Terms of use

About FoxPay

FoxPay is a digital payment platform. We build flexible solutions that help you save and spend your money comfortably, and expose you to affordable payment options. We are more than just a digital payment platform; we are focused on solving problems and helping you build a digital platform where you can experience financial freedom. FoxPay features enticing interest rates on savings, flexible transfers, affordable bill payment options, and a way to easily monitor your money like never before.

Relationship Objectives

The objective of establishing a relationship with FoxPay is to receive special services on offer by FoxPay for its customers. FoxPay will manage a bank account for the customer, as well as provide additional services like banking, savings, SME loans and lifestyle services.

You can operate and manage your account via our FoxPay app and the prerequisite for opening an account is a smartphone, with an active phone number, that meets our minimum technology requirements for the operating system (iOS/Android) and supports the latest version of our FoxPay app.

Third-party merchants offer goods & services

FoxPay provides you with offers from independent third-party merchants. These Merchants sell their respective Products/services subject to their own terms and conditions. For example:

• Airtime: If you choose to purchase pre-paid airtime, you do so under the relevant terms and conditions of your mobile telecommunications provider.
• Utilities: If you choose to purchase pre-paid electricity or water, you do so under the relevant terms and conditions of the utility provider.

If you decide to purchase Products such as these from third-party Merchants, you do so at your own risk and subject to the relevant Merchant’s terms and conditions. FoxPay does not monitor, check for accuracy, check for reliability, or appropriate the services of these third-party merchants. By permitting you to discover these third-party Services, FoxPay does not imply approval or endorsement of such services. You agree that FoxPay is not responsible or liable for the Products you purchase from third-party Merchants.

Payments are processed by third parties

FoxPay has integrated its Services with the billing solutions of certain mobile money providers and Payment Processors. If you purchase a Product from a Merchant using your supported mobile money wallet or account or credit card, payments will be processed by such Payment Processors. Payment Processors have their terms and conditions governing your use of their payment services. You understand and agree that FoxPay does not process payments and is not responsible or liable for any transactions in which you engage. By engaging in a purchase transaction using your mobile money account or credit card, you authorize the Merchant (or FoxPay on its behalf) to bill your account or card for the purchase amount. FoxPay takes the matters of protection and security of its users’ information very seriously. FoxPay’s privacy policy governing the Service is attached to these Terms. The Privacy Policy is incorporated into these Terms by this reference. By using the Service, you agree to the use of your data by the FoxPay Privacy Policy. The Privacy Policy addresses only the information collected by FoxPay in providing the Service to you. Merchants and Payment Processors have their information gathering practices that will apply when you choose to purchase Products.

When are these terms applicable?

These terms are applicable when you choose to open an account with FoxPay and FoxPay generates an account number for you.

We may, at any time, modify the terms and conditions of our relationship but we will not do this without first informing you of such modification. All updates will be detailed on our website and our app. You will be able to access the latest version of our terms at any given time.

What is the scope of the relationship between FoxPay & the customer?

Opening an Account

You can open an account with us on the condition that you are at least 18 years old, a Nigerian citizen with a valid Bank Verification Number (BVN), meet our technology requirements defined above and have not yet opened an account with us. We do not knowingly engage with people who don’t meet these conditions.

When you choose to open an account, you agree to us using your information to make and receive payments on your behalf through your FoxPay account. If you would like us to stop doing this, we would have to close your account.

Verifying your identity

Banking regulations require us to verify your identity before we can open an account for you. At the very least, there needs to be an active phone number, your profile picture and BVN supplied. With more information supplied, such as valid identification documents, we will be able to open an account without any restrictions. Our accounts are tiered as follows:

In line with regulations, we perform due diligence on all accounts so it is your responsibility to keep your mailing address, email address, physical address and other contact information up-to-date in your profile.

Language and communication

English will be the primary language of our communication to you. We may use emojis or colloquialisms, but we will always communicate in English.

If you have any questions about your relationship with FoxPay, you can contact us through any of the email addresses below:

• Email: customerservice@foxpay.ng, info@foxpay.ng.

Notifications

By opening an account with us, you consent to receive text (SMS), email and push notifications from us. These notifications are meant for your consumption only and we will not be held liable if you suffer any loss or damage as a result of unauthorized access to the information sent.

In addition, by opening this account, you agree to opt-out of mandatory SMS alerts directed by the CBN in favour of push notifications. You agree to indemnify FoxPay against all losses, damages, claims, demands and expenses whatsoever which may be incurred, imposed or suffered by FoxPay as well as against all actions, proceedings or claims (including attorney's fees) whether civil or criminal, which may be brought against FoxPay because of such notifications.

Spending Account

With the FoxPay spending wallet, you will be able to fund your FoxPay account via bank transfers, and a stored card. You will be able to pay bills, make instant transfers, manage your FoxPay card and save and receive loans.

FoxPay Save

FoxPay Save helps you save money with minimal effort. To do this, we can either debit your FoxPay Bank account at a user-determined frequency or you can make a one-time lump sum savings. Upon expiration of the tenor, the accumulated funds will be transferred to your FoxPay account. You can make withdrawals before the expiration of the tenor. This can be done at no charge for recurring savings, but. This charge is either the interest earned if fixed or 5% of the amount withdrawn if flexible.

When things go wrong

To protect your money, we need you to keep your card, phone and PIN safe at all times. If you lose your card or spot any suspicious transactions on your account, please freeze your card and inform us as soon as possible. You are responsible for maintaining the security and confidentiality of your passwords, PINs, or any other identifier that you use to access your bank account and our services. Use a strong password and a unique code as your transaction PIN and limit its use to your FoxPay account. Do not allow anyone to have or use your password or transaction PIN details. If you share these details, we cannot and will not be liable for any loss or damage arising from your failure to comply.

Closing an account

You can close your account at any time and no cost. If you’d like to do this, please get in touch with us. You will, however, remain liable for any obligations related to your account with us. Once the account is closed, you will not be able to access any FoxPay services.

We reserve the right to close, suspend, freeze or limit access to your account, if:

• The information we obtain from you does not comply with regulatory requirements;
• You do not meet, or are in breach of, the terms and conditions contained herein;
• You create risk or possible legal exposure to us;
• There is a report of, or our investigations reveal that you have engaged in, fraudulent or suspicious activity with your FoxPay account.

Please note that the list above is not exhaustive.

As a FinTech company, we are required to comply with the international sanction laws and regulations issued by the United States of America’s Office of Foreign Assets Control (OFAC), European Union (EU), United Nations (UN), the United Kingdom’s Treasury (HMT), as well as local laws and regulations applicable to issuing banks, including those issued by the CBN. Therefore, we reserve the right to terminate your account without incurring any liability. We are also under no obligation to make any payment under, or otherwise to open this account if you violate any OFAC, EU, UN and HTM sanctions or there is involvement by any person (natural, corporate or governmental) listed in the OFAC, EU, UN, HMT or local sanctions lists, or any involvement by or nexus with Cuba, Sudan, North Korea, Iran or Myanmar or such other countries as may be included from time to time in the sanctions list, or any of their governmental agencies.

In addition, FoxPay is required to comply with all extant laws in Nigeria, including the rules, regulations, guidelines, circulars and letters issued by the CBN and other regulatory bodies from time to time. In compliance with the applicable laws, FoxPay does not deal in cryptocurrencies and does not facilitate payments for crypto-currency transactions and other related transactions. You, therefore, confirm that you will not use your FoxPay account to deal in, trade, transact or receive any payments relating to virtual currencies.

Data Protection

By opening this account, you consent to us processing your personal information:

• to provide products and services to you in terms of this agreement and any other products and services for which you may apply;
• to carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
• in countries outside Nigeria where the products or services are being used and where such countries do not have the same data protection laws as applicable in Nigeria, we will, where possible, ask the receiving party to agree to our privacy policies.

Marketing and Promotion

We may also use your personal or other information to share information with you on new products and services that may be of interest to you. By opening an account with us, you consent to us sending you updates about the FoxPay product. You can unsubscribe from our newsletter using the link provided for each newsletter we send.

Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry

• You consent to us applying restrictions on your account and reporting to law enforcement agencies, including the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit, the Nigerian Police Force, etc. if a fraudulent activity is associated with the operation of your account.
• You consent to us reporting to Nigeria Inter-Bank Settlement Systems Plc (NIBBS) for an update on the Watchlist Database of the Nigerian Banking Industry and the CBN if fraudulent activity is associated with the operation of your account.

Declaration

By choosing to proceed, you agree that you understand that you are opening an account with FoxPay and that all the information you have supplied is for this purpose. You agree to abide by the above-listed terms and conditions, which govern our operations. You also agree that the information supplied is true and correct. By opening an account with us, you consent to our carrying out of regular identity and fraud prevention checks.

Finally, you agree to indemnify FoxPay for any loss suffered as a result of any false information or error in the information you have supplied us.