Please read these terms carefully before using Paykudy. By accessing our platform, you enter into a legally binding agreement with us.
By creating an account, accessing, or using Paykudy ("the App" or "the Platform"), you enter into a legally binding contract with Paykudy Inc. and its parent entity, PayKudy Inc. (collectively referred to as "Paykudy", "we", "us", or "our"). If you do not accept these Terms of Service in their entirety, you must not access, download, or use our Services.
Paykudy is a financial technology platform; we are not a bank. Banking, deposit-taking, and fund-holding services are exclusively provided by our partner commercial banks and Microfinance Banks (MFBs) licensed by the Central Bank of Nigeria (CBN). All physical and virtual payment cards are issued by licensed partner institutions pursuant to licenses from Visa and Mastercard.
To utilize our services, you must be a citizen or legal resident of Nigeria, or a legal operating entity registered with the Corporate Affairs Commission (CAC), and at least 18 years of age.
In compliance with CBN Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, you agree to provide valid, up-to-date documentation during onboarding, including but not limited to your Bank Verification Number (BVN), National Identification Number (NIN), verified phone number, and facial biometrics. We reserve the absolute right to freeze or close your account if your details cannot be validated.
You agree to pay all applicable transaction fees, card maintenance costs, conversion premiums, and hardware issuance rates incurred on your account. Our clear, itemized Fee Schedule is displayed publicly within the App settings.
Authorization Clause: By executing any transactional workflow (including ATM withdrawals, POS payments, card issuance, or funds transfers), you grant Paykudy an explicit, irrevocable instruction to deduct all corresponding principal amounts and service fees directly from your available balance.
Accounts operate under tiered structures dictated by the depth of your submitted KYC documents, strictly conforming to the CBN Three-Tiered Know Your Customer Framework.
We reserve the right to systematically reject any transaction that breaches your assigned tier threshold or exhibits high-risk indicators.
You explicitly covenant not to use Paykudy to process, store, or transmit proceeds derived from unlawful activities. Prohibited usage parameters include, but are not limited to: fraud, internet scams ("yahoo yahoo"), cyber-attacks, intellectual property theft, peer-to-peer cryptocurrency trades circumventing active directives, or any activity that breaches Nigerian criminal code or financial regulatory systems.
To the maximum extent permitted under applicable law, Paykudy, PayKudy Inc., its directors, partners, and affiliate entities shall not be liable for any direct, indirect, punitive, punitive special, or consequential damages. This includes losses resulting from service downtime, failed banking networks, third-party payment switch errors, unapproved device use, or transaction rejections triggered by automated fraud-prevention systems.
You agree to indemnify and hold Paykudy harmless from any claims, regulatory penalties, legal actions, or financial damages arising from your breach of these terms, negligence, or fraudulent activity on your account.
These Terms of Service are governed by, interpreted, and enforced in accordance with the laws of the Federal Republic of Nigeria.
In the event of any disagreement, grievance, or dispute arising out of or relating to your account, you agree to first submit the complaint in writing to our support team. If the dispute cannot be amicably settled within thirty (30) business days through internal escalations, it shall be referred to and finally resolved by binding Arbitration in accordance with the Arbitration and Mediation Act of Nigeria. The place of arbitration shall be Lagos, Nigeria, and proceedings will be conducted in English.
Questions about our terms? We are here to clarify.