Merchant Terms of Service

1. Acceptance of Terms & Scope of Services

By registering an account, accessing the merchant dashboard, integrating our developer APIs, or generating payment links through Fimpaypoint, you ("Merchant", "You", or "Your") enter into a legally binding contract with Fim Digital Ventures Limited ("Company", "We", "Us", or "Our"). If you act on behalf of a corporate entity, you represent and warrant that you possess full corporate authority to bind that entity to these Terms.

Fintech Software Provider Status: You acknowledge and agree that Fimpaypoint provides payment aggregation and orchestration software. You further understand that funds transmission, settlement banking, and account custodial rails are operated by our regulated partner banks licensed by the Central Bank of Nigeria.

2. Merchant Onboarding & Regulatory KYC / AML Verification

To activate payment collection channels, virtual bank accounts, and settlement disbursements, merchants must complete identity verification in compliance with Central Bank of Nigeria Customer Due Diligence regulations and anti-financial crime statutes:

• Individual / Sole Proprietors: Mandatory verification of Bank Verification Number (BVN), National Identity Number (NIN), biometric face match, verified residential address, and active telephone verification.
• Registered Corporate Entities: Submission of Corporate Affairs Commission (CAC) incorporation documents, status report, corporate Tax Identification Number (TIN), memorandum of association, and director identity verifications.
• Continuous Due Diligence: We and our partner banks reserve the right to request refreshed documentation, inspect source-of-funds evidence, or restrict account functionality upon detection of anomalous transaction behavior. Full compliance rules are documented under our AML & KYC Policy.

3. Payment Inbound Collections & Virtual Bank Accounts

Fimpaypoint provisions dynamic and static dedicated virtual bank accounts to facilitate customer payments for legitimate goods and commercial services:

• Virtual account numbers are provisioned via our licensed banking partners and route directly into segregated trust accounts.
• All inbound payments are credited to your merchant ledger in real-time upon verified interbank credit settlement confirmation.
• Virtual accounts allocated to your business or customers must be used strictly for their designated commercial transactions and cannot be transferred, assigned, or sub-leased to unauthorized third parties.

4. Disbursements, Settlement Velocity & Transaction Caps

Merchants may transfer collected revenue to verified settlement commercial bank accounts held in their registered legal name. All disbursements are executed via NIBSS instant settlement rails subject to:

• Tiered Limits: Each merchant tier operates under predefined single transfer caps and 24-hour aggregate velocity thresholds to mitigate fraud and ensure liquidity stability.
• Settlement Destination Safeguards: Changing or adding a settlement bank account requires dual-factor authentication (2FA) verification and compliance review.
• Hold Periods: Transactions flagged by automated anti-fraud surveillance or subject to consumer disputes may be placed on temporary hold pending verification.

5. Regulatory Levies & Statutory Directives

In accordance with applicable financial regulations and statutory banking directives, transactions meeting qualifying criteria are handled in strict compliance with current government mandates.

All applicable statutory deductions are segregated upon settlement and remitted directly to designated regulatory authorities.

6. Financial Ledger Integrity & Fee Transparency

Our platform operates on a strict financial ledger architecture where every transaction is recorded with matching, immutable accounting records. Service fees, collection commissions, and payout processing tariffs are displayed transparently before checkout completion and itemized on your account statements.

7. Chargebacks, Customer Disputes & Arbitration

When a customer or cardholder files a chargeback, claim, or interbank reversal concerning unfulfilled goods, unauthorized debit, or duplicate billing:

• The disputed amount may be held from your available ledger balance pending dispute resolution.
• Merchants must provide valid proof of delivery, fulfillment notes, and communication logs within the designated arbitration window.
• Determinations made by licensed switching networks, card schemes, and partner banks are binding.

8. Security, Passkeys & API Key Protection

Merchants are strictly responsible for maintaining the confidentiality of their credentials, API keys, Webhook signing secrets, and authentication credentials:

• Never disclose API secret keys or one-time verification passwords (OTPs) to third parties.
• We mandate enabling biometric Passkeys (WebAuthn) and multi-factor authentication (2FA) for administrative and disbursement actions.
• Fim Digital Ventures Limited will never request your passwords, secret keys, or authentication OTPs via email, phone, or messaging channels.

9. Prohibited Activities & Immediate Termination

You agree never to utilize Fimpaypoint rails for illicit operations, including: money laundering, terrorist financing, pyramid schemes, unlicensed sports betting/gambling, counterfeit goods, fraudulent investment scams, or non-compliant digital asset conversions. Violation results in immediate account freezing, funds forfeiture under statutory guidelines, and formal reporting to the Nigerian Financial Intelligence Unit (NFIU).

10. Limitation of Liability & Indemnification

To the maximum extent permitted by applicable law, Fim Digital Ventures Limited and its partner banks shall not be liable for indirect, incidental, or consequential damages arising from telecommunication disruptions, interbank switching network delays, third-party bank downtime, or unauthorized access resulting from merchant credential compromise.

11. Governing Law & Jurisdiction

These Terms of Service are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any dispute arising from or related to these Terms shall be subject to the exclusive jurisdiction of the courts of the Federal Republic of Nigeria.