Terms of Service

Last updated: Sep 23, 2026

Version 1.1

MoniYes Terms of Service and End User License Agreement


PLEASE READ THESE TERMS OF SERVICE ("TERMS") CAREFULLY BEFORE USING THE MONIYES PLATFORM. THESE TERMS CONSTITUTE A LEGALLY BINDING AGREEMENT BETWEEN YOU ("BUSINESS USER", "MERCHANT", "YOU", OR "YOUR") AND MONIYES ("PLATFORM", "WE", "US", OR "OUR").

BY REGISTERING AN ACCOUNT, INTEGRATING OUR API, UTILIZING A MONIYES POS TERMINAL, CREATING A WEB STORE, GENERATING A DEDICATED SPLIT ACCOUNT NUMBER (DSAN), OR ACCESSING ANY PORTION OF OUR SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY ALL PROVISIONS CONTAINED HEREIN.

1. Important Legal Disclaimer: Non-Custodial & Technical Provider Status

MONIYES IS A B2B2C SOFTWARE / MASTER MERCHANT, CURATING PAYMENT INTEGRATION API FOR BUSINESSES AND INDIVIDUALS TO AUTOMATE PAYOUT. MONIYES IS NOT A BANK, MONEY TRANSMITTER, PAYMENT PROCESSOR, FINANCIAL INSTITUTION, DEPOSIT-TAKING CUSTODIAN, OR ESCROW AGENT.

  1. Zero Custody of Funds: MoniYes does not accept, hold, pool, store, transmit, or maintain custody of any merchant, vendor, supplier, or customer funds at any point during any transaction cycle. MoniYes operates purely as a software integration layer that executes algorithmic payout rules.
  2. Third-Party Payment Infrastructure: All payment processing, card acquisition, bank transfer collection, money transmission, and wallet/subaccount disbursements are executed directly through our integrated, regulated third-party payment gateway partner, Paystack Payments Limited ("Paystack"), and licensed Central Bank of Nigeria (CBN) financial partners.
  3. Direct API Settlement: When a transaction occurs on MoniYes (via POS, Web Store, or Dedicated Split Account Number), funds are instantly routed by Paystack's API directly from the transaction authorization rail to the designated, verified bank accounts of the Vendor, Business User, and MoniYes (solely for our software usage fee). At no time do transaction proceeds enter or reside in any MoniYes bank account or proprietary pool.

2. Definitions

  • "Platform" or "Services" means the MoniYes web applications, mobile interfaces, POS terminal software, Dedicated Split Account Number (DSAN) routing engines, APIs, and associated technology tools provided by MoniYes.
  • "Business User" / "Merchant" means the individual or registered business entity that creates a MoniYes account to manage vendor payouts, automate revenue splits, log sales, and collect payments.
  • "Vendor" / "Supplier" means any third-party seller, manufacturer, contractor, or partner onboarded by the Business User whose products or services are listed, sold, or settled through the Business User’s MoniYes profile.
  • "Customer" / "Buyer" means any end-user or individual purchasing goods or services from a Business User or Vendor via MoniYes payment channels.
  • "Payment Gateway" means Paystack Payments Limited or any other CBN-licensed payment switching and acquisition infrastructure partner integrated with MoniYes.
  • "Dedicated Split Account Number (DSAN)" means a virtual bank account number generated via Paystack API infrastructure assigned to a Business User, designed to automatically capture incoming bank transfers and instantaneously split the proceeds according to pre-configured rules.
  • "Base Price" means the wholesale or net amount set for a product/service owed directly to the Vendor upon sale.
  • "Markup Price" means the additional fee or profit margin added by the Business User above the Vendor's Base Price.
  • "Platform Fee" means the flat or percentage-based software usage fee charged by MoniYes for facilitating the technological routing of a transaction.

3. Account Registration, Eligibility, and Verification

3.1. Eligibility

To register for and use MoniYes, you must:

  • Be a legally registered business entity (Sole Proprietorship, Limited Liability Company, or Partnership) under the Companies and Allied Matters Act (CAMA) of the Federal Republic of Nigeria, or an individual operating with full legal capacity.
  • Be at least 18 years of age (for individual business operators).
  • Possess a valid corporate or individual bank account with a licensed Nigerian commercial or microfinance bank.

3.2. Account Creation & Security

You must provide current, complete, and accurate registration information, including your full legal name, registered business name, corporate address, valid business email, phone number, Bank Verification Number (BVN), Tax Identification Number (TIN), and verifiable settlement bank details.

You are strictly responsible for maintaining the confidentiality of your login credentials, API keys, and administrative portal access. You agree to immediately notify MoniYes of any unauthorized access or security breach. Sensitive operations on the Platform require multi-factor authentication (MFA) and One-Time Password (OTP) verification.

3.3. Multitenant Architecture & Role-Based Access Control (RBAC)

MoniYes utilizes logical data separation ("multitenant isolation") to ensure that your inventory, vendor lists, transaction records, and financial analytics remain completely isolated from other Business Users. You are responsible for configuring sub-user permissions (e.g., Admin, Store Manager, Cashier) within your account and assume full legal liability for all actions taken by authorized sub-users.

4. Operational Mechanics & Software Features

MoniYes provides software engines to facilitate multi-channel commerce and automated revenue distribution:

4.1. Payment Channels

  • Paystack POS Terminals: Physical Point-of-Sale hardware running MoniYes integration software, enabling card and contactless payments directly routed to dynamic split rules.
  • MoniYes Web Store: Digital storefronts created by Business Users to list vendor products for online checkout.
  • Dedicated Split Account Numbers (DSAN): Dynamic or static virtual accounts provided via Paystack's infrastructure that automatically capture bank transfers and trigger instant split rules.
  • Cash & Manual Entry Sales: Interfaces allowing Business Users to log offline cash transactions and track cash-based vendor settlement obligations.

4.2. Automated Split Payment Architecture

For every electronic transaction processed through MoniYes (POS, Web Store, or DSAN), the MoniYes routing engine instructs the Payment Gateway API to divide the gross transaction value at the exact point of processing as follows:

  1. Vendor Settlement: The pre-defined Vendor Base Price is routed directly to the Vendor’s verified bank account or Paystack subaccount.
  2. Business User Profit: The Business User’s Markup Price (or commission) is routed directly to the Business User’s verified bank account or Paystack subaccount.
  3. MoniYes Platform Fee: The applicable MoniYes software fee is routed to MoniYes's operational fee account.

At no point do funds enter a MoniYes custodial balance. Settlement timelines to destination bank accounts are strictly subject to Paystack and the Inter-Bank Settlement System (NIBSS) standard operating clearing cycles (typically instantaneous to T+1 business days).

4.3. Deferred & Manual Bulk Payouts ("Pay Later")

If a Business User utilizes MoniYes software to log unpaid orders, defer supplier payouts, or initiate bulk manual transfers, MoniYes acts strictly as an instruction engine. MoniYes does not hold accrued funds on credit or act as a debtor. All deferred payouts are initiated by the Business User directly from their linked Paystack subaccount or verified bank account via automated API calls.

5. Fees, Taxes, and Payment Gateway Charges

5.1. MoniYes Platform Fees

MoniYes charges a platform technology usage fee for every successful transaction processed using our routing software.

  • Platform fees range typically from 10.00 NGN to 50.00 NGN per successful transaction, or as otherwise agreed upon in a custom enterprise schedule.
  • MoniYes platform fees are non-refundable, even in cases where a customer transaction is subsequently refunded or disputed.

5.2. Payment Gateway & Third-Party Processing Fees

Paystack and card switching networks assess separate acquiring and processing fees (e.g., standard acquiring fees such as 1.5% + NGN 100 for local Nigerian transactions, subject to statutory caps). You acknowledge that payment gateway fees are charged directly by Paystack and are governed by Paystack's Terms of Service.

5.3. Tax Obligations

You are solely responsible for determining, collecting, withholding, reporting, and remitting all applicable taxes (including Value Added Tax [VAT], withholding taxes, and corporate income taxes) arising from your sales, vendor markups, and business transactions. MoniYes does not calculate or withhold taxes on your behalf.

6. Regulatory Compliance, KYC, KYB, and Anti-Money Laundering (AML)

6.1. Know Your Customer (KYC) & Know Your Business (KYB)

To comply with Central Bank of Nigeria (CBN) regulations, Anti-Money Laundering (AML) laws, and Payment Gateway requirements, you must undergo identity and business verification. You agree to provide MoniYes and Paystack with all requested documentation, including:

  • Certificate of Incorporation / Business Registration Documents (CAC).
  • Particulars of Directors and Ultimate Beneficial Owners (UBOs).
  • Government-issued identification for legal representatives and Vendors.
  • Bank Verification Numbers (BVN) and registered business physical address proof.

6.2. Enhanced Due Diligence (EDD)

MoniYes reserves the right to perform Enhanced Due Diligence (EDD) on any Business User or Vendor exhibiting unusual transaction volume, high chargeback ratios, PEP (Politically Exposed Person) flags, or operation within high-risk business verticals. Failure to provide satisfactory EDD documentation will result in immediate API deactivation and termination of access to MoniYes software.

6.3. Acceptable Use Policy (AUP)

You warrant and agree that you will not use MoniYes services for any unlawful, illegal, fraudulent, or prohibited purpose. Prohibited activities include, but are not limited to:

  • Gambling, unauthorized lotteries, or gaming operations.
  • Sale of illegal, counterfeit, stolen, or dangerous goods.
  • Ponzi schemes, multi-level marketing (MLM), or unregistered financial schemes.
  • Adult entertainment, explicit material, or illicit substances.
  • Transaction laundering (processing payments on behalf of unverified third parties).

Violations of the Acceptable Use Policy will result in immediate account termination, reporting to relevant law enforcement agencies (e.g., EFCC, NPF), and permanent blacklisting.

7. Customer Disputes, Chargebacks, and Refunds

7.1. Merchant Responsibility

The Business User is strictly responsible for all goods, services, customer fulfillment, delivery, quality, and post-sale customer support. MoniYes has no liability or role in customer fulfillment.

7.2. Chargebacks & Claims

If a Customer initiates a card chargeback, payment dispute, or fraud claim through their bank:

  • Paystack notifies the Business User via the MoniYes dispute dashboard.
  • The Business User must provide valid evidence of value delivered (receipts, delivery confirmation, customer communications) within the required timeframe (typically 24 to 72 hours).
  • In the event of an un-rebutted or successful chargeback, Paystack automatically debits the contested funds from the Business User's and/or Vendor's subaccount.

7.3. Multi-Party Split Recovery (Clawbacks)

Because MoniYes automatically splits funds upon transaction execution, you explicitly authorize MoniYes and Paystack to debit or claw back funds proportionally from your Business User settlement account and your Vendor's settlement account to cover any successful chargeback, fraud claim, or regulatory penalty.

8. Intellectual Property & License Grants

8.1. Platform IP

MoniYes owns and retains all rights, title, and interest in and to the Platform, including software code, POS software interfaces, Web Store templates, algorithms, databases, logos, trademarks, and documentation. You are granted a limited, non-exclusive, non-transferable, revocable license to access and use MoniYes solely for your internal business operations during the term of these Terms.

8.2. User Content & Trademarks

You retain all ownership rights in your business logos, product catalogs, and trademarks uploaded to MoniYes. You grant MoniYes a worldwide, royalty-free license to host, display, adapt, and run such content solely to provide better services directly or indirectly.

9. Third-Party Services and Gateway Availability

You acknowledge that MoniYes's operational functionality depends heavily on the uptime, reliability, and continuous availability of third-party systems, specifically Paystack, commercial banks, telecommunications providers, and the NIBSS network.

MONIYES SHALL NOT BE LIABLE FOR ANY DAMAGES, LOSSES, DELAYED SETTLEMENTS, TRANSACTION FAILURES, OR BUSINESS INTERRUPTION CAUSED BY PAYSTACK DOWNTIME, BANK NETWORK OUTAGES, POS HARDWARE PHYSICAL DAMAGE, OR TELECOMMUNICATION NETWORK DISRUPTIONS.

10. Limitation of Liability and Disclaimer of Warranties

10.1. Disclaimer of Warranties

THE MONIYES PLATFORM AND SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT.

10.2. Limitation of Liability

TO THE MAXIMUM EXTENT PERMITTED BY NIGERIAN LAW, IN NO EVENT SHALL MONIYES, ITS DIRECTORS, EMPLOYEES, AFFILIATES, OR AGENTS BE LIABLE FOR ANY INDIRECT, CONSEQUENTIAL, INCIDENTAL, SPECIAL, PUNITIVE, OR LOSS-OF-PROFIT DAMAGES ARISING OUT OF OR IN CONNECTION WITH YOUR USE OF THE PLATFORM, POS TERMINALS, DSAN NUMBERS, OR AUTOMATED SPLIT PAYMENTS.

MONIYES’S AGGREGATE TOTAL LIABILITY FOR ALL CLAIMS ARISING OUT OF OR RELATING TO THESE TERMS OR THE USE OF THE SERVICES SHALL NOT EXCEED THE TOTAL PLATFORM FEES ACTUALLY PAID BY YOU TO MONIYES IN THE THREE (3) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

11. Indemnification

You agree to defend, indemnify, and hold harmless MoniYes, its parent company, subsidiaries, affiliates, officers, directors, employees, and technological partners from and against any claims, liabilities, damages, losses, costs, penalties, or expenses (including reasonable legal fees) arising out of or related to:

  • Your breach of any provision of these Terms or the Acceptable Use Policy.
  • Your relationships and disputes with your Vendors, Suppliers, or Customers.
  • Any fraud, misrepresentation, willful misconduct, or illegal activity conducted through your MoniYes account.
  • Failure to properly report, collect, or remit applicable taxes.

12. Termination and Account Suspension

12.1. Termination by You

You may terminate your account at any time by issuing a written closure request to support@moniyes.com and discontinuing the use of our POS terminals, Web Store, and DSAN integration.

12.2. Termination or Suspension by MoniYes

MoniYes reserves the right to immediately suspend or terminate your account, revoke API access, and disable your DSAN/POS access without prior notice if:

  • You violate any provision of these Terms or the Acceptable Use Policy.
  • We detect suspicious, fraudulent, money laundering, or unauthorized transaction patterns.
  • Requested KYC/KYB/EDD updates are not provided within specified deadlines.
  • Required by Paystack, a law enforcement agency, or a regulatory authority.

13. Governing Law and Dispute Resolution

13.1. Governing Law

These Terms shall be governed by, construed, and enforced in accordance with the laws of the Federal Republic of Nigeria, without regard to its conflict of law principles.

13.2. Amicable Settlement

In the event of any dispute, controversy, or claim arising out of or relating to these Terms, the parties shall first attempt in good faith to resolve the dispute through informal negotiations within thirty (30) days from the date of written notice of the dispute.

13.3. Arbitration

If the dispute is not resolved through informal negotiations, it shall be referred to and finally resolved by binding arbitration in accordance with the Arbitration and Mediation Act of Nigeria. The seat of arbitration shall be Abuja, Federal Capital Territory, Nigeria. The language of arbitration shall be English, and the arbitral award shall be final and binding on both parties.

14. Amendments and Modifications

MoniYes reserves the right to update, modify, or revise these Terms at any time. We will provide notice of material changes by updating the "Last Updated" date at the top of these Terms and publishing the revised version on our website or sending an email notification. Your continued use of the Services following the posting of changes constitutes your binding acceptance of such updates.

15. Contact Information

If you have any questions, legal inquiries, compliance concerns, or notices regarding these Terms, please contact our Legal & Compliance Department at: