SwiftPay Terms and Conditions

1. Introduction

Welcome to SwiftPay, a digital financial services and asset exchange platform operated by GREAT VALLEY TECHNOLOGIES INT LTD, a duly incorporated company under the laws of the Federal Republic of Nigeria.

SwiftPay provides a unified platform that enables users to conduct fiat transactions, cryptocurrency trading, wallet services, bill payments, international money transfers, and digital asset exchange in compliance with applicable Nigerian and international regulations.

These Terms and Conditions (“Terms”) constitute a legally binding agreement between you (“User”, “you”, “your”) and SwiftPay governing your use of our applications, websites, APIs, and all other related services (“Services”).

By accessing or using SwiftPay, you acknowledge that you have read, understood, and agreed to these Terms. If you do not agree, you must discontinue the use of the Services immediately.

2. Scope and Legal Framework

SwiftPay operates within the legal and regulatory framework of:

• The Central Bank of Nigeria (CBN) Guidelines on Electronic Payments, Mobile Money, and Fintech Operations.
• The Nigeria Deposit Insurance Corporation (NDIC) regulations concerning financial service providers.
• The Securities and Exchange Commission (SEC) directives on virtual assets and digital exchanges.
• The Nigerian Financial Intelligence Unit (NFIU) Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) framework.
• International compliance standards such as FATF, FATCA, GDPR, and ISO/IEC 27001 for information security.

SwiftPay reserves the right to align its services with new or evolving laws, including those governing cryptocurrency, foreign exchange, and financial technology.

3. Acceptance of Terms

You agree to be bound by these Terms by:

• Accessing or registering for a SwiftPay account.
• Downloading or using the SwiftPay mobile app or web portal.
• Conducting transactions or using any SwiftPay service.

These Terms may be updated periodically. Continued use of the Services after any modification constitutes acceptance of the revised Terms.

You are encouraged to review this document frequently.

4. Definitions

For clarity, the following definitions apply throughout this document:

• “Account” – your registered SwiftPay profile enabling access to services.
• “Affiliate” – any entity controlled by, controlling, or under common control with SwiftPay.
• “Business User” – an organization or merchant registered to use SwiftPay for commercial purposes.
• “Consumer User” – an individual utilizing SwiftPay’s services for personal transactions.
• “Digital Asset” – any cryptocurrency or token supported by SwiftPay, such as Bitcoin (BTC), Ethereum (ETH), or Tether (USDT).
• “Fiat Currency” – government-issued money (e.g., Nigerian Naira, USD, EUR, GBP).
• “Wallet” – digital storage provided by SwiftPay for fiat and digital assets.
• “Exchange” – SwiftPay’s feature for buying, selling, or swapping assets.
• “Service Providers” – banks, payment gateways, exchanges, or blockchain operators integrated with SwiftPay.
• “User Data” – any personal or business information provided to or collected by SwiftPay.

5. Eligibility

To register or use SwiftPay Services, you must:

• Be at least 18 years old or the legal age in your jurisdiction.
• Have full legal capacity to enter into binding contracts.
• Provide accurate, verifiable identity and contact details.
• Not be a citizen or resident of any sanctioned country under OFAC or FATF lists.

Corporate users must provide valid incorporation documents, tax identification, and authorized representatives.

SwiftPay reserves the right to reject or suspend any account that fails eligibility verification or presents risk.

6. Account Registration and Access

When creating a SwiftPay Account, you agree to:

• Provide complete, truthful information.
• Maintain confidentiality of your login credentials.
• Promptly update your details when changes occur.
• Accept full responsibility for any activity under your account.

SwiftPay may require biometric verification, two-factor authentication (2FA), or PIN authorization for enhanced security.

You authorize SwiftPay to access or share necessary information with regulatory authorities, banks, and third-party service providers as required by law.

7. Multi-Currency Wallets and Custody

SwiftPay provides wallets for fiat and digital assets under a custodial model, meaning:

• Your assets may be held in aggregated (omnibus) accounts with third-party custodians.
• SwiftPay maintains internal ledger records corresponding to your balances.
• Fiat funds may be safeguarded with licensed Nigerian microfinance or commercial banks.
• Digital assets may be stored in cold or hot wallets secured by encryption and multi-signature authorization.

SwiftPay will use reasonable efforts to protect funds but does not guarantee absolute security against cyberattacks, hacks, or blockchain risks.

Users are solely responsible for safeguarding their passwords and private information.

8. Use of Services

You may use SwiftPay for:

• Depositing, withdrawing, and transferring fiat or crypto assets.
• Exchanging currencies or trading digital assets.
• Paying bills, purchasing airtime, or performing merchant payments.
• Sending and receiving cross-border remittances.
• Holding assets securely within wallets.

You agree not to use SwiftPay for:

• Fraudulent or illegal purposes.
• Money laundering or terrorist financing.
• Pyramid schemes, gambling, or unlicensed investment solicitations.
• Sale of prohibited items or services.
• Market manipulation, pump-and-dump, or wash trading.

SwiftPay may freeze or report suspicious accounts to relevant authorities.

9. Know Your Customer (KYC) and Anti-Money Laundering (AML) Compliance

9.1 Regulatory Compliance

SwiftPay strictly complies with all applicable Nigerian and international laws concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Know Your Customer (KYC).

This includes adherence to:

• The Central Bank of Nigeria (CBN) AML/CFT Regulations 2022,
• Money Laundering (Prevention and Prohibition) Act,
• Nigerian Financial Intelligence Unit (NFIU) guidelines, and
• Financial Action Task Force (FATF) international standards.

9.2 Verification Requirements

To use SwiftPay services, users must complete identity verification (“KYC”) before accessing deposits, withdrawals, or exchange features. You agree to provide:

• Full name, address, and contact information,
• Valid government-issued identification (e.g., NIN, Passport, or Driver’s License),
• Selfie verification or biometric confirmation, and
• For business users: certificate of incorporation, tax ID, and proof of address.

SwiftPay reserves the right to perform enhanced due diligence (“EDD”) for high-risk users, large transactions, or politically exposed persons (PEPs).

9.3 Transaction Monitoring

All transactions processed through SwiftPay are monitored and recorded for compliance purposes. Suspicious transactions may be:

• Reported to law enforcement or financial regulators,
• Temporarily frozen pending review, or
• Rejected if found non-compliant.

SwiftPay reserves the right to suspend services without notice if any activity violates AML/CFT standards.

9.4 Record Retention

SwiftPay will retain user data, transaction history, and KYC documentation for a minimum of five (5) years or longer as required by law.

10. Transaction Processing and Authorization

10.1 User Authorization

By initiating a transaction, you authorize SwiftPay and its partner institutions to process it in accordance with your instructions. Once submitted, transactions may not be reversible, especially for cryptocurrency operations due to blockchain finality.

10.2 Transaction Timing

Transaction completion times depend on:

• Network congestion (for blockchain transfers),
• Bank clearing systems,
• Third-party processor performance, and
• Regulatory checks (AML, fraud, sanctions screening).

SwiftPay shall not be liable for delays caused by external networks, banking intermediaries, or blockchain conditions.

10.3 Transaction Errors

If you believe a transaction was processed in error, you must contact SwiftPay within 48 hours of the transaction timestamp.

SwiftPay will investigate and, if applicable, correct verified errors.

However, once a crypto transaction is confirmed on the blockchain, it cannot be reversed.

11. Fiat Services

SwiftPay enables users to:

• Deposit NGN and other supported fiat currencies,
• Withdraw funds to verified bank accounts,
• Conduct peer-to-peer (P2P) transfers within SwiftPay, and
• Execute international money transfers.

11.1 Fiat Custody

Fiat balances are safeguarded through SwiftPay’s banking partners and regulated microfinance institutions in Nigeria. These funds are segregated from operational accounts and are not used for company expenses.

11.2 International Transfers

Cross-border transfers are processed through authorized foreign exchange partners.

Users acknowledge that:

• Transfers are subject to international banking laws,
• Regulatory approvals may delay completion, and
• Exchange rates fluctuate based on market conditions.

SwiftPay does not guarantee instant delivery of international transactions.

12. Cryptocurrency Exchange Services

12.1 Supported Assets

SwiftPay supports selected cryptocurrencies and stablecoins, such as Bitcoin (BTC), Ethereum (ETH), USDT, and others approved by the platform.

SwiftPay may add or remove supported assets at its discretion and without notice.

12.2 Exchange and Trading

Users can buy, sell, and swap supported digital assets using:

• SwiftPay’s in-app exchange engine,
• Peer-to-peer (P2P) trading, or
• Third-party liquidity providers integrated with the platform.

SwiftPay acts as a facilitator, not as a counterparty, for most trades unless explicitly stated.

12.3 Price Volatility

Cryptocurrency markets are highly volatile.

You acknowledge and accept that:

• Asset values may change rapidly,
• There is no guaranteed return or value preservation, and
• SwiftPay is not liable for losses resulting from market fluctuations.

12.4 Market Suspension

SwiftPay may suspend, pause, or limit trading activities without prior notice in the event of:

• Market manipulation detection,
• Security breaches,
• Extreme volatility, or
• Compliance intervention by regulators.

13. Risk Disclosure

By using SwiftPay, you acknowledge that:

1. The value of cryptocurrencies can rise or fall unpredictably.
2. Regulatory changes may impact access or legality of digital assets.
3. Transactions on the blockchain are irreversible.
4. There is a risk of hacking, phishing, system failure, or force majeure events.
5. SwiftPay does not provide investment, tax, or legal advice.

You are solely responsible for your financial decisions and the consequences thereof.

14. Security and User Responsibilities

14.1 Account Security

You must maintain strong security measures for your account, including:

• Keeping passwords private,
• Using two-factor authentication (2FA),
• Regularly updating app versions, and
• Avoiding use of untrusted devices or networks.

SwiftPay will never request passwords or OTP codes via email or phone. Users are fully responsible for any loss resulting from negligence or compromise of credentials.

14.2 Platform Security

SwiftPay employs:

• End-to-end encryption for data transmission,
• Cold and hot wallet segregation for crypto assets,
• Multi-signature access control, and
• 24/7 monitoring for fraud detection.

While SwiftPay implements industry-grade security, no system is invulnerable. Users agree that SwiftPay is not liable for losses resulting from cyberattacks beyond its reasonable control.

14.3 Reporting Incidents

If you suspect unauthorized access or fraudulent activity, contact SwiftPay immediately via [support@swiftpaymfb.com].

Failure to report promptly may limit SwiftPay’s ability to mitigate losses.

15. Privacy, Data Collection, and GDPR Compliance

SwiftPay collects, stores, and processes personal data in compliance with:

• The Nigeria Data Protection Regulation (NDPR),
• The General Data Protection Regulation (GDPR) (for international users), and
• Applicable data security standards.

15.1 Data Collected

Data collected includes:

• Personal details (name, email, phone, address),
• KYC information (IDs, biometrics),
• Transaction history and device data,
• Location and usage analytics.

15.2 Data Usage

Collected data is used to:

• Provide and improve our services,
• Conduct KYC/AML checks,
• Prevent fraud and security breaches,
• Comply with legal and regulatory obligations.

SwiftPay does not sell or rent personal data to third parties.

15.3 Data Sharing

SwiftPay may share limited user information with:

• Regulatory agencies,
• Banking and financial partners,
• Third-party service providers under confidentiality agreements,
• Law enforcement upon valid request.

15.4 Data Retention and Deletion

Data is retained as long as required by law.

Users may request account closure, after which SwiftPay will delete or anonymize personal data unless retention is mandated by law.

16. Fees, Charges, and Taxes

16.1 Fees and Service Charges

SwiftPay may impose fees for transactions, withdrawals, conversions, or other services. All fees are disclosed before confirmation of a transaction.

Fees may include, but are not limited to:

• Transaction fees (percentage or flat rate)
• Network gas or blockchain fees
• Deposit and withdrawal fees
• Currency conversion or FX margin fees
• Administrative and compliance charges

SwiftPay reserves the right to modify its fee structure at any time, and such changes become effective once published on the platform.

16.2 Taxes

You acknowledge that:

• You are solely responsible for determining any tax obligations that may apply to your use of SwiftPay, including income, VAT, capital gains, or withholding taxes.
• SwiftPay does not provide tax advice and will not be held responsible for users’ failure to comply with tax regulations.
• SwiftPay may report transactions to tax authorities if legally required.

17. Merchant and Business Accounts

17.1 Merchant Registration

Merchants or business users who use SwiftPay for payment collection or customer transactions must:

• Register as a business entity and provide verified company documentation,
• Maintain compliance with all applicable commercial laws, and
• Use SwiftPay solely for legitimate business purposes.

17.2 Settlement and Reconciliation

Merchant settlements are processed within standard clearing periods, subject to regulatory and bank network timelines.

SwiftPay may delay settlements if fraud, chargeback disputes, or AML/CFT red flags are detected.

17.3 Chargebacks and Disputes

If a customer disputes a transaction, SwiftPay reserves the right to:

• Investigate the claim,
• Debit the merchant’s account where appropriate, and
• Suspend further settlements pending resolution.

Merchants must maintain clear records and proof of transactions for a minimum of five (5) years.

17.4 Prohibited Merchant Activities

SwiftPay strictly prohibits businesses involved in:

• Sale of illegal goods or services,
• Unlicensed financial or investment schemes,
• Adult content, weapons, or narcotics,
• Multi-level marketing, gambling, or pyramid systems,
• Fraudulent or deceptive marketing.

Violation may result in immediate termination and report to authorities.

18. Third-Party Services and Integration

18.1 Partnerships

SwiftPay integrates with third-party service providers, including:

• Banks and payment processors,
• Blockchain networks and liquidity providers,
• Card issuers, mobile operators, and remittance platforms.

You acknowledge that SwiftPay is not responsible for any service interruptions, delays, or failures caused by such partners.

18.2 Third-Party Terms

Certain services within SwiftPay may be governed by third-party terms and policies (e.g., Visa, MasterCard, Binance, Flutterwave). By using those services, you agree to abide by such external terms.

18.3 Liability Limitation for Third-Party Failures

SwiftPay shall not be liable for:

• Network outages,
• Delays in blockchain confirmations,
• Payment gateway failures, or
• Errors originating from third-party systems.

19. Service Suspension and Account Termination

19.1 Suspension by SwiftPay

SwiftPay reserves the right to suspend or terminate accounts without prior notice in cases of:

• Non-compliance with KYC/AML rules,
• Suspicious or fraudulent transactions,
• Legal or regulatory requests,
• Security breaches or misuse of the platform.

19.2 User-Initiated Termination

You may close your account by submitting a written request to [support@swiftpaymfb.com].

All outstanding balances or obligations must be settled prior to closure.

19.3 Effects of Termination

Upon termination:

• All active transactions may be cancelled or completed at SwiftPay’s discretion.
• Fiat and crypto balances (if lawful) may be withdrawn subject to verification.
• Access to services will be permanently disabled.

20. Limitation of Liability

To the maximum extent permitted by law:

1. SwiftPay shall not be liable for any indirect, consequential, incidental, or punitive damages arising from your use of the Services.
2. SwiftPay is not responsible for losses caused by:
   
• Market volatility or exchange rate fluctuations,
• Blockchain congestion, delays, or forks,
• Force majeure events (natural disasters, internet failure, war, or government restrictions),
• Third-party platform downtime or insolvency.
3. 
   
4. SwiftPay’s total cumulative liability to any user shall not exceed the total fees paid by such user in the preceding six (6) months.

SwiftPay does not warrant uninterrupted or error-free operation of its platform.

21. Indemnification

You agree to indemnify, defend, and hold harmless SwiftPay, its parent company (GREAT VALLEY TECHNOLOGIES INT LTD), directors, employees, affiliates, and agents from any claims, damages, liabilities, or expenses arising from:

• Your breach of these Terms,
• Violation of any law or third-party rights,
• Use of the platform for illegal or fraudulent purposes, or
• Misuse of SwiftPay services or data.

This indemnity obligation shall survive termination of your account or these Terms.

22. Intellectual Property Rights

All content, software, design, and technology used in SwiftPay are the exclusive property of GREAT VALLEY TECHNOLOGIES INT LTD.

This includes:

• Trademarks and brand identity (SwiftPay name and logo),
• Source code, APIs, databases, and UI/UX designs,
• Documentation and proprietary algorithms.

You are granted a non-transferable, non-exclusive, revocable license to use the platform for lawful purposes only.

Unauthorized copying, modification, or resale is strictly prohibited.

23. Disclaimer of Warranties

SwiftPay provides its services on an “as is” and “as available” basis.

We make no warranties or representations, express or implied, including but not limited to:

• Accuracy or reliability of data,
• Availability or uptime of services,
• Profitability or market value of digital assets.

SwiftPay does not guarantee that services will meet your expectations or be free from interruption, error, or security vulnerabilities.

24. Dispute Resolution and Arbitration

24.1 Internal Resolution

Users are encouraged to contact SwiftPay Support via [support@swiftpaymfb.com] to resolve any issues before escalating.

24.2 Arbitration Clause

If disputes cannot be resolved internally, they shall be settled through binding arbitration under Nigerian law, in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria.

• Arbitration shall take place in Lagos, Nigeria.
• Proceedings shall be conducted in English.
• The arbitral award shall be final and binding on both parties.

24.3 Legal Recourse

Notwithstanding the above, SwiftPay reserves the right to seek injunctive or equitable relief in a competent court when necessary to protect intellectual property or enforce compliance.

25. Governing Law

These Terms are governed by and construed in accordance with the laws of the Federal Republic of Nigeria, while also aligning with relevant international financial and data protection laws.

In case of conflict, Nigerian law shall prevail, except where international law imposes mandatory compliance standards.

26. Force Majeure

SwiftPay shall not be liable for any delay or failure to perform its obligations due to causes beyond its reasonable control, including:

• Acts of God (fire, flood, earthquake),
• War, civil unrest, or government action,
• System failure or cyberattacks,
• Network or power outages.

In such cases, obligations shall be suspended until normal operations resume.

27. Amendments and Updates

SwiftPay reserves the right to amend, modify, or update these Terms at any time.

Updates will be published on the SwiftPay website and app.

Continued use of the platform after updates constitutes acceptance of the revised Terms.

28. Severability

If any provision of these Terms is found invalid or unenforceable, the remaining provisions shall remain in full force and effect.

29. Entire Agreement

These Terms, together with our Privacy Policy, Cookie Policy, and any additional guidelines or agreements referenced herein, constitute the entire agreement between you and SwiftPay and supersede all prior understandings.

30. Contact Information

For inquiries, complaints, or legal correspondence, contact:

SwiftPay (GREAT VALLEY TECHNOLOGIES INT LTD)

📧 support@swiftpaymfb.com

🌐 https://swiftpaymfb.com

Last Updated: 1st November 2025