Terms Of Service
SPEEDYPAY FINANCE NIGERIA LIMITED (SPEEDPAY)
By signing up for an account on this website (www.speedpay.ng) , any of our websites and/or services, you are deemed a agent/merchant and agree to these Agent/Merchant Terms of Service (the “Agreement”).
1. THIS IS A CONTRACT
These Terms constitute a contract between you and SpeedPay Finance Nigeria Limited (SPEEDPAY), Please do not use the Service If you do not accept these Terms. By using any part of the Service, you accept these Terms. If you are under eighteen you may not use the Service.
2. ACCOUNT REGISTRATION
Registration
To use SpeedPay, you have to create a SpeedPay account by registering. To register, you will provide us with certain information such as your email, first name, last name, business name and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky. You give us permission to do all these. You must register an account with valid information. To use the Service, you must: (a) provide a valid mobile phone number; (b) agree to the creation of an account associated with such number; (c) accept the present Terms; and (d) submit such other and additional information as SpeedPay may request during registration. You agree to provide true, accurate and complete information about yourself as prompted by SpeedPay during the account registration process. You will be given the option of receiving a unique PIN for purposes of reusing your account. You are responsible for keeping your PIN secure. Your personal information is highly protected in accordance with our Privacy Policy published and updated on our platform. Our Apps services shall only be made available to you once our Know Your Customer process has been complied with by you and your identification has been verified.
3. SERVICES DISCRIPTION
Various sub-products: from our Apps, we may provide various kinds of sub-products for your choice to process transactions and to make payments, including but not limited to Agency banking, wallets, Withdrawing, Bill payments, Insurance, collectively we refer as "SpeedPay". You can find our various sub-products on the pages of our platform and choose one or more that suit to you. For detailed information of each sub-products, please refer to Q & A, sub-products policies or any such information on our platform. All those written information shall be regarded as an internal part of this terms and conditions.
Withdraw: Means you withdrawal your wallet amount with the calculation of applicable interests. You are entitled to liquidate your wallet amount according to liquidate policies.
Bill Payment: You can use your Wallet balance for any applicable utility, whether it's online or offline.
Transfer: You can transfer your Wallets balance to your own bank accounts, others' bank accounts, other users' SpeedPay wallet account or any account that is supported by our APP and Platform.
Agency banking: you can register on our SpeedMoni APP and become either a merchant or an agent and we shall provide POS terminal which you shall be able to use and carry out transactions.
4. POS TERMINALS USE AND LICENSE
You may have our PoS Terminal (the “Device”) and its accompanying software (together the “Equipment”) deployed for your business needs, either through the payment of an upfront purchase fee for the Device or by opting to lease the Device for a fixed period. Where you opt for an upfront or instalments purchase of the Device, ownership will pass to you upon the payment completion of the purchase fee, however, SpeedPAy will charge fees on the maintenance of the Device on your behalf as well as for the licence to use the accompanying software.
Where on the other hand, you subscribe to lease the Device, we hereby grant you a revocable, non-exclusive, non-transferable licence to use the Equipment in accordance with all accompanying documentation which sets out the substantial terms by which your rights, obligations and use, of our PoS Terminals will be governed. This licence grant includes all updates, upgrades, new versions and replacement of the Equipment for your use in connection with the PoS Terminal service. If you do not comply with the documentation and any other requirements provided by SpeedPay, then you will be liable for all resulting damages suffered by you, SpeedPay and any third parties. Unless otherwise provided by applicable law, you agree not to alter, disassemble or otherwise tamper with the Equipment without our prior written authorization. Upon expiration or termination of this Agreement or any accompanying documentation, you will immediately return the Equipment to SpeedPay. You also agree that you would handle the Device with reasonable care and skill and that SpeedPay reserves the right to decommission and recall such Device for any reason; following which you shall ensure the immediate return of the Device. SpeedPay always reserves the right to review the applicable fees for either the Device or the software licence.
You agree to ensure that only your employees, contractors, agents or other parties working on your behalf ("Authorized Users") will use the Equipment and that such Authorized Users are notified of the terms and conditions of this Licence and any accompanying documentation prior to using the Equipment. You will also ensure that all use of the Equipment by such Authorized Users is in accordance with the terms of the Agreement or any accompanying documentation.
5. ANTI-FRAUD
You agree and acknowledge that where the funds in your SpeedPay wallet have been flagged as or are suspected of being fraudulent in nature, SpeedPay may immediately suspend your account and retain the funds pending an investigation. At your discretion, you may effect payment for other SpeedPay services (as designated by SpeedPay from time to time) with funds held in your wallet.
6. TERMINATION
You may terminate this Agreement by closing your SpeedPay Account.
We may suspend your SpeedPay Account and your access to SpeedPay services and any funds, or terminate this Agreement, if;
- 1. you do not comply with any of the provisions of this Agreement;
- 2 .we are required to do so by a Law;
- 3. we are directed by a Card Network or issuing financial institution; or
- 4. where a suspicious or fraudulent transaction occurs.
7. NO WARRANTIES
The Service is provided without any warranties or guarantees. THE SERVICE IS PROVIDED "AS IS* WITHOUT WARRANTY OF ANY KIND. SPEEDPAY and BY extension SPEEDMONI AND ITS SUPPLIERS AND AFFILIATES DISCLAIM ALL WARRANTIES WITH REGARD TO THE SERVICE, INCLUDING ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NON-INFRINGEMENT, IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SERVICE, OR WITH ANY OF THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USING THE SERVICE.
8. NOT LIABLE FOR DAMAGES
SpeedPay is not liable for any damages you may incur as a result of using the Services. IN NO EVENT SHALL SPEEDPAY OR ITS SUPPLIERS BE LIABLE FOR ANY DIRECT, INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL DAMAGES, OR ANY DAMAGES WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OR PERFORMANCE OF THE SERVICE, WITH THE DELAY OR INABILITY TO USE THE SERVICE, THE PROVISION OF OR FAILURE TO PROVIDE SERVICES, OR OTHERWISE ARISING OUT OF THE USE OF THE SERVICE, WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, OR OTHERWISE, EVEN IF SPEEDPAY OR ANY OF ITS SUPPLIERS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES
9. DISPUTES AND ARBITRATION
You agree to arbitrate any disputes. This Agreement Is subject to, and shall be governed by, and construed in accordance with the laws of Nigeria, without reference to the principles of conflict of laws thereof. Any matters arising concerning the interpretation, validity or implementation of this Agreement not solved by mutual agreement between the Parties shall be submitted to arbitration in the English language before a sole arbitrator to take place in Lagos, Nigeria as the seat of the arbitration. The arbitration shall be conducted pursuant to the Rules of Arbitration of the Chartered Institute of Arbitrators of the United Kingdom. The arbitral decision shall be final and binding on the Parties and may be made an order of court. The Parties unconditionally consent and submit to the jurisdiction of the High Court of Lagos, Nigeria for such purpose. Nothing in this Agreement will be deemed as preventing SpeedPay from seeking injunctive relief (or any other provisional remedy) from any court having jurisdiction over the Parties and the subject matter of the dispute as is necessary to protect SpeedPays' name, proprietary information, trade secrets, know-how, or any other intellectual property rights
10. ENFORCEMENT.
If arbitration, a court of competent jurisdiction or other competent authority finds any part of this Agreement invalid, unlawful or unenforceable, then such part shall be severed from the remainder of this Agreement which will continue to be valid and enforceable to the fullest extent permitted by law.
11. NO AGENCY.
Neither Party is authorised to act as an agent for, or legal representative of, the other party and neither Party shall have the authority to assume or create any obligation on behalf of, in the name of, or binding upon the other Party, save and except with the express consent in writing of the other Party.
12. MODIFICATION
SpeedPay may modify these Terms. These Terms and related policies (including but not limited to the Privacy Policy) may be modified by SpeedPay without notice at any time in the future, Changes will be posted. By using the Service, you agree to be bound by the latest version of these Terms. It is your responsibility to remain informed of any changes.
13. OTHERS
Alteration
No alteration, variation or agreed cancellation of this agreement, and this product, shall be of any effect unless directed by us.
Publicity
You hereby grant SpeedPay permissions to use your name and logo in our marketing materials including, but not limited to use on our website, in customer listings, in interviews and in press releases. Such Publicity does not imply an endorsement for your products and services.
Confidential information
Each Party shall keep confidential, any information concerning the other Party, which comes to its knowledge by way of obtaining, accessing, receiving or learning such information as a result of the provision of the Services or pursuant to this Agreement. Confidential Information shall mean non-public information that a Party designates as being proprietary or confidential or which by its nature or the circumstances surrounding its disclosure reasonably ought to be treated as confidential. For the purposes of this clause, where a Party makes confidential information available to the other Party it shall be referred to as the "Disclosing Party" and the Party receiving such information shall be referred to as the "Receiving Party. Confidential Information includes, without limitation and in whatever format, information relating to the Disclosing Party's software products, source code, API data files, documentation, specifications, databases, networks, system design, file layouts, tool combinations, development methods, consulting methodologies, user manuals and documentation, training materials (computer-based or otherwise), schema, flow charts, prototypes and evaluation copies of any of the foregoing, as well as information relating to the Disclosing Party's business or financial affairs, which may include business methods, marketing strategies, pricing, competitor information, product development strategies and methods, customer lists and customer information and financial results.
Force Majeure
If either Party is rendered unable, wholly or in any material part, by reason of force majeure to carry out its obligation under this Agreement, then on such Party giving notice and particulars in writing to the other Party within seven (7) days or such other reasonable time after the occurrence of the cause relied upon, such obligations shall be suspended. The term "Force Majeure", as employed in this Agreement, shall mean acts of God, strikes, lockouts or other disturbances, acts of public enemies, wars, blockages, insurrections, riots, epidemics, fires, floods or any governmental prohibitions issued by any legitimate authority, including restrains of rules and people, civil disturbances and any other cause not within the control of the Parties.
If the period of the Force Majeure continues for more than thirty (30) days then the Parties shall decide the appropriate steps to be taken at a meeting summoned for that purpose.
Binding:
Any decision, exertise of discretion, judgement or opinion or approval of any matter mentioned in this Agreement or arising from it shall be binding on the parties only If in writing unless otherwise expressly provided in this Agreement.
Notice
Any notice pursuant to this Agreement shall be given by fax, electronic mail or letter and the onus of confirmation of receipt of such notices shall be on the sender.
Whole Agreement.
This Agreement constitutes the whole agreement between the parties in regard to the subject matter hereof and no warranties or representations of any nature whatsoever other than set out in this agreement have been given by any of the parties.
Waiver/Relaxation.
No relaxation or indulgence which SpeedPay may show to you shall in any way prejudice or be deemed to be a waiver of its rights hereunder. No term shall survive at the expiry or termination of this Agreement unless expressly provided. No delay or failure by either party to exercise any of its powers, rights or remedies under this Agreement will operate as a waiver of them, nor will any single or partial exercise of any such powers, rights or remedies preclude any other or future exercise of them.
Survival.
Each and every provision of this Agreement (excluding only those provisions which are essential at law fora valid and binding Agreement to be constituted) shall be deemed to be separate and severable from the remaining provisions of this Agreement. If any of the provisions of this Agreement (excluding only those provisions which are essential at law for a valid and binding Agreement to be constituted) is found by any court of competent jurisdiction to be invalid and/or unenforceable then, notwithstanding such invalidity and/or unenforceability, the remaining provisions of this Agreement shall be and remain of full force and effect.