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Terms of Use

Last updated: June 2025

1. Introduction

Welcome to Genesyspay, a digital payment platform operated by Genesyswave Solutions LTD, a company duly incorporated under the laws of the Federal Republic of Nigeria (RC No. 7046066). These Terms of Use ("Terms") govern your access to and use of the Genesyspay website, mobile applications, APIs, and all related services (collectively, the "Platform"). By registering for or using our Platform, you confirm that you have read, understood, and agreed to be bound by these Terms. If you do not agree, you must immediately cease using the Platform.

2. Definitions
  • "Genesyspay" / "we" / "us" / "our": Refers to Genesyswave Solutions LTD and its authorized representatives.
  • "User" / "you" / "your": Refers to any individual or business entity that registers or uses the Platform.
  • "Account": The registered profile created by a User on the Platform.
  • "Services": All features and functionalities offered through the Platform, including but not limited to payment processing, virtual cards, payment APIs, and wallet management.
  • "Transaction": Any financial operation initiated through the Platform, including payments, transfers, and disbursements.
  • "KYC": Know Your Customer — the identity verification process required to access full Platform features.
3. Eligibility

To use the Platform, you must:

  • Be at least 18 years of age and legally capable of entering into binding agreements under Nigerian law or the laws of your jurisdiction.
  • If registering on behalf of a business, be duly authorized to act on behalf of that business.
  • Not be located in, or a resident of, any jurisdiction where the use of our services is prohibited by applicable law.
  • Not be subject to any sanctions list or watchlist maintained by any Nigerian or international authority.
4. Account Registration

To access our Services, you must create an Account by providing accurate, complete, and up-to-date information. You agree to:

  • Maintain the confidentiality of your account credentials (username, password, API keys).
  • Notify us immediately at [email protected] if you suspect unauthorized access to your Account.
  • Take full responsibility for all activities conducted under your Account.
  • Not share your Account credentials with any third party.

Genesyspay reserves the right to suspend or terminate any Account that provides false, misleading, or incomplete information.

5. KYC Verification

In compliance with Nigerian regulations, including the Central Bank of Nigeria (CBN) directives and the Money Laundering (Prevention and Prohibition) Act 2022, all Users are required to complete a KYC verification process before accessing the full range of Services. This process may include:

  • Submission of government-issued identification documents.
  • Proof of business registration (for business accounts).
  • Source of funds declaration for high-value transactions.

Genesyspay reserves the right to restrict, suspend, or terminate access to any User who fails to complete or maintain satisfactory KYC verification.

6. Permitted Use

You agree to use the Platform solely for lawful purposes and in accordance with these Terms. Permitted uses include:

  • Receiving payments from customers for legitimate goods and services.
  • Making payments to vendors, suppliers, or beneficiaries.
  • Integrating our payment APIs into your business applications.
  • Managing virtual cards for authorized business expenses.
7. Prohibited Activities

You must not use the Platform for any of the following:

  • Money laundering, terrorist financing, or any other financial crime.
  • Fraudulent transactions or misrepresentation of transaction purpose.
  • Processing payments for illegal goods, services, or activities.
  • Gambling, adult content, or other high-risk industries without prior written approval.
  • Circumventing our security systems, including rate limiting, IP restrictions, or authentication mechanisms.
  • Reselling or sublicensing access to the Platform without our express written consent.
  • Engaging in activities that may cause reputational, legal, or financial harm to Genesyspay.
  • Using automated scripts or bots to access or scrape the Platform.

Violation of this section may result in immediate account suspension, fund holds, reporting to relevant authorities, and legal action.

8. Fees and Charges

The use of certain Services on the Platform is subject to fees as published on our Pricing page or as agreed in your merchant agreement. Genesyspay reserves the right to:

  • Modify fees at any time with 30 days' prior notice to registered Users.
  • Charge transaction fees, settlement fees, and monthly maintenance fees where applicable.
  • Deduct applicable fees directly from processed transactions or wallet balances.

All fees are non-refundable unless otherwise stated.

9. Settlements and Payouts

Settlements to your registered bank account or wallet are subject to:

  • Successful completion of KYC verification.
  • Compliance with our AML and fraud prevention policies.
  • Settlement schedules as defined in your merchant agreement or as displayed in your Account dashboard.

Genesyspay reserves the right to hold, delay, or reverse settlements if there is a reasonable suspicion of fraud, dispute, or regulatory investigation.

10. Intellectual Property

All content on the Platform, including but not limited to trademarks, logos, software, APIs, text, graphics, and designs, are the exclusive property of Genesyswave Solutions LTD or its licensors. You are granted a limited, non-exclusive, non-transferable, revocable license to use the Platform for its intended purpose. You must not:

  • Copy, reproduce, or distribute any part of the Platform without prior written consent.
  • Reverse-engineer, decompile, or disassemble any software component of the Platform.
  • Use our name, logo, or trademarks without express written permission.
11. Data Privacy

Your use of the Platform is also governed by our Privacy Policy, which is incorporated into these Terms by reference. By using the Platform, you consent to the collection, processing, and use of your personal data as described in the Privacy Policy, in compliance with the Nigeria Data Protection Act (NDPA) 2023.

12. Third-Party Services

The Platform may integrate with or link to third-party services, payment providers, and financial institutions. Genesyspay is not responsible for the availability, accuracy, or content of any third-party services. Your use of third-party services is at your own risk and subject to the respective terms and conditions of those providers.

13. Disclaimer of Warranties

The Platform and all Services are provided on an "as is" and "as available" basis without any warranties of any kind, either express or implied, including but not limited to warranties of merchantability, fitness for a particular purpose, or non-infringement. Genesyspay does not warrant that:

  • The Platform will be uninterrupted, error-free, or secure at all times.
  • Defects will be corrected immediately.
  • The Platform is free from viruses or other harmful components.
14. Limitation of Liability

To the maximum extent permitted by applicable Nigerian law, Genesyswave Solutions LTD shall not be liable for any:

  • Indirect, incidental, special, consequential, or punitive damages.
  • Loss of revenue, profit, data, or business opportunity.
  • Damages arising from unauthorized access to your Account due to your failure to maintain credential security.
  • Delays or failures in processing caused by third-party payment networks, banking infrastructure, or force majeure events.

Our total cumulative liability to you for any claim shall not exceed the total fees paid by you to Genesyspay in the three (3) months preceding the event giving rise to the claim.

15. Indemnification

You agree to defend, indemnify, and hold harmless Genesyswave Solutions LTD, its directors, officers, employees, and agents from and against any claims, liabilities, damages, losses, and expenses (including reasonable legal fees) arising out of or in any way connected with:

  • Your breach of these Terms.
  • Your violation of any applicable law or regulation.
  • Your use of the Platform in an unauthorized or prohibited manner.
  • Any third-party claims arising from your transactions or business operations.
16. Suspension and Termination

Genesyspay reserves the right to suspend or terminate your Account and access to the Platform, with or without notice, in the following circumstances:

  • Breach of these Terms or any other policy governing the Platform.
  • Failure to complete or maintain KYC verification.
  • Suspicious, fraudulent, or high-risk activity detected on your Account.
  • Regulatory or legal requirement to do so.

Upon termination, any outstanding balances subject to no hold or dispute will be settled in accordance with our payout procedures within a reasonable timeframe.

17. Dispute Resolution

In the event of any dispute arising from or in connection with these Terms or your use of the Platform, the parties agree to first attempt resolution through good-faith negotiation. If the dispute is not resolved within 30 days, it shall be referred to binding arbitration in accordance with the Arbitration and Conciliation Act (Cap A18, Laws of the Federation of Nigeria 2004), with the seat of arbitration in Lagos, Nigeria. Nothing in this clause shall prevent Genesyspay from seeking urgent injunctive relief from a competent court.

18. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Subject to the dispute resolution clause above, you submit to the exclusive jurisdiction of the courts of Nigeria.

19. Amendments

Genesyspay reserves the right to update or modify these Terms at any time. We will notify registered Users of material changes via email or a prominent notice on the Platform at least 14 days before the changes take effect. Your continued use of the Platform after the effective date of the updated Terms constitutes your acceptance of those changes.

20. Severability

If any provision of these Terms is found to be invalid, illegal, or unenforceable by a court of competent jurisdiction, the remaining provisions shall continue in full force and effect.

21. Entire Agreement

These Terms, together with the Privacy Policy and AML Policy, constitute the entire agreement between you and Genesyswave Solutions LTD with respect to your use of the Platform and supersede all prior agreements or understandings.

22. Contact Us

For any questions, complaints, or concerns regarding these Terms, please contact us at:

Genesyswave Solutions LTD — Registered in the Federal Republic of Nigeria. We are committed to providing secure, compliant, and innovative payment solutions across Africa.