Parkway Wallet’s Terms of Service

Customers Terms and Conditions for the Use of Parkway Wallet

Parkway wallet is a digital payment solution created by Parkway project, a Private Limited Liability Company licensed by Central Bank of Nigeria as a Payment Solution Service Provider and Mobile Money Operator.

You are required to read and understand these rules, as they are a binding agreement between you and Parkway wallet. Customers who are under eighteen (18) years of age should review these terms and conditions with a parent or guardian.

By creating a Parkway Wallet, you agree to comply with and be bound by these Terms of Use, including the Privacy Policy and all rules, guidelines, policies, terms, and conditions applicable to such service, and they shall be deemed to be incorporated into this Terms of Use and shall be considered part and parcel of this Terms of Use.

By agreeing to these Terms of Use, you acknowledge and agree that Parkway wallet can maintain a deposit equivalent to your electronic value in pool accounts domiciled at any of the CBN licensed banks or, where applicable, a third-party provider of the service you are using through Parkway wallet.

1. Definitions

The following definitions relate to these terms and conditions:

1.1 "Account" or "Wallet" means an electronic stored value account created for use by the user. Credits, debits, and charges are applied to this account. The account is primarily accessed through your mobile application.

1.2 "User" means any party or device that uses Parkway wallet transactions.

1.3 "ATM" means automated teller machine

1.4 "BVN" means Bank Verification Number used by the banking industry in Nigeria and issued by a CBN approved financial institution.

1.5 "CBN" means the Central Bank of Nigeria.

1.6 "Content" means all information, whether textual, visual, audio, or otherwise, appearing on or available through the services.

1.7 "Credit" means the movement of funds into an account.

1.8 "Debit" means the movement of funds out of an account.

1.9 "Tier 1 customer" means a new customer who provides the minimum requirement listed in [3.9] below to a Parkway wallet User or authorised administrative centre.

1.10 "Tier 2 customer" means a Parkway wallet user who has met the conditions stated in [3.9] below to an authorized Parkway User nationwide authorised to perform the upgrade.

1.11 "Tier 3 customer" means a Parkway wallet user who has provided all required KYC details at a Parkway wallet by providing registered means of ID, image verification checks, and a utility bill with a valid address.

1.12 "Beneficiary" means the recipient of the transactions done on your Parkway wallet.

1.13 "Mobile Payments" means the service or process that allows customers to make and receive a variety of payments using their Parkway wallet.

1.14 "Mobile phone" means a GSM or CDMA device that can make and receive telephone calls and send and receive SMS, among other communication options.

1.15 "NUBAN" means Nigerian Unified Banking Account Number.

1.16 "Parkway wallet" means the mobile money services offered by Parkway, with a central feature being a transactional account(s) that may be used in relation to a wide variety of services.

1.17 "PIN" means personal identification number, which is the secret code you choose for secure use of (and access to) your Parkway wallet.

1.18 "Products" means any Parkway wallet products, including person-to-person sending and receiving of money and other value- added services.

1.19 "Registered phone number" means any phone number that has been registered and is tied to the Parkway Wallet.

1.20 "Services" means any products and services provided to the customer as part of Parkway wallet.

1.21 "Parkway Wallet" means an electronic stored value account on Parkway used to perform transactions and not different from a normal bank account.

1.22 "SMS," or "Short Message Service," means a standard communication service on GSM phones which is used to exchange short text messages between mobile devices

3. Transacting

3.1 You may access the available funds in your account at any time using your mobile phone and the Internet. While we make every reasonable attempt to provide the services as described in our marketing and educational materials, we offer the services "as is" and without any warranties.

3.2 All payments will be processed in Nigerian local currency, i.e. Naira.

3.3 Each transaction will be identified by a unique transaction ID which is used to track and identify all transactions carried out on the Parkway wallet network. This number is important for a variety of uses, including dispute resolution.

3.4 Parkway wallet will communicate to verify and confirm all transactions made from your account.

3.5 All transactions on Parkway wallet may require you to input your pre-configured PIN, You are solely responsible for maintaining the confidentiality of your PIN and login details for your account. You must protect the secrecy of your PIN and login details and prevent fraudulent use of your account.

3.6 As required by the CBN, there are daily limits on your Account or Wallet. You can increase or reduce these limits by providing Parkway wallet with the required information, subject to the restrictions placed in terms of paragraphs 3.9.

3.7 Your account or wallet will be credited with any deposits made into it, and the credit will be available for transactions immediately after they are cleared.

3.8 We will verify and confirm any record of a deposit into your Account. Our records will be taken as correct unless the contrary is proved.

3.9 The table below outlines the classification Parkway wallet adopts along KYC Tier s along with the applicable transaction and balance limits. You may not withdraw, transfer or make any payments that together exceed any of the per transaction or daily limits defined for your category. Should you attempt to exceed any applicable limits, your transactions will be declined.

User Tier	Verification requirements	Daily Limits	Account balance Limits
Tier 1	BVN or NIN	₦ 50,000	₦ 300,000
Tier 2	BVN and NIN	₦ 200,000	₦ 500,000
Tier 3	Same as for Tier 2, plus additional KYC as would be required when opening a bank account	₦ 5,000,000	Unlimited

Parkway wallet may, acting reasonably and in accordance with regulation set by the Central Bank of Nigeria, vary the limits at any time and any variation will be notified to customers. When a deposit exceeding the transaction limit for your category is made to your Account, we will notify you to upgrade your Account to the category that applies to such deposit within seven (7) days. In the event that you fail to upgrade your Account to the required category, we reserve the right to place a restriction on your Account until such upgrade to the required category is effected.

3.10 For the avoidance of doubt, please note that some transaction limits may be further reduced from the approved CBN limits, this may be done based on channels or particular types of transactions as part of our risk control process.

3.11 You undertake, throughout the duration of your use of Parkway wallet to comply with anti-fraud and money laundering regulations applicable in Nigeria. In particular, you undertake to respond diligently to any request from Parkway or a regulatory or judicial authority regarding any anti-fraud and money laundering activity on your Account

3.12 Any breach of the anti-fraud and money laundering regulations by you constitutes a serious breach of these Terms of Use, and we reserve the right to immediately suspend or close your account. You indemnify us against any claims made in this regard.

3.13 The proceeds from suspected fraudulent or money laundering transactions shall be kept by Parkway pending an internal decision or a judicial or administrative decision.

4. Fees, Charges and Payment Terms

4.0 All transfers are FREE forever when you maintain a minimum wallet balance of Ten Thousand Naira (#10,000).

4.1 If the minimum balance of ten thousand Naira is exceeded, a transfer fee of fifteen Naira (#15) will be applied.

4.2 When you make a payment, you authorise us (and our designated payment processor) to charge the full amount and any charges related to that transaction to the funding source you designate for the transaction. If your payment results in an overdraft or other fee from a related party, liability for such fees or penalties will rest solely with you

4.3 To prevent financial loss or possible law violations, Parkway reserves the right to use its discretion in disclosing details of any payments associated with you with funding source issuers, law enforcement agencies, or impacted third parties (including other Users). Such disclosures will originate from an order of any trial court with the jurisdiction to compel such a disclosure.

5. User Transactions

5.1 When making a payment using Parkway wallet, you will be required to confirm the transaction. At this time you may also be requested to enter your PIN to accept the transaction. By entering your PIN to confirm the transaction, you agree and confirm that you authorised the transaction. You cannot directly reverse or cancel any payment once it has been approved by you.

5.2 When making a payment using your Parkway wallet, you will be required to log into your Parkway wallet, before payment can be made, in which case clause 3 will still be applicable.

5.3 As we are unable to reverse or charge back any payments made, should you have a dispute with any beneficiary, you should resolve such disputes with the beneficiary directly.

5.4 Disputes between you and any beneficiary will not affect our right to recover payments from you.

6. Security and Unauthorized Use

6.1 When signing up for a Parkway wallet, you will be prompted to create a unique Personal Identity Number (PIN), username, and password. You are responsible for the safekeeping and proper use of these security data.

6.2 You are responsible for all transactions that take place on your account with your PIN and you indemnify us against any claims made in respect of such transactions.

6.3 If at any time you believe or discover that your PIN has been stolen or compromised, you should contact our Customer Services immediately. We will place your account on hold to prevent any transactions from being carried out as soon as we reasonably can. You will remain responsible for all transactions that occur until your account is put on hold.

6.4 We may ask certain questions to confirm your identity when you call Customer Services. This method gives us your authorisation to service your Account and execute your instructions. However, please note that we will never ask for your Password or PIN. We advise that you do not disclose your Password or PIN to anyone under any circumstance.

6.5 We use PIN and a selection of questions to confirm your identity when you call Customer Services. This method gives us your authorisation to service your account and execute your instructions.

6.6 From time to time, we may investigate any actual, alleged or potential violations of this Terms and Conditions. You agree to cooperate fully in any of these inquiries.

7. Deposit Insurance

Unless otherwise stated, all funds in your Parkway wallet shall be insured up to the maximum coverage tier for depositors in line with the Nigerian Deposit Insurance Act. This protection is provided by the Nigerian Insurance Deposit Corporation.

8. Suspension and Closure of Accounts

8.1 We may suspend, restrict, or terminate the provision of our services (in whole or in part) and/or close your account without any liability whatsoever under the following circumstances:

8.1.1 Upon receiving a request from you at any time, we will close your account.

8.1.2 If you notify us that your phone has been lost or stolen or that your PIN has been compromised, we will suspend or close your account.

8.1.3 If in any way we know or suspect your account is being used fraudulently, negligently, or for illegal activities, or if we must do so to comply with the law, we may close your account, restrict activity on your account, or suspend access to your account, and you indemnify us against any claims made in this regard.

8.1.4 If we believe that you are in breach of these terms and conditions, are trying to compromise our systems, are unreasonably interfering with any services provided by us, or are acting for any other purpose other than the protection of our interests, we may close your account.

8.2 We will not be responsible to you for any direct, indirect, consequential, or special damages arising from any act or omission by us or any third party for whom we are responsible, whether arising in contract, delict, or statute, if we close or suspend your account in accordance with this Clause 8.

8.3 In any case where your Parkway wallet is closed for any reason and has a balance of funds, upon your request to Customer Services, the balance will be made available to you for withdrawal, barring any legal or regulatory provisions against such.

9. Notices

9.1 The physical address, email address,or telephone number you supply during sign-up are regarded as the preferred channels via which notices may be given and documents in legal proceedings may be served. You must notify us immediately if your physical, postal, email, or mobile phone number changes.

9.2 We are entitled to send information to you via SMS to the registered phone number associated with your account, as amended from time to time.

9.3 We are entitled to send any notice to an email address specified on your account. This clause pertains to customers who have accessed and used the Parkway wallet mobile application.

9.4 Any correspondence that we send to you by courier or post will be considered to have arrived within seven (7) days of sending and any correspondence that we send to you by email or SMS will be considered to have arrived on the day that it was sent to you, unless the contrary is proved.

9.5 You should send any legal notice to us by post to our address below: 295 Herbert Macaulay Way, Yaba, Lagos, Nigeria

10. Privacy Policy

10.1 When you sign up for Parkway wallet you will be required to provide us with your name, email, gender, and birth date, among other information. In some cases we may ask for additional information for security reasons or to provide specific services to you.

10.2 You may change your personal identifiable information on Parkway wallet at any time by contacting Customer Service or accessing your account profile online. Such information will be updated immediately.

10.3 When you use the Parkway wallet app we may collect information from that device regarding your browser type, location, and IP address, as well as the pages you visit, for security purposes.

10.4 We are required to retain the details of transactions or payments you make via Parkway wallet after the transaction is completed. This information will only be made available to third parties if required by law. However, we commit to keeping all your personal information, including your funding source details safe.

10.5 You agree that your information, including your personal information, your telephone conversations with our Customer Services and your transactions may be recorded and stored for record keeping purposes for up to 5 years from date of closure of account.

10.6 We use server firewalls and encryption to keep your account information safe during transmission and in storage. We also use automated and social measures to enhance security, such as analysing account behaviour for fraudulent or otherwise anomalous behaviour, limiting use of Parkway wallet features in response to possible signs of abuse, and suspending or disabling accounts for violations of our customer terms and conditions.

10.7 Unless stated otherwise, our current privacy policy applies to all information that we have about you and your account. If we make changes to this Privacy Policy we will notify you.

11. Disputes and Refunds

11.1 If you believe that an unauthorized or otherwise problematic transaction has taken place under your account, you agree to notify us immediately, to enable us to take action to help prevent financial loss.

11.2 All claims against us related to payments should be made within thirty (30) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.

11.3 You are responsible for and agree to indemnify us for all refunds, charge-backs, claims, fees, fines, penalties, and other liabilities incurred by us (including costs and related expenses) caused by or arising from payments that you authorised or accepted.

11.4 An email notification will be sent for any chargeback request. However, if we do not get a confirmation from you for said chargeback request within 48 hours, your account will be debited for the value.

11.5 Your only remedy for a technical failure or interruption of service is to request that your transaction be completed at a later time.

11.6 It is your responsibility to remit any taxes that apply to your transactions and are not normally included in the cost of the Parkway transaction. You agree to indemnify and hold us harmless from and against any claim arising out of your failure to do so.

11.7 The transaction ID and transaction details will be required to resolve all disputes.

11.8 Unless stated otherwise, our current privacy policy applies to all information that we have about you and your account. If we make changes to this Privacy Policy we will notify you.

12. General

12.1 We try to keep Parkway wallet available at all times, bug-free, and safe, but you use it at your own risk. We are providing Parkway "as is" without any express or implied warranties, including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement. Parkway wallet is not responsible for the actions, content, information, or data of third parties, and you release us, our directors, officers, employees, and User from any claims and damages, known and unknown, arising out of or in any way connected with any claim you have against any such third parties.

12.2 We reserve the right to change, modify, add or delete portions of these Terms of Use, at any time without prior notice to you. It is your responsibility to check these Terms and Conditions periodically for changes. Your continued use of the website or Parkway wallet following the posting of changes will mean that you accept and agree to the changes.

12.3 You are responsible for your connection to the mobile phone networks, the Internet, and all costs associated with these same connections.

12.4 We are not responsible for any loss arising from any failure, malfunction, or delay in any mobile phone networks, mobile phones, ATMs, the Internet or terminals or any of its supporting or shared networks, resulting from circumstances beyond our reasonable control.

12.5 Transactions carried out by you are defined as non-commission sales, hence you are allowed to charge a fee for transactions.

12.6 We may allocate any money received from you or held on your behalf to settle any outstanding balance on your account.

12.7 All copyright, trademarks and other intellectual property rights used as part of our services or contained on our websites, documents or other materials are owned by Parkway wallet, or its licensors. You agree that you acquire no rights thereto.

12.8 You acknowledge and agree that these Terms and Conditions are governed by Nigerian law, and any breach of these Terms and Conditions will be considered as having taken place in Nigeria.

12.9 The Parties shall use their best efforts to amicably settle all disputes arising out of or in connection with the performance or interpretation of this Terms and Conditions. Any dispute or differences arising out of the construction, interpretation or performance of the obligations created under this relationship which cannot be settled amicably within one (1) month after receipt by a party of the other party's request for such amicable settlement may be referred to a single arbitrator to be appointed in accordance with the Arbitration and Conciliation Act. Cap. A18, Laws of Federation of Nigeria 2004. The place of arbitration shall be in Lagos, Nigeria and the language of arbitration shall be English language.