Terms of Service
1. Acceptance of terms
By checking the acceptance box during registration, downloading the FendoMoney app, or using our web interface, you agree to these Terms of Service and our Privacy Policy. If you do not agree, do not use our services.
2. Eligibility
To use FendoMoney, you represent and warrant that you are at least 18 years old, have the legal capacity to enter into a binding contract, and are eligible to hold and use the identity documents you submit for verification. Registration currently requires a valid Nigerian mobile phone number. By creating an account, you confirm that all information you provide, including during identity verification, is accurate and belongs to you.
3. Account registration and identity verification (KYC)
You must complete identity verification before you can sell. To do so you provide your Bank Verification Number, a Nigerian mobile phone number confirmed by one-time code, your National Identification Number, your date of birth and residential address, and a live selfie taken in the app with our identity verification provider, SmileID. If you verify with an international passport or a driver's licence instead of your National Identification Number, you also photograph it in the app.
SmileID first checks that your selfie matches your identity record or document. Only when it does are your identity details, selfie and any document photograph passed to the licensed payments partner that settles your payouts, named in our Privacy Policy, and the selfie and document photograph are not retained by us. That partner performs its own verification and its decision is final: we cannot approve an account it has declined. Until it has approved you, your account cannot sell.
Once you are approved, these transaction limits apply:
- •up to $5,000 per sale, and up to $25,000 across any rolling period of 30 days;
- •higher limits may be agreed for your account after an enhanced review, meaning documentary evidence of the source of your funds, a stated purpose for the account, and verification of your residential address, reviewed and approved by our compliance team. You can ask for it in the app or through our support team, and we may decline, ask for more, or agree a lower limit than you asked for.
We may apply lower limits where the law requires it or where we reasonably suspect misuse, and our payments partner may apply limits of its own. Separately, as required by the Central Bank of Nigeria, transactions are capped at the Naira equivalent of 20,000 Naira for 24 hours after you sign in on a new device. The limits that currently apply to your account are always shown in the app, and they may be revised from time to time.
You are responsible for maintaining the security of your account credentials, your transaction PIN, and any device on which you have enabled biometric login, and for all activity that occurs under your account. Money-moving actions always require a second proof of identity beyond your password: either a multi-factor authentication check, or your transaction PIN. An account with neither cannot move money.
4. Permitted use and prohibited conduct
FendoMoney may be used only for lawful purposes. You may not:
- •Exchange funds that are proceeds of criminal activity, or use our platform to launder money or finance terrorism.
- •Use our platform to circumvent Nigerian foreign exchange or capital control regulations.
- •Engage in structuring, or any activity designed to evade our transaction limits or AML controls.
- •Use another person's identity, documents, or account without authorisation.
- •Attempt to forge, replay, or tamper with webhook or callback signatures used by our platform or its service providers.
- •Repeatedly probe or attempt to circumvent transaction limits, or cycle multi-factor authentication enrolment in a manner consistent with attempting to bypass our security controls.
- •Run our app on a device with root or jailbreak access enabled, with debugging or hooking tools attached, or install our app from a source other than the official App Store or Google Play Store.
We monitor for these and other indicators of fraud and abuse, and we may restrict, suspend, or terminate your account, or decline to process a transaction, where we reasonably believe this section has been violated.
5. Selling cryptocurrency
FendoMoney currently supports the sale of supported cryptocurrency for Naira only. When you request a sale, the amount shown to you before you confirm is an estimate. The final exchange rate, and the final amount you receive or are charged, is determined and locked in only once your transaction is confirmed by our exchange partner, Busha, which may occur after you submit your request. FendoMoney is not liable for differences between the estimated and final amount arising from ordinary market rate movement between those two points in time.
A minimum sale amount applies, and is shown to you in the app before you confirm. Sales below it are declined, because the network and payout costs of a very small sale would consume most or all of the proceeds. Your transaction limits are described in section 3, and both the minimum and those limits may change with reasonable notice.
When you sell, your cryptocurrency is received by our payments partner into an account we hold with them, converted to Naira, and paid to your bank account, normally within minutes. Between those two steps the Naira sits in our account with the partner. It is owed to you in full at the rate you were shown, and it is not used for anything else.
6. Fees
You pay no fee to sell. The rate you are shown is the rate you are paid at, and it already includes our margin. Our margin may change from time to time; any change applies only to sales confirmed after it takes effect.
Our payments partner charges a fee to send your Naira to your bank account, and Nigerian law applies a 50 Naira stamp duty to electronic transfers of 10,000 Naira and above. Both are deducted from your payout, and both are itemised on the quote you confirm and on your receipt. The figure shown to you as what you get, before you confirm, is what reaches your bank account.
Send exactly the amount shown. If you send less, your payout is reduced accordingly. If you send more, the excess is not converted for you: contact our support team and we will return it to you, less any cost of sending it back.
Charges that are not ours, such as any fee taken by the blockchain network you send funds over, are outside our control and may reduce the amount that reaches us to sell on your behalf.
7. Rewards and referral program
We may award points to your account for eligible activity, such as completing a sale, or successfully referring another user whose account completes a qualifying transaction. Points can be redeemed for Naira once your balance meets the minimum redemption threshold displayed in the app, at the conversion rate then in effect. Redemption is paid to a bank account you have previously been paid out to, so you must have received at least one such payout before you can redeem. Redemption requests may be reviewed before payout and may be rejected at our discretion (for example, where we suspect abuse of the program); if a redemption request is rejected, the points are returned to your balance. Points and referral rewards associated with a transaction that is later reversed under section 8 will be reversed or clawed back accordingly. We may change the terms of the rewards and referral program, including earning rates, conversion rates, and minimum redemption thresholds, at any time.
8. Transaction reversal
In limited circumstances, such as to correct an operational error or respond to a compliance requirement, we may reverse a transaction on your account. A reversal changes the recorded status of the transaction and, where applicable, initiates recovery of funds through the appropriate channel; it does not automatically move funds back to you or from you in every case, and any required refund may be processed separately. If a transaction that earned you rewards points or activated a referral is later reversed, the associated points and referral rewards will be clawed back from your balance. We will notify you if one of your transactions is reversed.
9. App integrity and mandatory updates
To protect your account and our platform, our app performs the on-device security checks described in our Privacy Policy, and will not operate if it detects that it was not installed from the official App Store or Google Play Store. We may also require you to update to a newer version of the app before you can continue using it, where we reasonably believe an earlier version poses a security, compliance, or operational risk. We are not liable for any inconvenience caused by these protective measures.
10. Service availability
We may temporarily suspend the ability to create new transactions or release held funds, platform-wide and without advance notice, where necessary for security, regulatory, or operational reasons. We will make reasonable efforts to restore full service as quickly as practicable and to display a notice in the app while such a pause is in effect.
11. Account suspension and termination
We reserve the right to suspend or terminate your account, and to end any active sessions on your account, where:
- •We suspect fraudulent, illegal, or policy-violating activity.
- •Your account is flagged or restricted under our own or our service providers' anti-money laundering or sanctions screening.
- •You provide false or inaccurate identity information.
- •We reasonably believe you have violated section 4 of these Terms.
Where practicable, we will provide you with the reason for a suspension.
You may close your account yourself, from Profile in the app. Closing signs you out immediately and permanently prevents sign in with that account, and it remains subject to the data retention requirements described in our Privacy Policy. You cannot close an account that still holds a balance, has a transaction in progress, or is subject to an open compliance review; withdraw your balance and let any transaction finish first. If you are unable to complete closure in the app, contact support@fendomoney.com.
12. Limitation of liability
FendoMoney is not liable for losses arising from: market rate fluctuations between the time you submit and the time your transaction is confirmed, failures or errors of third-party service providers (including SmileID and Busha), events beyond our reasonable control, temporary service pauses described in section 10, or your failure to maintain the security of your account, device, PIN, or multi-factor authentication. Our total liability for any claim is limited to the fees paid by you in the 3 months preceding the claim.
13. Governing law
These Terms are governed by the laws of the Federal Republic of Nigeria. Any dispute shall be subject to the exclusive jurisdiction of the courts of the Federal Capital Territory, Abuja, Nigeria.
14. Changes to these terms
We may update these Terms from time to time. Material changes will be communicated at least 14 days before they take effect via email or in-app notification.
15. Contact
Legal and compliance enquiries: legal@fendomoney.com
Fendo Technologies Limited, Abuja, Nigeria.