Terms & Conditions

Our Terms and Conditions.

These Website Terms and Conditions (“Terms”) contained herein on this webpage, shall govern your access to and use of this website, including all pages within this website (collectively referred to as this “Website”). These Terms apply in full force and effect to your use of this Website and Apps and by using this Website and Apps; you expressly accept all terms and conditions contained herein in full. You must not use this Website, if you have any objection to any of these Terms.

PLEASE READ AND UNDERSTAND THE TERMS OF AGREEMENT CAREFULLY BEFORE BEING AGREED TO BE BOUND BY ITS TERMS.

Age Restriction.

Our website, apps and services are directed to people from the ages of 18 and above. We do not knowingly engage in people younger than the age of 18.

Members Account Opening

All members/ users of PAYIT multi-purpose cooperative society that are interested in getting loan services must have an account and maintain a minimum balance of N1,000 in the payit wallet account at all times.

REGULAR SAVINGS/INVESTMENTS

The regular savings/investments attracts a 10% interest rate per annum, subject to a maximum withdrawal of 3 times a month.

You can save any amount from N100 per month and your savings are protected.

We have the right to suspend your account if we suspect fraudulent activity.

LOCK SAVINGS/INVESTMENT

The Lock Savings Account is open to any member of PAYIT aged 18 years and above.

The lock savings accounts attract interest of 15% rate per annum at the end of the locked period, however withdrawal before the end of the locked period attracts charge of 5% on the withdrawal amount.

Funds can be paid into the Lock Savings Account at any time. There are no restrictions as to minimum and maximum deposits to be held in the account.

Should you wish, regular payments could be made into the payit savings account by direct debit from your bank accounts with your permission and through;

  • By Debit/Credit Cards
  • By Bank accounts
  • By USSD
  • By Mobile Money
  • By QR Pay
  • By POS and other alternatives methods.

WITHDRAWALS

Money can be withdrawn from your savings/investments accounts in various ways:

  • Transfer to any bank account in Nigeria.
  • Withdrawing to PAYIT account, which is free.

Definitions

In this Agreement:

“Borrower” shall mean the subscriber to the offer and or service “the Offer” or “the Service” shall mean PAYIT loan

LOAN.

PAYIT MCL hereby agrees to make available to the Borrower and the Borrower accepts the sum to be disbursed (hereinafter referred to as “loan”), by PAYIT MCL after the borrower’s risk assessment and scoring, for a period not exceeding 30 days from the date of disbursement.

SERVICE CHARGE

There will be an interest fee of 15% per month AND 10% interest fee for period of two (2) weeks, which will be charged on the loan amount. Also, loan can be repaid before the expired period, which will attract lower interest fee.

FAILURE TO PAY

If the Borrower fails to pay any amount which the Borrower owes PAYIT in terms of this agreement on the due date, PAYIT shall be entitled to charge interest on the loan amount at PAYIT’s penal rate of 1% flat per day on any outstanding obligation.

LOAN PAYMENT

The Borrower agrees that PAYIT shall have the right to deduct the monthly installments in full directly from any of the borrower’s accounts with any Bank in Nigeria

The Borrower hereby gives PAYIT the right to deduct monies owing to it from any credit inflow into any of the borrower’s bank accounts in Nigeria.

BREACH

In the event of any failure by the Borrower to pay any amount which is due and outstanding under this agreement, any breach by the Borrower of the terms of this agreement or any failure by the Borrower to carry out his or her obligations under this agreement; then the full sum outstanding under this agreement, together with any penal charge in the process to recover the payment and all other charges and expenses owing to and due to PAYIT by the Borrower shall become immediately due and payable.

Without giving notice to the Borrower, PAYIT shall be entitled to terminate this agreement and claim and/or recover from the Borrower any damages/losses it may have suffered as a consequence from the borrower’s bank accounts in Nigeria.

PAYIT reserves the right to assign this agreement to a third party without the permission of the borrower.

Intellectual Property

Unless otherwise stated, Payit Consulting Limited and/or its licensors own the intellectual property rights and materials on the website subject to the license below. We do not grant you any right, license, title or interest to any of our intellectual Property rights which you may or may not have access to. You agree to take such actions including any legal or official document or other documents that may be needed to further affirm our intellectual property rights.

License to Use Our Website and Apps.

We grant you a non-assignable, non-exclusive and revocable license to use the software provided as part of our services in the manner permitted by these Terms. This license grant includes all updates, upgrades, new versions and replacement software for you to use in connection with our services.

Copyright, trademark, and other laws of both Nigeria and foreign countries protect the services. Nothing in this Term gives you a right to use the Payit Consulting Limited name or any of Payit’s trademarks, logos, domain names, and other distinctive brand features. All right, title and interest in and to the services are and will remain the exclusive property of Payit and its licensors.

If you do not comply with all the provisions, then you will be liable for all resulting damages suffered by you, Payit and all third parties. Unless otherwise provided by applicable law, you agree not to alter, re-design, reproduce, adapt, display, distribute, translate, disassemble, reverse engineer, or otherwise attempt to create any source code that is derived from the software.

Any feedback, comments, or suggestions you may provide to our services and us is entirely voluntary and we will be free to use such feedback, comments or suggestion as we see fit without any obligation to you.

Who May Use Our Services?

You may use the Services only if you agree to form a binding contract with Payit and are not a person barred from receiving services under the laws of the applicable jurisdiction. If you are accepting these Terms and using the Services on behalf of a company, business, or organization, you represent and warrant that you are authorized to do so.

Warranty Disclaimer.

PAYIT WILL ALWAYS ENSURE THAT THE WEBSITE IS AVAILABLE AT ALL TIMES AND BUG FREE. HOWEVER, IT IS USED AT YOUR OWN RISK
WE PROVIDE ALL MATERIALS “AS IS” WITH NO WARRANTY, EXPRESS OR IMPLIED, OF ANY KIND. WE EXPRESSLY DISCLAIM ANY AND ALL WARRANTIES AND CONDITIONS, INCLUDING ANY IMPLIED WARRANTY OR CONDITION OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AVAILABILITY, SECURITY, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, RAVEPAY MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL REMAIN FREE FROM ANY INTERRUPTION, BUGS, INNACCURACIES, AND ERROR FREE. YOUR USE OF OUR SERVICES ARE AT YOUR OWN RISK AND YOU ALONE WILL BE RESPONSIBLE FOR ANY DAMAGE THAT RESULTS IN LOSS OF DATA OR DAMAGE TO YOUR COMPUTER SYSTEM. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN OBTAINED BY YOU FROM OUR WEBSITE OR OUR SERVICES WILL CREATE ANY WARRANTY OR CONDITION NOT EXPRESSLY STATED.

Limitation of Liability.

YOU AGREE TO THE LIMITATION LIABILITY CLAUSE TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW: PAYIT CONSULTING WILL IN NO WAY BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL PUNITIVE, CONSEQUENTIAL, SPECIAL OR EXEMPLARY DAMAGES OR ANY DAMAGES INCLUDING DAMAGES RESULTING FROM REVENUE LOSS, PROFIT LOSS, USE, DATA, GOODWILL, BUSINESS INTERRUPTION OR ANY OTHER INTANGIBLE LOSSES (WHETHER PAYIT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES OR NOT) ARISING OUT OF FLUTTERWAVE’S WEBSITE OR SERVICES (INCLUDING, WITHOUT LIMITATION TO INABILITY TO USE, OR ARISING FROM THE RUSULT OF USE OF FLUTTERWAVE’S WEBSITE OR SERVICES) WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, TORT, CONTRACT, STATUTE OR ANY OTHER LEGAL THEORY.
SOME JURISDICTIONS DO NOT ALLOW EXCLUSION OF CERTAIN WARRANTIES OR LIMITATIONS ON THE SCOPE AND DURATION OF SUCH WARRANTIES, SO THE ABOVE DISCLAIMERS MAY NOT APPLY TO YOU IN THEIR ENTIRITIES, BUT WILL APPLY TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW.

Indemnification.

You hereby indemnify Payit and undertake to keep Payit indemnified against any losses, damages, costs, liabilities and expenses (including without limitation to reasonable legal fees) arising out of any breach by you of any provision of these Terms, or arising out of any claim that you have breached any provision of these Terms.

Breaches of these Terms.

Without prejudice to Payit’s other rights under these Terms, if you breach these Terms in any way, Payit may take such action as Payit deems appropriate to deal with the breach, including suspending your access to the website and apps, prohibiting you from accessing the website, blocking computers using your IP address from accessing the website, contacting your internet service provider to request that they block your access to the website and/or bringing court proceedings against you.

Cookies.

Like many other websites, we use cookies to identify you as a user and to customize and improve our services. A cookie is a small data file that is transferred to your computer or mobile device. It enables us to remember your account log-in information, IP addresses, web traffic, number of times you visit, date and time of visits.
Some browsers may automatically accept cookies while some can be modified to decline cookies or alert you when a website wants to place a cookie on your computer. If you do choose to disable cookies, it may limit your ability to use our website.

Governing Law.

These Terms shall be interpreted and governed in accordance with the Laws of the Federal Capital Territory (Abuja) of Nigeria and you submit to the non-exclusive jurisdiction of the FCT and Federal Courts located in Abuja (FCT) for the resolution of any dispute.

General.

We may revise these Terms from time to time. The changes will not be retroactive, and the most current version of the Terms which will always be on www.payit.ai, mobile.payit.ng and www.payit.ng will govern our relationship with you. We will also try to notify you of any material changes which could be done via email associated with your account or service notification. By continuing to use our services after the changes become effective, you agree to be bound by the revised Terms.

In the event that any of these Terms is held to be invalid or unenforceable, then that provision will be limited or eliminated to the minimum extent necessary, and the remaining provisions of these Terms will remain in full effect. Payit’s failure to enforce any right or provision of these Terms will not be deemed a waiver of such right or provision.

PROHIBITED AND REQUIRING PRE-APPROVAL SUB-MERCHANT TYPES

SUB-MERCHANTS REQUIRING PRE-APPROVAL

Payit shall not solicit or sign agreements with merchants or sub-merchants
(i) in any of the following categories/businesses, or
(ii) engaging in any of the following activities unless the Payit is entering into a broad-based program with a recognized referral, technology or marketplace partner that specializes in these types of activities or businesses and such program is pre-approved by Payit in its sole discretion:

  • Age Restricted Products or Services.
  • Any Sub-merchant where the anticipated % of International Card Sales is expected to be greater than 20% of total sales.
  • Bail Bond Services or Bankruptcy Lawyers.
  • Crowd Sourced Fundraising, as defined by Payit from time to time, except however, Crowd Sourced Fundraising shall not be allowed for the purchase of stock or equity, a promise made to deliver a good or service in the future, or there is no consideration in return for the payment or donation.
  • Dating Services.
  • NGO / Charities.
  • Wire Transfers, Money Orders, Transmitters, and Check Cashing including merchants unless registered and licensed as a Money Service Business or Money Transfer Operator.
  • Payment Facilitators (unless Registered & Licensed)
  • Personal Enhancement Products and/or Nutraceuticals.

PROHIBITED SUB-MERCHANTS

Payit shall not solicit or sign agreements with merchants or sub-merchants
(i) in any of the following categories/businesses, or
(ii) engaging in any of the following activities as may be updated by Payit in its sole discretion from time to time as they are Prohibited by Payit and/or the Card Brand rules:

  • Any product, service or activity that is deceptive, unfair, predatory or prohibited by one or more Card Brands.
  • Any Merchant selling goods or services that represent a violation of any law, statute or regulation.
  • Any Merchant selling products that infringe on the intellectual property rights of others, including counterfeit goods or any product or service that infringes on the copyright, trademark or trade secrets of any third party, such as many Cyber lockers.
  • Any Merchant accepting a card as payment for a dishonoured check or for an item deemed uncollectible by another merchant.
  • Any Merchant that accepts a card at a scrip-dispensing terminal.
  • Adult entertainment and/or adult content websites including Electronic Commerce adult content (videotext) merchants that would include MCC’s 5967, 7273 and 7841
  • Bestiality.
  • Brand or Reputational damaging, potential or otherwise, activities including Child Pornography, Escort Services, Mail Order Brides, Occult
  • Drug Paraphernalia
  • e-Cigarettes.
  • Firearms and weapons including Ammunition.
  • Internet/Mail Order Pharmacies.
  • Investment or “get rich quick” merchants, businesses or programs.
  • Marijuana dispensaries and related products or services.
  • Multi-Level Marketing Businesses.
  • “Negative option” marketing, renewal, or continuity subscription practices; marketing activities involving low-dollar trails, “pay only for shipping,” and/or “free trial” periods after which a credit card is charged periodically and/or a significantly larger amount.
  • Pawn Shops.
  • Pseudo Pharmaceuticals.
  • Psychics and “occult” businesses.
  • Quasi-Cash or Stored Value.
  • Substances designed to mimic illegal drugs.
  • Transacting Virtual Currency or credits that can be monetized, re-sold or converted to physical or digital goods or services or otherwise exit the virtual world.

GENERAL

We may revise these Terms from time to time. The changes will not be retroactive, and the most current version of the Terms, which will always be on www.payit.ng, will govern our relationship with you. We will also try to notify you of any material changes, which could be done via email associated with your account or service notification. By continuing to use our services after the changes become effective, you agree to be bound by the revised Terms.

Last updated:25th August, 2018.