Terms and Conditions

1. About MonamiPay and These Terms

MonamiPay Limited ("MonamiPay", "we", "us", "our") provides a mobile-first international money transfer service (the "Service"). These Terms and Conditions ("Terms") govern your use of our Service, including our mobile applications (iOS and Android), website (monamipay.com), and any related services.

By creating an account or using our Service, you agree to be bound by these Terms and our Privacy Policy. If you do not agree, you must not use the Service.

We may update these Terms from time to time. We will notify you of material changes by email or through the app. Continued use of the Service after changes are published constitutes acceptance of the updated Terms.

2. Eligibility

You may only use the MonamiPay Service if you:

• Are at least 18 years of age
• Are a UK resident (for the UK → Nigeria launch corridor)
• Have a valid UK bank account from which to fund transfers
• Are not on any UK, EU, US, or UN sanctions list
• Are not using the Service for any illegal purpose, including money laundering, terrorism financing, or fraud
• Have successfully completed our identity verification (KYC) process

MonamiPay reserves the right to refuse service or close accounts at any time where eligibility requirements are not met or where we have regulatory grounds to do so.

3. Our Service

3.1 What we provide

MonamiPay enables you to send money from the United Kingdom to Nigeria (Phase 1) and other supported corridors (as announced from time to time). We provide:

• Identity verification and account management
• FX rate quotation and currency conversion
• Collection of GBP from your UK bank account via Faster Payments
• Transfer of NGN (or other supported currencies) to your specified recipient's bank account
• Real-time transfer status updates via push notification, SMS, and email
• Customer support in English, Yoruba, and Igbo

3.2 Transfer fees

MonamiPay earns revenue from the FX spread — the difference between the wholesale exchange rate and the rate we offer you. This rate is always shown to you clearly before you confirm your transfer. There are no hidden fees.

For select corridors where small transfer fees are applied (such as UAE → India), the fee will be clearly shown to you before you confirm the transfer. You will always see the exact amount your recipient will receive before you commit to a transfer.

3.3 Exchange rates

The exchange rate shown to you is locked for 30 minutes from the time you confirm your transfer. If the rate has expired before your transfer is collected, we will show you the updated rate and ask you to reconfirm. We do not retroactively apply rate changes to confirmed transfers.

3.4 Transfer limits

These limits may change from time to time in line with our regulatory obligations.

4. Identity Verification (KYC)

MonamiPay is a registered UK Money Service Business regulated under the Money Laundering Regulations 2017. We are legally required to verify the identity of all customers before processing any transfer.

You must provide true, accurate, and complete information during the registration and verification process. Providing false or misleading information is a criminal offence and will result in immediate account termination and may be reported to the relevant authorities.

We use Sumsub to carry out automated identity verification. This involves uploading a government-issued identity document and completing a biometric liveness check. Your data is processed in accordance with our Privacy Policy.

We reserve the right to request additional verification information at any time, including evidence of source of funds, for compliance purposes.

5. Prohibited Uses

You must not use the MonamiPay Service for:

• Money laundering, terrorism financing, or any other criminal activity
• Sending money on behalf of a third party without their knowledge (third-party transfers)
• Circumventing sanctions or export controls
• Any purpose that violates applicable law in the UK, Nigeria, or the recipient country
• Sending funds obtained through fraud, theft, or deception
• Attempting to exploit or manipulate our exchange rates or transfer limits
• Harassing, threatening, or abusing our staff or other customers

Breach of these prohibitions will result in immediate account suspension, recovery of any funds involved, and may result in a report to law enforcement or the National Crime Agency.

6. Transfer Processing and Delivery

6.1 Transfer timelines

MonamiPay targets instant delivery of transfers to Nigeria and other supported corridors. Transfer delivery is subject to:

• Successful collection of GBP from your UK bank account via Faster Payments
• Successful completion of all required compliance checks
• Availability and processing times of our payout partner and the recipient's bank

While we aim for instant delivery (seconds to minutes on the UK → Nigeria corridor), delivery may occasionally take longer due to factors outside our control, including banking system outages, public holidays, or compliance holds.

6.2 Compliance holds

We may place a hold on your transfer if our automated compliance systems flag it for review. We will notify you immediately if this occurs. Our MLRO will review held transfers within 24 hours on business days. We cannot provide specific reasons for holds where doing so would compromise our legal obligations (for example, where a tipping-off prohibition applies under the Proceeds of Crime Act 2002).

6.3 Failed transfers

If a transfer cannot be completed for any reason (including payout partner failure, recipient bank rejection, or compliance block), we will:

• Notify you immediately via push notification, SMS, and email
• Refund the full GBP amount to your originating bank account within the same business day (target) or T+1 maximum
• Provide an explanation of the failure where we are legally permitted to do so

7. Cancellation and Refunds

You may cancel a transfer at any time before the GBP funds have been collected from your bank account. Once funds have been collected, cancellation is subject to:

• If the transfer has not yet been converted to NGN: we will return the full GBP amount, typically within 24 hours
• If the transfer has already been converted and sent: cancellation may not be possible; contact support immediately at support@monamipay.com

MonamiPay does not charge a cancellation fee.

8. Account Security

You are responsible for maintaining the security of your MonamiPay account. You must:

• Keep your login credentials confidential and not share them with anyone
• Use a strong, unique password and enable multi-factor authentication (MFA) when offered
• Notify us immediately if you suspect unauthorised access to your account by contacting support@monamipay.com or via WhatsApp
• Not allow any other person to use your account

MonamiPay will never ask you for your password via email, SMS, or phone call. If you receive such a request, it is a phishing attempt — report it to support@monamipay.com immediately.

9. Complaints

9.1 How to complain

If you are unhappy with any aspect of our service, please contact us first:

• Email: complaints@monamipay.com
• In-app support chat
• WhatsApp: [INSERT WHATSAPP BUSINESS NUMBER]

We will acknowledge your complaint within 5 business days and provide a full response within 15 business days. If we cannot resolve your complaint within 35 business days, we will write to explain why and give you a date by which we expect to resolve it.

9.2 Financial Ombudsman Service

If you are not satisfied with our response, you may be able to refer your complaint to the Financial Ombudsman Service (FOS):

• Website: financial-ombudsman.org.uk
• Phone: 0800 023 4567
• Post: Financial Ombudsman Service, Exchange Tower, London, E14 9SR

The FOS is available to eligible complainants (generally individuals and small businesses). You must give us the opportunity to resolve the complaint before referring to the FOS.

10. Limitation of Liability

To the extent permitted by law:

• MonamiPay is not liable for any indirect, consequential, or special loss arising from your use of the Service
• MonamiPay's total liability to you in connection with any single transfer shall not exceed the amount of that transfer
• MonamiPay is not responsible for delays or failures caused by third parties (including payout partners, banks, or network outages) outside our reasonable control

Nothing in these Terms limits our liability for death or personal injury caused by negligence, fraud or fraudulent misrepresentation, or any other liability that cannot be excluded by law.

11. Intellectual Property

All content on the MonamiPay platform and website, including the MonamiPay name, logo, trademarks, software, and documentation, is owned by or licensed to MonamiPay Limited. You may not copy, modify, distribute, or use any of this content without our prior written consent.

12. Regulatory Status

13. Governing Law

These Terms and any dispute or claim arising out of or in connection with them (including non-contractual disputes) are governed by the laws of England and Wales. The courts of England and Wales have exclusive jurisdiction to settle any dispute arising from these Terms.

14. Contact Us