These Terms of Use (the “Terms”) form a binding agreement between you and Pady Platform Limited (RC 9845412) (“Pady”, “we”, “us” or “our”). They govern your access to the Pady mobile application, website and related products, features and support channels (together, the “Services”). By opening an account, accessing or using the Services, you confirm that you have read, understood and agreed to these Terms.
1. About Pady and our financial partners
Pady is a financial technology platform, not a bank. Regulated deposit-taking, payment, card, credit, insurance and investment products made available through Pady are provided by appropriately licensed partner institutions. The identity of the relevant partner and any product-specific terms will be shown before you use that product.
Eligible deposits held with a licensed deposit money bank may be protected by the Nigeria Deposit Insurance Corporation up to the applicable statutory limit, currently ₦5,000,000 per depositor per bank. Protection does not apply to every Pady feature or to money that is not an eligible bank deposit.
2. Eligibility and authority
You must be at least 18 years old, legally capable of entering into a binding contract and resident in a country where we make the Services available. If you use Pady for a business, you confirm that you are authorised to bind that business and that “you” includes the business. We may decline an application where legal, regulatory, risk or operational requirements are not met.
3. Registration, identity checks and information
You must provide complete, accurate and current information. We and our partners may verify your identity, address, Bank Verification Number, National Identification Number, business ownership, source of funds and other information required by law. We may use lawful third-party databases and request documents or additional information at any time.
You must promptly update changed information. We may restrict or close an account where information is false, incomplete, inconsistent or cannot be verified.
4. Your account and security responsibilities
Your account is personal to you unless it is an approved business account. You must protect your device, password, PIN, one-time codes, biometrics and other security credentials, and must not share them or permit another person to use your account. Contact us immediately if a device or credential is lost, stolen or compromised, or if you suspect unauthorised activity.
We may treat instructions authenticated with your security credentials as authorised by you, unless you notified us before the instruction was processed. We will never ask you to disclose your full password, PIN or one-time code.
5. Payment instructions and transfers
You are responsible for confirming the recipient, account details, amount and purpose before authorising a payment. A correctly authenticated instruction may be final and cannot always be cancelled. Processing times are estimates and may be affected by partner banks, payment networks, compliance reviews, service interruptions, weekends and public holidays.
We may set or change transaction limits, hold or reject an instruction, ask for further information, or delay processing where reasonably required for security, fraud prevention, compliance, liquidity, technical or risk reasons. We do not guarantee recovery where you send money to the wrong recipient, but we will provide reasonable assistance.
6. Balances, funding, reversals and set-off
You must only fund your account through supported, lawful methods and must not spend more than your available balance or approved credit limit. We may reverse duplicate or erroneous credits, chargebacks, refunds, failed transactions or amounts credited without valid underlying funds. Where permitted by law, we may set off an amount you owe us against funds payable to you, after giving notice where practicable.
7. Cards and payment instruments
Card and payment-instrument use is subject to additional issuer and network terms presented when the product is issued. You must sign or activate a physical card where required, keep card details secure, and promptly freeze or report a lost or compromised card. Merchants, networks, cash-machine operators or foreign exchange providers may impose separate fees or exchange rates.
8. Savings, credit, insurance and investments
Each savings, credit, insurance or investment product is governed by separate terms that disclose eligibility, pricing, returns, repayment obligations, risks and the licensed provider. Returns are not guaranteed unless expressly stated by the regulated provider. Credit is subject to assessment and may be reported to credit bureaus as permitted by law. Missed payments may result in fees, collection activity, reduced access or an adverse credit record.
9. Fees, taxes and exchange rates
Applicable Pady fees are shown before confirmation and on our pricing page. Third parties may charge separate fees. You are responsible for taxes arising from your use of the Services. Where currency conversion applies, we will show the rate or the basis for calculating it before you confirm, where practicable. We will provide notice of material fee changes as required by law.
10. Prohibited and restricted use
You must not use the Services for fraud, money laundering, terrorist financing, sanctions evasion, unlawful gambling, trafficking, scams, abusive or deceptive activity, infringement of another person's rights, or any activity prohibited by law or our acceptable-use controls. You must not manipulate the Services, introduce malicious code, scrape protected information, create false accounts, evade limits, or use another person's identity or payment instrument without authority.
11. Monitoring, fraud prevention and legal compliance
We may monitor and screen accounts, instructions and counterparties to detect fraud, comply with anti-money laundering, counter-terrorist financing, sanctions and other legal obligations, and protect users and partners. We may request information, place a hold, refuse or reverse a transaction, restrict functionality, or make a report to a competent authority. Where the law prohibits it, we may be unable to tell you why an action was taken.
12. Service availability and third parties
We aim to keep the Services available and secure but do not guarantee uninterrupted or error-free operation. We may maintain, modify or withdraw a feature, and third-party systems may be unavailable. We are not responsible for a merchant's goods or services, a telecommunications provider, an unaffiliated website, or a third party outside our reasonable control. Nothing in these Terms excludes obligations that cannot legally be excluded.
13. Communications and electronic records
You agree that we may provide agreements, statements, notices and other communications electronically through the app, website, email, SMS or push notification. You must keep your contact details current and review communications promptly. Electronic records and authentication logs may be used as evidence of instructions and activity, subject to applicable law.
14. Privacy and data protection
Our Privacy Policy explains how we collect, use, share, retain and protect personal data and how you may exercise your rights. By using the Services, you acknowledge that processing is necessary to provide the Services, prevent fraud, meet legal duties and manage our relationship with you.
15. Intellectual property
Pady and its licensors own the Services, software, trademarks, designs, content and related intellectual property. We grant you a limited, personal, revocable, non-exclusive and non-transferable right to use the Services for their intended purpose. You may not copy, modify, sell, sublicense, reverse-engineer or commercially exploit them except where the law expressly permits.
16. Suspension, restriction and closure
We may restrict, suspend or close an account immediately where reasonably necessary for security, suspected fraud, legal or regulatory compliance, breach of these Terms, risk to another person, insolvency, inactivity or misuse. Otherwise, we will provide reasonable notice. You may request closure after paying outstanding amounts and completing pending transactions. Closure does not extinguish rights or liabilities that arose beforehand.
17. Refunds, complaints and disputes
Report an unauthorised, failed or incorrectly executed transaction promptly through our support channels and provide requested information. Refund rights and time limits depend on the transaction type, partner rules and applicable law. For complaints, email support@padymoney.com. We will acknowledge and investigate your complaint and communicate an outcome within applicable regulatory timelines. You may escalate an unresolved complaint to the relevant regulator or dispute-resolution body.
18. Your responsibility and indemnity
You are responsible for losses reasonably resulting from your fraud, wilful misconduct, gross negligence, breach of these Terms or unlawful use. To the extent permitted by law, you will indemnify Pady against third-party claims and reasonable costs arising directly from such conduct. This does not make you responsible for loss caused by our fraud, gross negligence or breach of law.
19. Our liability
We do not exclude or limit liability where doing so would be unlawful. Subject to that, we are not liable for indirect, incidental, special or consequential loss, loss of profit, opportunity, goodwill or data, or loss caused by events outside our reasonable control. For claims not involving safeguarded customer funds or liability that cannot be limited, our aggregate liability is limited to the greater of the fees you paid Pady in the 12 months before the event giving rise to the claim or ₦100,000.
20. Changes to these Terms
We may change these Terms to reflect law, regulation, partner requirements, security, technology or product changes. We will give advance notice of a material change where required and state when it takes effect. If you do not agree, you may stop using the affected Services and close your account before the change takes effect. Continued use after that date constitutes acceptance where permitted by law.
21. General legal terms
These Terms, together with incorporated product terms and policies, form the agreement between you and Pady. If a provision is unenforceable, the remainder continues in effect. A delay in enforcing a right is not a waiver. You may not transfer your rights without our consent; we may transfer ours as part of a restructuring or to a suitably regulated or capable successor, subject to law. No person other than you, Pady and an expressly identified product provider has a right to enforce these Terms.
22. Governing law and jurisdiction
These Terms are governed by the laws of the Federal Republic of Nigeria. We encourage you to contact us first so we can try to resolve a dispute. Subject to any mandatory consumer right or regulatory process, the courts of Lagos State have jurisdiction.
23. Contact
Legal questions may be sent to legal@padymoney.com. Service support and complaints may be sent to support@padymoney.com. Pady Platform Limited's registered office is 8 Providence Street, Lekki Phase 1, Lagos, Nigeria.