BPAYEX BUSINESS TERMS OF SERVICE
Effective date: 1st May 2026
These Business Terms govern business accounts and business services provided by Bpayex Digital Solution Limited.
They operate together with the BPAYEX General Terms, the Privacy Policy and any applicable Product Terms. The General Terms provide the framework that generally applies to use of Bpayex services; these Business Terms add provisions specific to business customers and business use; and the applicable Product Terms add provisions specific to the relevant product or service. The Privacy Policy explains how Bpayex processes personal information, while the Cookie Policy explains the use of cookies and similar technologies.
The Cookie Policy and Privacy Policy do not replace these contractual terms. If there is a conflict, the applicable Product Terms govern the relevant product or service, these Business Terms govern business-specific matters, and the General Terms govern matters of general application, in each case subject to any mandatory legal requirements or express terms of a separate agreement.
1. Business eligibility
A Bpayex Business Account may be opened by an eligible:
- Registered company;
- Partnership;
- Sole proprietor;
- Incorporated organisation;
- Other approved legal entities.
2. Authority
The individual applying for a Business Account confirms that they:
- Are authorised to represent the business;
- Are authorised to enter this agreement;
- Will provide accurate information;
- Will identify relevant owners and controllers.
3. KYB requirements
Bpayex may request:
- Incorporation documents;
- Registration number;
- Registered address;
- Trading address;
- Directors;
- Shareholders;
- Ultimate beneficial owners;
- Authorised representatives;
- Tax identification;
- Licences;
- Bank information;
- Source of funds;
- Expected transaction activity;
- Customer or supplier information where necessary.
4. Beneficial ownership
You must disclose ultimate beneficial owners as required by law.
You must promptly inform Bpayex about material changes to:
- Ownership;
- Control;
- Directors;
- Business activity;
- Registered address;
- Licensing status.
5. Authorised users
Businesses may be permitted to appoint authorised users.
The business is responsible for:
- Selecting appropriate users;
- Assigning access;
- Protecting credentials;
- Revoking access promptly when a user's authority ends.
6. Business Services
Depending on jurisdiction and approval, Bpayex Business may provide:
- Business wallets;
- Payment collection;
- Payouts;
- Transfers;
- Foreign exchange;
- Digital-asset services;
- Settlement;
- Virtual accounts;
- Card-related services;
- APIs;
- Reporting.
7. Payments and collections
Where collection functionality is available, the business must provide lawful goods or services and comply with:
- Consumer-protection law;
- Refund obligations;
- Card-network requirements;
- Payment-provider rules;
- Applicable licensing requirements.
8. APIs
If API access is provided:
- Credentials must be kept secure;
- API keys must not be exposed publicly;
- Access should be limited according to least privilege;
- Compromised credentials must be rotated immediately.
9. Settlement
Settlement timing depends on:
- Product;
- Payment method;
- Currency;
- Jurisdiction;
- Provider;
- Compliance checks;
- Public holidays.
10. Fees
Business fees may include:
- Transaction fees;
- Payment-processing fees;
- Withdrawal fees;
- Conversion margins;
- Network fees;
- Chargeback fees;
- Product-specific fees.
11. Reserves and holds
Where reasonably necessary to manage payment risk and where permitted by law, Bpayex or an applicable payment provider may impose:
- Settlement holds;
- Rolling reserves;
- Transaction limits;
- Payout delays.
12. Chargebacks, refunds and disputes
The business is responsible for legitimate refunds and customer disputes arising from its goods or services.
Amounts relating to:
- Chargebacks;
- Refunds;
- Reversals;
- Penalties;
- Provider charges
13. Prohibited businesses
Unless expressly approved and legally permitted, Bpayex may prohibit or restrict businesses involving:
- Illegal products or services;
- Fraud or deceptive practices;
- Money laundering;
- Terrorist financing;
- Sanctions evasion;
- Trafficking or exploitation;
- Weapons or illegal arms;
- Illegal drugs;
- Counterfeit goods;
- Unlicensed financial services;
- Unauthorised crypto businesses;
- Pyramid or Ponzi schemes;
- Unlawful investment schemes;
- Pornography or unlawful adult services;
- Unlicensed gambling;
- Businesses prohibited by our banking or payment partners.
14. Compliance obligations
A Business Customer must comply with all laws applicable to:
- Its business;
- Products;
- Customers;
- Payments;
- Data processing;
- Taxes;
- Licences.
15. Transaction monitoring
Business transactions may be screened or monitored.
Bpayex may request:
- Invoices;
- Contracts;
- Customer details;
- Proof of delivery;
- Source-of-funds information;
- Purpose-of-payment information.
16. Data protection
Each party must comply with applicable privacy and data-protection obligations.
Where the business supplies personal information about another person, it confirms it has a lawful basis to do so.
Additional data-processing terms may apply to API or enterprise customers.
Bpayex's designation of a data protection officer or compliance organisation, its registration with the Nigeria Data Protection Commission where required, and the safeguards that apply to transfers of personal data outside Nigeria are described in the Data Protection section of the General Terms, which applies to Business Customers alongside these Business Terms.
17. Account restrictions and termination
We may restrict or terminate Business Services where:
- Legal requirements demand it;
- Provider relationships require it;
- KYB information is incomplete;
- Suspected fraud or illegal activity exists;
- Risk exceeds our permitted tolerance;
- These Terms are materially breached.
18. Business responsibility
The Business Customer remains responsible for:
- Products sold;
- Representations to customers;
- Customer support;
- Refunds;
- Taxes;
- Licences;
- Consumer-law obligations.
19. Liability
Nothing excludes liability that cannot lawfully be excluded.
Commercial liability may be subject to limits contained in a separate enterprise, API or payment-processing agreement.
20. Confidentiality
Each party must reasonably protect confidential commercial and technical information received from the other.
This does not prevent disclosures:
- Required by law;
- Required by regulators;
- To professional advisers subject to confidentiality;
- Authorised by the disclosing party.
21. Governing law
These Business Terms are governed by the laws of the Federal Republic of Nigeria unless a product-specific agreement provides otherwise.
22. Contact
Business support: support@bpayex.com
- Compliance: compliance@bpayex.com
- Data protection: dpo@bpayex.com
- Complaints: complaints@bpayex.com
- Registered office: Bpayex Digital Solution Limited, B39B Chessville Estate, Kafe District, FCT, Nigeria.
Regulatory complaints concerning personal-data processing may be submitted to:
Nigeria Data Protection Commission (NDPC)
Website: https://ndpc.gov.ng
Email: info@ndpc.gov.ng
Address: No. 12 Clement Isong Street, Asokoro, Abuja, Nigeria
Complaints concerning regulated financial services may also be submitted to the relevant regulator or payment-service provider responsible for the applicable product, including the Central Bank of Nigeria where applicable:
Central Bank of Nigeria
Website: https://www.cbn.gov.ng
Consumer Protection Department: cpd@cbn.gov.ng
Address: Central Bank of Nigeria, Abuja, Nigeria
You may first contact Bpayex using the complaints address above. We will acknowledge complaints within five business days and aim to provide a substantive response within 15 business days, subject to any longer period permitted by applicable law. Nothing in this section limits any right to complain directly to a competent regulator, seek independent advice, or pursue any other remedy available by law.
Last updated: APRIL 2nd, 2025