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
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
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
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.
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
1.2 "User" means any party or device that uses Parkway wallet
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
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
1.14 "Mobile phone" means a GSM or CDMA device that can make and
receive telephone calls and send and receive SMS, among other
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
1.18 "Products" means any Parkway wallet products, including
person-to-person sending and receiving of money and other value- added
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
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
2. Opening a Parkway Wallet
2.1 In order to sign up to join Parkway's wallet, an active GSM or
CDMA mobile phone subscription on any supported mobile network is
2.2 All User are limited to one (1) Parkway wallet per phone number.
Multiple phone numbers can, however, be linked to the same account.
2.3 To set up your account, Parkway wallet requires your personal
details, including your name and phone number. You must provide
complete and accurate information. Unregistered customers
2.4 In the process of verifying your identity, Parkway wallet has the
sole discretion to refuse any account opening application for any
number of reasons.
2.5 By giving Parkway wallet your BVN, you authorise Parkway wallet to
collect and save your data from the BVN database as part of our KYC
information to fulfil regulatory requirements. All KYC data collected
will be treated as confidential. You also permit us to use your BVN to
monitor, prevent, and detect fraudulent activities and share the same
with CBN authorised BVN stakeholders, for the purpose of deterring
2.6 In the process of verifying your identity and BVN, Parkway Wallet
has the sole discretion to refuse any account or wallet opening
application for a number of reasons. In addition, we reserve the right
to ask you before opening an Account and at any point during your use
of Parkway wallet for supplementary information and identification
documents, as well as any supporting documents that we may deem
2.7 We reserve the right to screen all individuals and businesses
against applicable sanction lists and the BVN watchlist database and
may decline account opening applications in the event they are found
to be on any of the lists.
2.8 We reserve the right to immediately suspend or withdraw an Account
or Wallet if we have reasonable grounds to believe that there may be a
breach of security of that Account or Wallet, we suspect unauthorised
or fraudulent use of that Account or we are required by law to do
2.9 If a fraudulent activity is associated with the operation of your
Account or Wallet, you agree that we have the right to apply
restrictions to your Account and report to appropriate law enforcement
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.
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
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.
|BVN or NIN
|BVN and NIN
Same as for Tier 2, plus additional KYC as would be required when
opening a bank account
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
3.12 Any breach of the anti-fraud and money laundering regulations by
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
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
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
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
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.
9.1 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
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
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
9.5 You should send any legal notice to us by post to our address below:
295 Herbert Macaulay Way, Yaba, Lagos, Nigeria
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.
information that we have about you and your account. If we make changes
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
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.
information that we have about you and your account. If we make changes
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
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
12.3 You are responsible for your connection to the mobile phone
networks, the Internet, and all costs associated with these same
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.