Terms of Service

1. Who you are contracting with

Moneque is a service of Swapova Ltd, a company registered in Nigeria with the Corporate Affairs Commission under RC 7098405, at 20 Harrison Sholaja Street, Oshodi-Isolo, Lagos, Nigeria. Where these terms say we or us, they mean Swapova Ltd, and that is the company you are agreeing with.

2. What Moneque is, and what it is not

Moneque is an application for holding naira, paying other Moneque users, withdrawing to Nigerian bank accounts, and paying bills. A USD virtual card and a narrow set of cryptocurrency functions are intended to follow.

Swapova Ltd is not a bank, and it holds no Central Bank of Nigeria or Securities and Exchange Commission licence. Nothing in this document or anywhere else we publish should be read as claiming one.

Everything that requires a licence is carried out by a licensed partner. Your naira account is issued by our banking partner. Payouts to Nigerian banks go through it. Bills are delivered by a licensed aggregator. Any cryptocurrency function would be carried out by a licensed exchange. Moneque is the application in front of them, and this is the arrangement you are agreeing to.

3. Who can open an account

You must be at least 18, resident in Nigeria, using the account for yourself, and able to complete verification. Verification includes a Bank Verification Number matched against the Nigerian registry, and for some features an identity document and a selfie.

One person, one account. An account opened or used on someone else's behalf may be closed.

4. Your balance

Money you hold with Moneque sits in a naira account issued in your own name at our banking partner. Your balance in the app is derived from a ledger of entries rather than stored as a figure we can edit, and every entry is permanent: a correction is a new opposing entry, never a change to an old one.

We do not pay interest on a balance, we do not lend it out, and we do not invest it.

5. Paying, and being paid

Before anything leaves your balance we ask an authority who the money is going to, and show you the answer. For another Moneque user, that is their handle resolved to their name. For a bank account, it is the account holder's name returned by their own bank. For a bill, it is the customer name the biller holds against that meter, decoder or number.

You are responsible for what you confirm. A payment you confirmed against a name you were shown is final, and a payment between two Moneque balances is instant and cannot be recalled. If you think you have paid the wrong person, tell us immediately and we will do what we can, which for a payment already delivered is asking rather than reversing.

We do not promise a time for money reaching or leaving a bank. The credit is posted by the bank rather than by us. What we can promise is that you can see the state of every movement in the app.

6. Fees

We have not published a fee schedule. When there is one, the charge will be shown on the screen where you confirm, before anything is taken, and no charge will appear afterwards that was not on that screen.

7. When something goes wrong

If a payment does not complete, the money stays in your balance or returns to it in full. The refund policy sets out how that works and what to do.

If you think something has gone wrong, tell us. We will investigate and tell you what we find, including when the answer is that the money did arrive.

8. What you must not do

• Move money you did not come by lawfully, or hold an account on behalf of somebody else.
• Use Moneque for anything illegal, or in a way that would put our partners in breach of their own obligations.
• Give us false information at verification, or use another person's Bank Verification Number or identity document.

9. Suspension and closure

We may suspend or close an account where we are required to, or where we reasonably believe it is being used for fraud or money laundering. Where we are allowed to tell you why, we will.

You can close your account yourself from the app at any time, once nothing is in flight. Your remaining balance is withdrawn to a Nigerian bank account in your own name.

10. Limits of our responsibility

We are responsible for carrying out the instructions you give us, or for returning the money if we cannot. We are not responsible for what a bank, a biller or a card issuer does on its own side, or for losses that do not follow from something we did wrong.

Nothing here limits any right you have that cannot be limited by agreement.

11. Governing law

These terms are governed by the laws of the Federal Republic of Nigeria, and the Nigerian courts have jurisdiction over any dispute arising from them.

12. Changes

We may update these terms. Material changes will be shown to you in the app before they apply, and the version here will always carry the date it took effect.