Terms of Service

Document effective June 30, 2022

These terms and conditions are provided to the customers (also referred to here as “Users”, and “You”) of Eyowo (which shall comprise Eyowo Microfinance Bank Limited and Eyowo Integrated Payments Limited), with the understanding that use of its services constitutes an agreement (the “Agreement”) to be bound by these terms. These terms shall be applicable to all Eyowo applications including the web platform, APIs, software applications (“Apps”) and/or payment platforms offered by Eyowo (the “Platform”).

Please read these Terms before accessing or using the Platform. By accessing, downloading or using the Platform or connected applications, other offerings and services provided on the Platform (the “Services”) you agree on behalf of yourself and/or any organization that you represent (together, “User” or “You”) that you have read and understood these Terms, as well as our Privacy Policy and Merchant Service Agreement, which are hereby incorporated into the Terms by reference and agree to be bound by these Terms. If you do not accept these Terms and our Privacy Policy in their entirety, you may not use the Platform.

ARBITRATION NOTICE: These Terms contain a binding arbitration provision. You agree that, except for certain types of disputes described in the arbitration provision below, all disputes between you and Eyowo will be resolved by arbitration 

Eyowo may update these Terms from time to time, and the latest version will be posted on the Platform. By accessing the Platform after the Terms are updated and posted, you agree to those changes. Accordingly, you should periodically review these Terms as they appear from time to time on the Platform. Material changes will be conspicuously posted on the Platform.

Without prejudice to Eyowo’s other rights under these Terms, if you breach these Terms in any way, Eyowo may take such action as Eyowo deems appropriate to deal with the breach, including suspending your access to the Platform, prohibiting you from accessing the Platform, blocking computers using your IP address from accessing the Platform, contacting your internet service provider to request that they block your access to the Platform and/or bringing court proceedings against you.

We may collect certain information from your use of the Platform as set forth in our Privacy Policy, which is incorporated into these Terms by this reference and your use of the Platform constitute your consent to the information collection, use, and sharing as set forth in our Privacy Policy.

1. USER OBLIGATIONS

We grant you a limited, non-exclusive, non-transferable, and revocable license to use the Platform —subject to the Terms and the following restrictions in particular:

  1. Responsibility to provide accurate information: You warrant that all information you provided to us in connection with your access to and use of the Platform is true, accurate, and complete to the best of your knowledge and belief.
  2. You must be 18 years old: Our Platform is directed to people from the ages of 18 and above. We do not knowingly directly engage with people younger than the age of 18.
  3. Follow the law and our policies. You may not take any action that infringes or violates other people’s rights, violates the law, or breaches any contract or legal duty you may have toward any party. You may not violate any of Eyowo’s policies, rules, or guidelines, or violate any applicable law, statute, ordinance, or regulation.
  4. Respect the rights of others: You may not threaten, abuse, harass, defame, or engage in behavior that is libelous, tortious, obscene, profane, or invasive of another’s privacy.
  5. Respect the property of others: Do not distribute software viruses or any other programs designed to interfere with (i) the proper function of any software, hardware, or equipment on the Platform or (ii) the use of the Platform by any other User.
  6. Do not engage in activities that affect the functioning of the Platform: You must not bypass any measures that we have put in place to secure the Platform, take actions to gain unauthorized access to any system, data, passwords, or other Eyowo or User information or services, reverse engineer or take part in any aspect of the Services to access any underlying information, or use any kind of software to “crawl” or “spider” any part of the Platform.
  7. Fees: There are no fees for creating an account on the Platform. You will, however, be responsible for any service charges deducted as a result of the services used on the Platform.
  8. Fraud: You shall not use the Platform or any of the services offered by Eyowo in connection with any illegal or fraudulent business activities under any laws or regulations of any applicable jurisdiction
  9. Violate of any of the Terms: We reserve the right to terminate, suspend, or take any other action related to your use of the Platform or Services. You may not access the Platform or services if we have prohibited you from doing so.
  10. Right of Use: We grant you the right to use this Application only for your personal and/or business use on the electronic devices that you own or control as permitted by any terms of use required by such electronic devices.
  11. Duty of Care: You accept responsibility for creating and safeguarding your password that keeps your account and banking details secure and agree that there are risk attached to the use of an online financial system and accept full responsibility for any account breaches that may occur through your action and/or inaction.

3. INTELLECTUAL PROPERTY RIGHTS

  1. Eyowo’s Intellectual Property: The Platform including its text, audio, video, graphics, charts, photographs, interfaces, icons, other content, software, computer code, data, trademarks, logos, slogans, documentation, other components, and the design, selection, and arrangement of content is exclusively the property of Eyowo or, as applicable, its suppliers and licensors, and is protected by copyright, trademark, and other intellectual property laws. Any unauthorized use of any trademarks, or any other intellectual property belonging to us is strictly prohibited and may be prosecuted to the fullest extent of the law.  No other use of the Platform content is permitted without our express prior permission in writing and where applicable, the copyright holder. 

    The Platform may contain references to third-party marks and copies of third-party copyrighted materials, which are the property of their respective owners. Other trademarks, service marks or logos that appear on the Platform are the property of their respective owners. Trademarks must not be used without the express written permission of the applicable trademark owner.
  2. User’s Information: Your information remains your property. When you submit your information to the Platform, you agree to the following terms:
    1. You allow us to use your information: You grant us a worldwide, non-exclusive, perpetual, irrevocable, royalty-free, sublicensable, and transferable right to use, exercise, commercialize, and exploit the copyright, publicity, trademark, and database rights with respect to your information.
    2. You have all legal rights to your information. You represent and warrant that: (i) you have all licenses, rights, consents, and permissions necessary to grant the rights set forth in these Terms to us; (ii) your information does not and will not infringe any third party's intellectual property rights, proprietary rights, privacy rights, confidentiality, rights of publicity or otherwise violate these Terms or applicable law; and (iii) we do not need to obtain any licenses, rights, consents, or permissions from, or make any payments to, any third party for any use of your information, or have any liability to a User or any other party as a result of our use or exploitation of your information.

4. SYSTEM OUTAGES AND MAINTENANCE

The Platform may be unavailable for scheduled maintenance and other reasons, including unplanned outages and other malfunctions. We are not responsible if the Platform or Services are unavailable, or if you lose any data or information for any reason.

5. NO WARRANTY

THE PLATFORM, SERVICES, USER INFORMATION, AND ANY OTHER MATERIALS MADE AVAILABLE OR THROUGH THE USE OF THE PLATFORM OR SERVICES ARE PROVIDED ON AN “AS IS,” “AS AVAILABLE” BASIS AND WITHOUT ANY WARRANTY OF ANY KIND. EYOWO MAKES COMMERCIALLY REASONABLE EFFORTS TO ENSURE THAT ALL MATERIAL, INFORMATION, AND DATA ON THE PLATFORM ARE ACCURATE AND RELIABLE, BUT ACCURACY CANNOT BE GUARANTEED. EYOWO DOES NOT GUARANTEE THE QUALITY, COMPLETENESS, TIMELINESS, OR AVAILABILITY OF THE PLATFORM. EYOWO DOES NOT WARRANT THAT THE PLATFORM WILL BE UNINTERRUPTED OR ERROR-FREE, THAT ANY DEFECTS IN THE PLATFORM WILL BE CORRECTED, OR THAT THE PLATFORM OR THE SERVERS THAT MAKE THE PLATFORM AVAILABLE ARE FREE OF VIRUSES OR OTHER HARMFUL CONDITIONS OR COMPONENTS. EYOWO IS NOT RESPONSIBLE FOR ANY TYPOGRAPHICAL ERRORS ON THE PLATFORM.

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EYOWO EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND WITH RESPECT TO THE PLATFORM, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, FITNESS FOR A PARTICULAR PURPOSE, TITLE, ALL WARRANTIES ARISING FROM STATUTE, COURSE OF DEALING, COURSE OF PERFORMANCE OR USAGE OF TRADE, AND ALL WARRANTIES REGARDING AVAILABILITY, QUALITY, ACCURACY, AND COMPATIBILITY WITH ANY STANDARDS OR USER REQUIREMENTS. EYOWO HAS NO RESPONSIBILITY FOR THE TIMELINESS, DELETION, MISDELIVERY, OR FAILURE TO STORE ANY USER COMMUNICATION OR INFORMATION. EYOWO MAKES NO REPRESENTATION OR WARRANTY AS TO WHETHER ALL OR ANY PORTION OF THE SERVICES ARE TAX DEDUCTIBLE. EYOWO WILL HAVE NO LIABILITY FOR ANY CLAIM BY ANY FEDERAL OR STATE TAX AUTHORITY WITH RESPECT TO THE CHARACTERIZATION BY YOU OR ANY USER ON EACH OF THE APPLICABLE FEDERAL AND STATE TAX RETURNS.

USE OF THE PLATFORM IS AT YOUR SOLE RISK. YOU ALONE ARE RESPONSIBLE FOR ANY DAMAGE TO YOUR COMPUTER OR MOBILE HARDWARE, SOFTWARE, SYSTEMS, AND NETWORKS, ANY LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY INFORMATION FROM THE PLATFORM, AND FOR ANY OTHER DAMAGE THAT MAY BE INCURRED. WE MAKE NO REPRESENTATION THAT THE PLATFORM ARE APPROPRIATE OR AVAILABLE FOR USE IN LOCATIONS OTHER THAN NIGERIA. IF YOU CHOOSE TO ACCESS THE PLATFORMS FROM LOCATIONS OTHER THAN NIGERIA, YOU DO SO AT YOUR OWN RISK AND YOU ARE RESPONSIBLE FOR COMPLYING WITH APPLICABLE LAWS AND REGULATIONS. NO ADVICE OR INFORMATION, ORAL OR WRITTEN, OBTAINED BY YOU FROM EYOWO OR IN ANY MANNER FROM THE PLATFORM CREATES ANY WARRANTY.

6. INDEMNIFICATION

You agree to indemnify, defend and hold harmless Eyowo, its affiliates, sponsors, enablers, supporters, and its and their respective officers, directors, owners, employees, agents, contractors, representatives, licensors, information providers, and any other service or software providers (together, the “Eyowo Parties”) from and against any and all third-party demands, claims, actions, proceedings, damages, liabilities, losses, fees, costs and expenses (including without limitation reasonable attorneys’ fees and the costs of any investigation) arising out of or in connection with (i) your breach of these Terms; (ii) any negligence, gross negligence or willful misconduct by or on behalf of you or your employees or agents; or (iii) your access to or use of the Platform or your misuse of any material, data, or other information downloaded or otherwise obtained from the Platform. Eyowo reserves the right, at its own expense, to assume exclusive defense and control of any matter otherwise subject to indemnification by you and, in such case, you agree to cooperate with Eyowo in the defense of such matter.

7. LIMITATIONS ON LIABILITY

TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, IN NO EVENT WILL EYOWO PARTIES BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, EXEMPLARY, PUNITIVE, OR CONSEQUENTIAL LOSS OR DAMAGE, OR ANY OTHER LOSS OR DAMAGE OF ANY KIND, ARISING OUT OF OR IN CONNECTION WITH THE PLATFORM OR YOUR ACCESS TO OR USE OF THE PLATFORM (INCLUDING WITHOUT LIMITATION THE INPUT OF PERSONALLY IDENTIFIABLE AND OTHER INFORMATION INTO THE PLATFORM) OF WHICH YOU AGREE TO RELEASE EYOWO, WHETHER THE CLAIM IS BASED IN CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, WARRANTY, OR OTHERWISE, EVEN IF A EYOWO PARTY HAS EXPRESS KNOWLEDGE OF THE POSSIBILITY OF THE LOSS OR DAMAGE (EVEN IF A LIMITED REMEDY SET FORTH HEREIN IS FOUND TO HAVE FAILED OF ITS ESSENTIAL PURPOSE) FOR: (A) ANY INCIDENTAL, SPECIAL, EXEMPLARY OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, LOSS OF DATA OR LOSS OF GOODWILL; (B) SERVICE INTERRUPTION, COMPUTER OR MOBILE DAMAGE OR SYSTEM FAILURE; (C) THE COST OF SUBSTITUTE PRODUCTS OR SERVICES; (D) ANY DAMAGES FOR PERSONAL OR BODILY INJURY OR EMOTIONAL DISTRESS ARISING OUT OF OR IN CONNECTION WITH THESE TERMS; (E) THE USE OF OR INABILITY TO USE THE PLATFORM OR SERVICES; (F) ANY COMMUNICATIONS OR OTHER INTERACTIONS WITH OTHER USERS OR OTHER PERSONS WITH WHOM YOU COMMUNICATE OR INTERACT AS A RESULT OF YOUR USE OF THE SERVICES.

YOUR SOLE AND EXCLUSIVE REMEDY IS TO STOP ACCESSING AND USING THE PLATFORM. WITHOUT LIMITING THE FOREGOING, IN NO EVENT WILL EYOWO PARTIES’ LIABILITY TO YOU EXCEED N1,000, EVEN IF THIS REMEDY FAILS OF ITS ESSENTIAL PURPOSE. SOME JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF CERTAIN DAMAGES, SO SOME OF THE ABOVE EXCLUSIONS AND LIMITATIONS MAY NOT APPLY TO YOU.

8. FORCE MAJEURE

Performance of any duty or obligation hereunder by either party may be excused (until the cessation of the force majeure event) if prevented by acts of God, information providers or other service providers, public enemy, war, terrorism, any accident, explosion, fire, any epidemic or pandemic whether global or local. storm, earthquake, flood, strike, computer outage or virus, telecommunications failure or any other circumstance or event beyond a party’s reasonable control.

9. TERM AND TERMINATION

These Terms shall commence upon your initial use of the Platform and continue until the earlier of (i) termination of your rights to use the Platform by Eyowo or (ii) your ceasing to use the Platform. We may in our sole discretion and with or without cause, terminate these Terms without notice or liability, including if you breach these Terms, if you act in an abusive manner, if you act in a manner inconsistent with local, state, or federal laws or regulations, or if it becomes no longer commercially viable to provide the Platform to you. Upon any termination of these Terms or your account you must promptly cease accessing and using the Platform.

10. RESTRICTIONS ON YOUR USE OF THE PLATFORM AND COMPLIANCE WITH THE LAWS

You agree to only access and use the Platform as expressly authorized in these Terms. You shall be responsible for complying with all local, state, and federal laws and regulations that apply to your access or use of the Platform. You may download and print one copy of the Platform’s visible content for your personal and noncommercial use, provided you do not modify or delete any copyright, trademark, or other proprietary notices. You will not: misrepresent your identity or your affiliation with any other person or organization; or interfere with or disrupt the Platform or Services or networks connected to the Platform. User activities that aim to render the Platform or Services inoperable or to make their use more difficult are forbidden.

You specifically agree not to:

  1. reverse engineer, decompile, disassemble, or derive the source code of the Platform;
  2. copy, publish, license, rent, modify, or create derivative works of the Platform;
  3. use the Platform to infringe the patent, copyright, trademark, trade secret, or other intellectual property rights of any third party or any third-party rights of publicity or privacy;
  4. use the Platform to post, transmit, or propagate any virus, Trojan horses, worms, time bombs, cancelbots, malware, adware or other computer programming that may damage, interfere with, surreptitiously intercept, or expropriate any system or data;
  5. use the Platform in violation of any applicable law, statute, ordinance or regulation or for unlawful purposes;
  6. gain or attempt to gain unpermitted access by any means to any Eyowo Platform, network, or database;
  7. file copyright, trademark, patent, or other intellectual property applications that include the Platform or any portion thereof;
  8. access, use, or copy any portion of the Platform, including any of its content, through the use of indexing agents, spiders, scrapers, bots, web crawlers, or other automated devices or mechanisms, or harvest or collect email addresses or other contact information of other users of Eyowo’s services by electronic or other means;
  9. use the Platform in a manner that restricts or inhibits any other person from using or enjoying Eyowo’s services or that may expose Eyowo or its customers to any harm or liability of any type;
  10. engage in data mining or similar data gathering or extraction activities or retrieve data or other content from the Platform for purposes of creating or compiling that content for any purpose other than your authorized use of the Platform as permitted by these Terms; or
  11. provide inaccurate, incomplete, or out-of-date information via the Platform, provide information via the Platform to which you do not have sufficient rights or permissions to use or provide to Eyowo, or commit fraud or falsify information in connection with your use of the Platform.

Eyowo reserves the right to investigate you and your use of the Platform by engaging public and private organizations, including without limitation collection agents, private investigators, and applicable local, state, and federal agencies. We further reserve the right to take any action against you that we, in our sole discretion, deem appropriate, including without limitation by suspending access to the Platform and terminating these Terms as described above, by reporting you to law enforcement authorities, or by taking other measures as may be permitted by law.

11. ELECTRONIC COMMUNICATIONS

These Terms and any other documentation, agreements, notices, or communications between you and Eyowo may be provided to you electronically to the extent permissible by law. Please print or otherwise save a copy of all documentation, agreements, notices, and other communications for your reference

12. CONTACT US

Please direct any questions and concerns regarding these Terms to us by email at support@eyowo.com, or by mail at: 

Eyowo Integrated Payments Limited
8, Oduduwa Crescent,
Ikeja GRA, Lagos
Nigeria.


 

13. GOVERNING LAW

These Terms shall be governed by and interpreted in accordance with the laws of the Federal Republic of Nigeria applicable to agreements made and wholly performed therein. Subject to Clause 14, venue is exclusively in the state or federal courts, as applicable, with jurisdiction over the Federal Republic of Nigeria, with respect to any dispute arising under these Terms unless otherwise determined by Eyowo in its sole discretion. The parties expressly agree to the exclusive jurisdiction of such courts.

14. LEGAL DISPUTES SUBJECT TO ARBITRATION, DISPUTE RESOLUTION, AND CLASS ACTION WAIVER

Please read the following paragraphs carefully because they require you to arbitrate disputes with Eyowo and limit the manner in which you can seek relief from us.

Any dispute, claim, or controversy arising out of or relating to these Terms or the breach, termination, enforcement, interpretation, or validity of these Terms, contract, tort, statute, fraud, misrepresentation or any other legal theory; claims that arose before these Terms or any prior agreement (including, but not limited to, claims related to interactions between users); and claims that may arise after the termination of these Terms (together, “Disputes”) shall be resolved by binding arbitration on an individual basis as set forth in these Terms (this “Arbitration Agreement”). But, in the event of any actual, alleged, or threatened violation of confidentiality or violation of our intellectual property or other proprietary rights, Eyowo may immediately resort to court proceedings in a court of competent jurisdiction in order to seek immediate injunctive relief. 

Any institution of any action for injunctive relief will not constitute a waiver of the right or obligation of either party to submit any claim seeking relief other than injunctive relief to arbitration. This Arbitration Agreement applies to you; Eyowo; Eyowo’s affiliates, sponsors enablers, supporters; Eyowo’s and its affiliates’ respective directors, officers, employees, owners, agents, predecessors in interest, successors in interest, and assigns; authorized and unauthorized users or beneficiaries of the Platform; and any third-party beneficiaries.

By agreeing to these Terms, you agree to resolve any and all disputes with Eyowo as follows:

Pre-Arbitration Dispute Resolution: For any and all Disputes you may have against Eyowo, whether pursued in court or arbitration, you must first give us an opportunity to resolve the Dispute informally by contacting us through the contact us link with the following information: (i) your name, (ii) your address, (ii) a written description of your claim, and (iv) a description of the specific relief you seek. If we do not resolve the Dispute within forty-five (45) days after receiving your notification, then you may pursue resolution of the Dispute in Arbitration. 

Arbitration proceedings will be administered in accordance with the provisions of the Arbitration and Conciliation Act, Cap. A18 Laws of the Federation of Nigeria 2004 (the “Arbitration and Conciliation Act”), or any statutory re-enactment or modification thereof before one arbitrator chosen by agreement of the parties. If the parties fail to reach agreement on the arbitrator within 30 days after service of the demand for arbitration, the arbitrator will be chosen by the Chairman of the Chartered Institute of Arbitrators UK, Nigeria branch. The decision of the arbitrator will be final and binding. Any final award or judgment may be filed and enforced in any court of competent jurisdiction. The parties will share equally in the costs assessed for the arbitration and each party will bear its own attorneys’ fees and costs. Any arbitration proceeding may not be consolidated or joined with any other proceeding and will not proceed as a class action. The parties understand that they would have had a right or opportunity to litigate disputes through a court, to have a judge or jury decide their case, and to participate in a class action or other proceeding involving multiple claimants, but they have instead chosen to have Disputes decided through individual arbitration. 

The place of arbitration will be Lagos, Nigeria unless otherwise agreed to in writing by all parties to the arbitration. Any and all actions taken under this Arbitration Agreement, including all filings, orders, judgments, and awards made in any arbitration proceeding, are confidential and may not be disclosed to any third party.

15. INTERPRETATION; GENERAL

These Terms, including our Privacy Policy and any terms or conditions incorporated by reference herein, are the entire agreement between you and Eyowo with respect to your access to and use of the Platform. These Terms shall not be construed as creating or constituting a partnership, joint venture or agency relationship between the parties. We may assign our rights and delegate our duties under these Terms at any time to any party without notice to you. You may not assign, sublicense or otherwise transfer any right or obligation set forth herein without Eyowo’s prior written consent. Any purported assignment in violation of the preceding sentence is void and of no effect. 

These Terms are binding upon and will inure to the benefit of the parties’ respective successors and permitted assigns. Any provisions of these Terms that are intended to survive termination (including any provisions regarding indemnification, dispute resolution, or limitation of our liability) will continue in effect beyond any termination of these Terms or of your access to the Platform. No failure of Eyowo to exercise or enforce any of its rights hereunder will act as a waiver of such rights. Any waiver of any provision of these Terms will be effective only if in writing and signed by Eyowo. If any provision of these Terms is held invalid, void, or unenforceable, that provision will be considered severable from the remaining provisions and the remaining provisions will remain in full force and effect. The headings in these Terms are for convenience only and do not affect the interpretation of these Terms. Except as may be otherwise expressly provided herein, all remedies provided for herein shall be cumulative and in addition to and not in lieu of any other remedies available to either party at law, in equity or otherwise. These Terms do not confer any rights, remedies, or benefits upon any person other than you, except that our affiliates are third-party beneficiaries of these Terms.

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Eyowo’s services are delivered by two regulated entities, Eyowo Integrated Payments Limited and Eyowo Microfinance Bank. Eyowo Integrated Payments Ltd (RC1512927) is licensed by the Central Bank of Nigeria as a Payments Solutions Provider. Registered address: 8, Oduduwa Crescent, Ikeja GRA, Lagos, Nigeria. Eyowo Microfinance Bank Ltd (RC838171) is licensed by the Central Bank of Nigeria as a Microfinance Bank. Registered address: 19 Araromi Street, Victoria Island, Lagos, Nigeria.

© 2021 Eyowo Ltd