Legal & Compliance

1. Introduction

1.1These Terms and Conditions (the “Terms”) constitute a legally binding agreement between Afrikmoney Ltd (“Afrikmoney”, “we”, “us”), a company incorporated in England and Wales and authorised by the Financial Conduct Authority as a Small Payment Institution pursuant to the Payment Services Regulations 2017 (the “PSRs”), and any individual or entity (“you” or “your”) who accesses or uses the services provided by Afrikmoney (the “Services”).

1.2 By registering an account with Afrikmoney or otherwise accessing or using the Services, you acknowledge that you have read, understood, and agree to be bound by these Terms, together with our Privacy Policy and any additional terms applicable to specific products or services.

1.3 If you do not agree to these Terms, you must refrain from accessing or using the Services.

2. About Afrikmoney

2.1 Afrikmoney provides a digital payment and remittance platform through which users may initiate and execute domestic and international payment transactions via authorised banking and payment partners.

2.2 Afrikmoney does not carry on deposit-taking activities and does not provide savings, investment, or credit facilities.

3. Eligibility and Acceptance

3.1 The Services are made available only to persons who are at least eighteen (18) years of age and who possess the legal capacity to enter into binding contractual obligations.

3.2 Afrikmoney reserves the right, at its sole discretion, to refuse or restrict access to the Services where it reasonably considers that a user does not meet eligibility requirements, is acting in breach of applicable law or regulation, or presents an unacceptable risk from a financial crime, regulatory, or operational perspective.

4. Nature and Scope of Services

4.1 The Services comprise the provision of a digital interface enabling you to submit payment instructions, transmit funds to designated recipients, and access information relating to completed or pending transactions.

4.2 Afrikmoney shall execute payment transactions in accordance with your instructions, subject at all times to applicable laws, regulatory requirements, internal controls, and the operational constraints of third-party payment systems and intermediaries.

4.3 Afrikmoney may amend, suspend, or withdraw any part of the Services where necessary for operational, legal, regulatory, or security reasons.

5. User Obligations

5.1 You undertake to ensure that all information provided to Afrikmoney is accurate, complete, and not misleading, and that such information is kept up to date.

5.2 You shall comply with all applicable laws and regulations, including those relating to anti-money laundering, counter-terrorist financing, and sanctions.

5.3 You are responsible for maintaining the confidentiality and security of your account credentials and for all activities conducted through your account. Afrikmoney shall be entitled to rely on any instruction that appears to have been validly authorised through your account.

5.4 You must notify Afrikmoney without undue delay upon becoming aware of any unauthorised use of your account or any security breach.

6. Identity Verification and Compliance

6.1 Afrikmoney is subject to statutory obligations relating to customer due diligence, including know-your-customer (KYC), anti-money laundering (AML), counter-terrorist financing (CTF), and sanctions screening requirements.

6.2 In order to comply with such obligations, Afrikmoney may require you to provide documentation and information including, but not limited to, proof of identity, proof of address, biometric verification data, and evidence relating to the source of funds or wealth.

6.3 Afrikmoney may engage third-party service providers to verify your identity and authenticate submitted information.

6.4 Afrikmoney reserves the right to suspend, restrict, or terminate your account where required information is not provided, cannot be verified to its satisfaction, or where continued provision of the Services would result in a breach of applicable law or regulatory requirements.

7. Payment Transactions

7.1 Upon submission of a payment instruction, you authorise Afrikmoney to execute the transaction in accordance with the details provided.

7.2 You acknowledge that you bear sole responsibility for ensuring the accuracy and completeness of all transaction details, including recipient information, amounts, and currency selections.

7.3 A transaction shall be deemed received by Afrikmoney at the point at which it enters our processing systems, following which it may become irrevocable in accordance with applicable law.

7.4 Afrikmoney shall use reasonable efforts to execute transactions within applicable statutory timeframes under the PSRs; however, execution times may vary depending on the destination jurisdiction, intermediary processing times, applicable compliance checks, and banking hours.

7.5 Afrikmoney reserves the right to refuse, delay, suspend, or reverse a transaction where required by law, where the transaction gives rise to reasonable suspicion of fraud or financial crime, where necessary compliance checks cannot be completed, or where the transaction breaches applicable limits or risk thresholds.

7.6 You must notify Afrikmoney without undue delay, and in any event no later than thirteen (13) months from the date of the transaction, of any unauthorised or incorrectly executed transaction.

7.7 Where a transaction is determined to have been unauthorised, Afrikmoney shall refund the amount of the transaction promptly, unless it has reasonable grounds to suspect fraud.

7.8Where a transaction has been incorrectly executed as a result of Afrikmoney’s error, Afrikmoney shall take appropriate steps to restore your account to the position it would have been in had the error not occurred.

8. Fees and Exchange Rates

8.1 All applicable fees and charges shall be disclosed prior to confirmation of a transaction.

8.2 Where currency conversion is required, the applicable exchange rate shall be displayed prior to execution and shall be fixed at the point of confirmation.

9. Prohibited Use

9.1 You shall not use the Services for any unlawful or prohibited purpose, including activities involving fraud, money laundering, terrorist financing, sanctions violations, or the acquisition or distribution of illegal goods or services.

9.2 Afrikmoney reserves the right to report suspicious activity to relevant authorities and to take such action as may be required by law.

10. Safeguarding of Funds

10.1 Afrikmoney shall safeguard relevant customer funds in accordance with the requirements of the PSRs by segregating such funds from its own operational funds.

10.2 Safeguarded funds are held solely for the purpose of executing payment transactions and shall be released to the intended recipient or returned to you as appropriate.

10.3 You acknowledge that safeguarding does not provide the same level of protection as funds held with a bank and that such funds are not covered by the Financial Services Compensation Scheme.

11. Suspension and Termination

11.1 Afrikmoney may suspend, restrict, or terminate your account where it reasonably considers that you have breached these Terms, where required by law or regulation, or where necessary to mitigate financial crime or operational risk.

11.2 Upon termination, Afrikmoney may cancel or complete pending transactions as appropriate and shall return any remaining funds to you in accordance with applicable law.

11.3 Afrikmoney may retain information following termination where required for legal, regulatory, audit, or compliance purposes.

12. Liability

12.1 Afrikmoney shall be liable to you only to the extent required under applicable law, including in respect of unauthorised or incorrectly executed payment transactions.

12.2 To the fullest extent permitted by law, Afrikmoney shall not be liable for any indirect, consequential, or special loss, including loss of profit, business, or reputation, nor for any loss arising from third-party delays, user error, or events beyond its reasonable control.

12.3 Nothing in these Terms shall exclude or limit liability for fraud, fraudulent misrepresentation, death or personal injury resulting from negligence, or any liability which cannot lawfully be excluded.

13. Security and Authentication

13.1 Afrikmoney may require the use of strong customer authentication procedures, including multi-factor authentication, in order to approve transactions.

13.2 Where a transaction has been authenticated using agreed security procedures, it shall be deemed authorised unless proven otherwise.

13.3 You are responsible for ensuring that your authentication credentials are kept secure and are not disclosed to any third party.

14. Intellectual Property

All intellectual property rights in the Afrikmoney platform, including software, branding, and content, shall remain the property of Afrikmoney or its licensors.

15. Data Protection

15.1 Afrikmoney processes personal data in accordance with applicable data protection laws, including the UK GDPR and the Data Protection Act 2018.

15.2 Personal data is processed on lawful bases including contractual necessity, compliance with legal obligations, and legitimate business interests.

15.3 Personal data may be transferred internationally subject to appropriate safeguards.

16. Communications

Afrikmoney may communicate with you via electronic means for operational, regulatory, and service-related purposes. You may opt out of marketing communications but not from communications required for the provision of the Services or compliance with legal obligations.

17. Complaints

17.1 Complaints may be submitted to Afrikmoney via email at complaints@afrikmoney.com.

17.2 Afrikmoney shall acknowledge complaints promptly and shall endeavour to issue a final response within fifteen (15) business days, or within thirty-five (35) business days in exceptional circumstances.

17.3 If you are dissatisfied with the outcome, you may refer the complaint to the Financial Ombudsman Service within six (6) months of the final response.

18. Governing Law and Jurisdiction

These Terms and any non-contractual obligations arising from them shall be governed by the laws of England and Wales, and the courts of England and Wales shall have exclusive jurisdiction.

19. Amendments

Afrikmoney may amend these Terms from time to time to reflect changes in law, regulation, or business operations. Where changes are material, reasonable notice shall be provided. Continued use of the Services constitutes acceptance of the amended Terms.

20. Force Majeure

Afrikmoney shall not be liable for any failure or delay in the performance of its obligations where such failure or delay results from events beyond its reasonable control.

21. Sanctions Compliance

Afrikmoney reserves the right to refuse, block, or reverse any transaction that involves jurisdictions, individuals, or entities subject to applicable sanctions laws.

22. Key Features and Risks Summary

22.1 Afrikmoney provides payment services only and does not offer banking services.

22.2 Funds are safeguarded but are not protected by the Financial Services Compensation Scheme.

22.3 Execution times vary depending on destination, intermediary institutions, and compliance checks.

22.4 Transactions may become irreversible once processing has commenced.

22.5 You are responsible for verifying recipient details before confirming any transaction.

22.6 Losses arising from authorised transactions, including authorised push payment fraud, may not be recoverable.

23. Corridor-Specific Execution Disclosure

23.1 Execution timelines vary depending on the destination of the transaction and may be affected by intermediary institutions, local banking systems, and regulatory requirements.

23.2 Domestic transfers are typically completed within the same business day or the next business day, while international transfers may take several business days depending on the destination and applicable checks.

23.3 Certain jurisdictions may be subject to enhanced due diligence or restrictions, which may delay or prevent execution. Afrikmoney does not guarantee delivery timelines where third-party systems are involved.