These Terms and Conditions (“Terms”) govern access to and use of the MoMo Payment Service Bank Limited (“MoMo PSB” or “the Bank”) Digital Management System (DMS) Portal for onboarding, account management, and related services. By accessing, registering on, or using the DMS Portal, you (“User”, “You” or “Customer”) agree to be legally bound by these Terms.
1. Definitions
In these Terms, unless the context otherwise requires:
- “CBN” means the Central Bank of Nigeria.
- “DMS Portal”means MoMo PSB’s digital platform for onboarding and management of customers, agents, merchants, or partners.
- “KYC”means Know‑Your‑Customer requirements under applicable law.
- “Applicable Laws” includes all Nigerian laws, regulations, circulars, and guidelines, including those issued by the CBN and NIBSS.
- “Personal Data” has the meaning ascribed under the Nigerian Data Protection Act, 2023.
2. Eligibility and Capacity
2.1 You confirm that you are at least eighteen (18) years old and have the legal capacity to enter into a binding agreement.
2.2 Where onboarding is done on behalf of an entity, you represent that you are duly authorised to bind such entity.
3. Scope of Services
3.1 The DMS Portal enables digital onboarding, data submission, verification, account administration, reporting, and other related services as may be determined by MoMo PSB.
3.2 MoMo PSB reserves the right to modify, suspend, or discontinue any feature of the DMS Portal at its discretion, subject to Applicable Laws.
4. Onboarding, KYC and Verification
4.1 You agree to provide accurate, complete, and up‑to‑date information for onboarding and KYC purposes.
4.2 MoMo PSB may verify information provided using internal checks, third‑party databases, and regulatory platforms (including NIN, BVN, and NIBSS systems).
4.3 You acknowledge that failure to meet KYC, AML, or CFT requirements may result in rejection, suspension, or termination of onboarding or access.
5. Regulatory Compliance
5.1 These Terms are governed by, and shall be construed in accordance with, the laws of the Federal Republic of Nigeria.
5.2 You agree to comply with all Applicable Laws, including but not limited to:
- CBN Guidelines for Payment Service Banks
- Anti‑Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations
- Nigerian Data Protection Act, 2023
- NIBSS rules and operating procedures (where applicable)
6. Use of the Portal
6.1 You shall use the DMS Portal strictly for lawful purposes.
6.2 You shall not:
- Submit false or misleading information;
- Attempt unauthorised access, hacking, or data extraction;
- Use the Portal for fraudulent or unlawful activities.
6.3 MoMo PSB may suspend or restrict access where misuse or security risk is detected.
7. Data Protection and Privacy
7.1 MoMo PSB shall process Personal Data in accordance with the Nigerian Data Protection Act, 2023, and its Privacy Policy.
7.2 By using the DMS Portal, you consent to the collection, processing, storage, and sharing of Personal Data for onboarding, regulatory compliance, fraud prevention, and service delivery.
7.3 MoMo PSB may share data with regulators, law enforcement agencies, service providers, and partners as required by law.
8. Security and Confidentiality
8.1 You are responsible for maintaining the confidentiality of your login credentials.
8.2 Any activity carried out using your credentials shall be deemed authorised by you unless promptly reported to MoMo PSB.
8.3 MoMo PSB shall not be liable for losses arising from your failure to safeguard access credentials.
9. Funds, Controls and Regulatory Actions
9.1 MoMo PSB reserves the right to place restrictions, liens, set‑offs, or holds on accounts or funds where required for:
- Regulatory compliance;
- Fraud investigation;
- Court orders or lawful directives;
- Recovery of wrongly credited or disputed funds.
9.2 Such restrictions may remain in place until issues are fully resolved.
10. Fees and Charges
10.1 Applicable fees, commissions, or charges (if any) shall be as communicated by MoMo PSB from time to time.
10.2 MoMo PSB reserves the right to amend fees subject to regulatory approval where required.
11. Intellectual Property
11.1 All intellectual property rights in the DMS Portal, including software, trademarks, logos, and content, belong to MoMo PSB.
11.2 No rights are granted to you except as expressly stated in these Terms.
12. Limitation of Liability
12.1 To the maximum extent permitted by law, MoMo PSB shall not be liable for:
- Indirect, incidental, or consequential losses;
- System downtime due to maintenance, force majeure, or third‑party failures.
12.2 Nothing in these Terms limits liability that cannot be excluded under Nigerian law.
13. Indemnity
You agree to indemnify and hold MoMo PSB harmless from any claims, losses, penalties, or damages arising from:
- Breach of these Terms;
- Provision of false or misleading information;
- Unlawful use of the DMS Portal.
14. Suspension and Termination
14.1 MoMo PSB may suspend or terminate access where you breach these Terms or Applicable Laws.
14.2 Termination shall not affect accrued rights or regulatory obligations.
15. Amendments
15.1 MoMo PSB may amend these Terms from time to time.
15.2 Continued use of the DMS Portal after amendment constitutes acceptance of the revised Terms.
16. Governing Law
These Terms shall be governed by the laws of the Federal Republic of Nigeria.
17. Acceptance
By clicking “I Agree”, you confirm that you have read, understood, and accepted these Terms and Conditions.