note our rights under section 10.3 (Account closure and limited access).

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2.  Eligibility and Types of Accounts

2.1 Eligibility. To be eligible for our Services, you must

(i) have full legal capacity to enter into a contract; and
(iii) if you are an individual, be at least 18 years old.

You further represent and warrant to us in opening an Account with us that you are not acting on behalf of, or for the benefit of, anyone else, unless you are opening the Account for and under the direction of the company that employs you. If you are not acting for the company that employs you, the new Account must be in your own name only.

2.2 Merchant Accounts. We offer only one type of Accounts. All users of OnlineNaira are merchants. Unless otherwise agreed, you may hold not more than one Account.

2.3 Verified status.
a. To obtain Verified status you must make a first deposit so that your account is funded and provide all the information we ask for in your profile page.

b. OnlineNaira may, from time to time, make available to you other methods or procedures for you to obtain “Verified” status. By highlighting a User as “Verified” OnlineNaira only represents that the Verified user has completed the steps of the process to obtain “Verified” status. Further to section 1.1 and by attributing Verified status to a user, OnlineNaira neither guarantees, undertakes nor otherwise represents that a Verified user will complete a Commercial Transaction.

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3. Sending Money

3.1 Our execution of your Payment Orders. Subject to the terms of this Agreement (and your compliance with the same), you agree that we will execute a Payment Order made by you via your Payment Account and credit the payment service provider of the person to whom you are sending your payment, as soon as the payment schemes available to OnlineNaira allow (which can be within the next Business Day) following the date you gave us and we received your valid Payment Order. This is subject to you providing us with:

  1. your Payment Order before 6pm on a Business Day. If you provide us with your Payment Order after this time or not on a Business Day, you agree that your Payment Order was received by us on the following Business Day;
  2. a correct Unique Identifier or other valid details of the recipient or you as OnlineNaira or the person you are paying may reasonably request from you when you complete the details to make the Payment Order;
  3. all mandatory information requested in the relevant payment or checkout flows;
  4. (if required), details of your valid Funding Source(s) that have sufficient funds to make the payment;
  5. valid consent to authorise your Payment Order, such valid consent is provided when you:
    1. click the “Pay” or “Continue” or other button in the sections of the OnlineNaira website(s) or OnlineNaira checkouts which permit you to send us a Payment Order after you have submitted your correct log-in information (eg e-mail and password) and successfully logged into your OnlineNaira Account; and/or
    2. have set up a third party initiated payment Authorisation in which you have agreed with a merchant or other third party to provide an advance Authorisation to allow that merchant or third party to collect or otherwise direct payment of funds from your OnlineNaira Account; and/or
    3. instruct us to make a payment in any other way which we may notify you when making the Payment Order from time to time.

Once your Payment Order has been provided to us, you may not revoke it or otherwise withdraw your consent to the execution of the payment transaction, with the exception that you are able to cancel a Recurring Payment provided that you do so before the end of the Business Day which falls on the day before the next recurring payment is due to be made. We are under no obligation to execute your Payment Order if you do not have sufficient funds. OnlineNaira reserves the right not to effect a payment made by you until it receives cleared funds.

3.2 Sending Limits. If you have a yearly sending limit on your Account, you can view it by logging into your Account and clicking on the “View Limits” link on the “Account Overview” page. For this purpose, “yearly” relates to each calendar year. We may, at our reasonable discretion (for example, without limitation, to limit fraud or credit risk), impose limits on the amount of money you can send through our Service.

3.3 Lifting your sending limit. In order to lift your sending limit, you may also need to provide additional personal and/or business information. OnlineNaira may, from time to time, require you to, or provide you with the option of, carrying out other methods or procedures to lift your sending limit.

3.8 Refused Transactions. When you send E-money, and although the E-money is available to the recipient, the recipient is not required to accept it. You agree that you will not hold OnlineNaira liable for any damages resulting from a recipient's decision not to accept a payment made through the Service. We will:

  1. Quickly return any refunded or denied payment to your Balance; and
  2. return any unclaimed payment to your Balance within 30 Days after the date you initiated the payment.

3.9 Merchant Processing Delay. When you send a payment to certain merchants, you are providing an Authorisation to the merchant to process your payment and complete the transaction. Some merchants may delay processing your payment. In such an instance, your Authorisation will be cancelled.

3.10 Third party initiated payments (including Recurring Payments). A third party initiated payment is a payment made on the basis of your advance Authorisation to a third party (for example, a merchant) to collect funds from your OnlineNaira Account.
One example of this type of payment is a "Subscription" which is a third party initiated payment made on a recurring basis (whether sporadically or periodically) that can be managed via your OnlineNaira Account.

By providing an advance Authorisation, you are giving the third party the ability to collect or reverse variable amount payments from your Account on a one-time basis, or on a (sporadically or periodically) recurring basis until you cancel your arrangement or authorisation with the applicable third party. You hereby authorise and instruct OnlineNaira to pay the third party (or another person they direct) amounts from your OnlineNaira Account for amounts you owe as presented to us by the third party. You agree that OnlineNaira is not obligated to verify or confirm the amount the third party presents to us for the purpose of processing this type of payment. You further acknowledge and agree that payments made under this provision are variable and may be made on various dates. You acknowledge that the exchange rate determined at the time of each payment transaction will differ and you agree to the future execution of third party initiated payments being based on fluctuating exchange rates. Third parties who present us with a payment request under this provision hereby:

You agree that you cannot request a refund from OnlineNaira for a third party initiated payment unless:

  1. the Authorisation did not specify the exact amount of the payment transaction when the Authorisation was given and the applicable amount exceeded the amount you could have reasonably been expected to pay, taking into account your previous spending patterns and the circumstances of the case;


  1. your consent to the making of the third party initiated payment was not given as set out in section 3.1(e); or
  2. the information relating to the third party initiated payment was not provided or made available to you for at least 2 weeks before the date the payment transaction was made to the merchant;

  3. you notify us of the request within 4 weeks from the date the payment was made; and
  4. you comply with our requests to obtain information which we reasonably require to review the circumstances of the case. We reserve the right to request further information as is reasonably necessary to ascertain whether the above conditions have been satisfied and to waive any or all of the above conditions.

3.11 Cancelling Recurring Payments. You may cancel a Recurring Payment at any time up to 1 Business Day prior to the date the payment is scheduled to be made. To cancel a Recurring Payment, log in to your Account, then access the “Subscriotions” link and follow the instructions to cancel the payment. Please keep in mind that Recurring Payments are referred to as subscriptions. In addition, if you cancel a Recurring Payment you may still be liable to the merchant for the payment and be required to pay the merchant through alternative means.

4.1 Local Tax. You shall be liable to pay any local tax depending on applicable tax and laws of your country.

5.1 Account Deletion. Your account shall be deleted from the OnlineNaira database if it remains inactive for 3 months or more.

5:2. Inactive Account. Your active account shall be deemed inactive if it has no transactions after 12 months.

5.3. Deletion Fee. If your account is inactive with a balance after 36 months, a fee of $10 or 1% (whichever is greater) shall be applied to the account monthly until the balance reduces to zero.

5.4 Zero Balance. An inactive account with zero balance shall be deleted after 36 months.