Customers Terms and Conditions for the Use of Parkway
Parkway Projects Limited ("Parkway" or "We") is a Private Limited Liability Company. Parkway is a Central Bank of Nigeria licensed Payment Solution Service Provider and Mobile Money Operator.
You are required to read and understand these rules as they are a binding agreement between you and Parkway. Customers who are under eighteen (18) years of age should review these terms and conditions with a parent or guardian.
The following definitions relate to these Terms and Conditions:
1.1 "Account" or "Wallet" means an electronic stored value account on Parkway created for use by the Agent. Credits, debits and charges are applied to this Account. The Account is primarily accessed through your mobile phone, Parkway online systems, and mobile applications.
1.2 "Agent" means any party or device, including authorized Parkway Agents, Merchants, ATMs, connected kiosks and bank tellers that facilitate Parkway transactions on behalf of customers.
1.3 "ATM" means automated teller machine.
1.4 "BVN" means Biometric Verification Number used by the banking industry in Nigeria and issued by a CBN approved financial institution.
1.5 "CBN" means the Central Bank of Nigeria.
1.6 "Content" means all information whether textual, visual, audio or otherwise, appearing on or available through the services.
1.7 "Credit" means the movement of funds into an account.
1.8 "Debit" means the movement of funds out of an account.
1.9 "Level 1 customer" means a new customer who provides the minimum requirement listed in [4.9] below, to a Parkway agent or authorized administrative centre.
1.10 "Level 2 customer" means a Parkway user who has met the conditions stated in [4.9] below to an authorized Parkway agent nationwide authorized to perform the upgrade.
1.11 "Level 3 customer" means a Parkway user who has linked his Parkway account to his bank account with one of the banking institutions recognised by the Central Bank of Nigeria or provided all required KYC details at a Parkway administrative centre authorized to perform the upgrade to Level 3.
1.12 "Linked bank account" means the bank account that you have linked to your Parkway account. This allows you to carry out transactions using funds from your bank account instead of using your Parkway account.
1.13 "Merchant" means a seller of goods and or services who will accept Parkway as payment for these goods and or services.
1.14 "Mobile Payments" means the service or process that allows customers to make and receive a variety of payments using their mobile phone, among other channels. This service is available as part of Parkway.
1.15 "Mobile phone" means a GSM or CDMA device which can make and receive telephone calls and send and receive SMS, among other communication options.
1.16 "NUBAN" means Nigerian Unified Banking Account Number.
1.17 "Parkway" means the mobile money services offered by Parkway, with a central feature being a transactional account(s) that may be used in relation to a wide variety of services.
1.18 "PIN" means personal identification number being the secret code you choose for secure use of (and access to) your Parkway account
1.19 "Products" means any Parkway products, including person-to-person money transfer, bill payments, airtime top-up and Parkway retail payments services.
1.20 "Registered phone number" means any phone number that has been registered on Parkway and tied to the Parkway Wallet.
1.21 "Services" means any products and services provided to the customer as part of Parkway.
1.22 "Parkway Wallet" means an electronic stored value account on Parkway used to perform transactions and not different from a normal bank account
1.23 "Partner Service Provider" means any person or entity that offer its services or products through Parkway.
1.24 "Transaction Savings Wallet" means an electronic stored value savings account on Parkway, used by the customer or Agent to save, earn interest and perform typical Parkway transactions
1.25 "SMS" or "Short Message Service means a standard communication service on GSM phones which is used to exchange short text messages between mobile devices.
2. The ReadyCash Offering
2.1 ReadyCash is a service offered by Parkway and designed to allow you to:
2.1.1. Sign up as a customer or Agent
2.1.2. access to our broad set of products and features within ReadyCash;
2.1.3 Credit a ReadyCash account with cash by:
184.108.40.206. depositing at our agent locations
220.127.116.11. depositing money at any of our collections banks;
18.104.22.168. transferring funds into ReadyCash from a Linked bank account; or
22.214.171.124. receiving money into ReadyCash from another customer;
2.1.4. Pay or transfer money to another party for personal reasons or as payment for physical or virtual goods or services already received or to be received in the future;
2.1.5. transfer to bank account;
2.1.6. transfer to a ReadyCash account;
2.1.7. pay Merchants;
2.1.8. receive money from another party for personal reasons or as payment for physical or virtual goods or services;
2.2 Any available funds in your ReadyCash Account or Wallet can be utilized. However, the use of funds in your Transaction Savings Wallet will be subject to the restrictions set out in this Term of Use.
2.3 These terms and conditions apply to all channels through which transactions may be carried out on ReadyCash, including SMS; Online/Internet; Online/Mobile phone application; USSD; and ReadyCash Agent network.
2.4 We will endeavour to notify you of additional features that may be offered on ReadyCash and where necessary, the applicable means or requirements to activate any such features.
3. Opening a ReadyCash Account
3.1 In order to sign up to join ReadyCash, an active GSM or CDMA mobile phone subscription on any supported mobile network is required.
3.2 Agents and Customers are limited to one (1) ReadyCash account per phone number. Multiple phone numbers can however be linked to the same account.
3.3 To setup your account, ReadyCash requires your personal details including your name and phone number. You must provide complete and accurate information. Unregistered customers will be able to receive cash to their phone number. They will also have limited use of ReadyCash pending registration.
3.4 In the process of verifying your identity, ReadyCash has the sole discretion to refuse any account opening application for any number of reasons.
3.5 By giving ReadyCash your BVN, you authorize ReadyCash to collect and save your data from the BVN database as part of our KYC information to fulfil regulatory requirements. All KYC data collected will be treated as confidential. You also permit us to use your BVN to monitor, prevent and detect fraudulent activities and share the same with CBN authorised BVN stakeholders, for the purpose of deterring financial fraud.
3.6 In the process of verifying your identity and BVN, ReadyCash has the sole discretion to refuse any Account or Wallet opening application for a number of reasons. In addition, we reserve the reserve the right to ask you before opening an Account and at any point during your use of ReadyCash for supplementary information and identification documents as well as any supporting documents that we may deem necessary.
3.7 We reserve the right to screen all individuals and businesses against applicable sanction lists and the BVN watchlist database and may decline account opening applications in the event they are found to be on any of the lists.
3.8 We reserve the right to immediately suspend or withdraw an Account or Wallet if we have reasonable grounds to believe that there may be a breach of security of that Account or Wallet, we suspect unauthorised or fraudulent use of that Account or we are required by law to do so.
3.9 If a fraudulent activity is associated with the operation of your Account or Wallet, you agree that we have the right to apply restrictions to your Account and report to appropriate law enforcement agencies.
4.1 You may access the available funds in your account at any time using any of the channels you choose, including your mobile phone and the Internet. While we make every reasonable attempt to provide the services as described in our marketing and educational materials, we offer the services "as is" and without any warranties.
4.2 All payments will be processed in Nigerian local currency i.e. Naira.
4.3 Each transaction will be identified by a unique 5-character Transaction ID which is used to track and identify all transactions carried out on the ReadyCash network. This number is important for a variety of uses, including dispute resolution.
4.4 ReadyCash will send you a message to verify and confirm all transactions effected from your ReadyCash account.
4.5 Some transactions on ReadyCash’s USSD channel may require you to input your pre-configured PIN, you are solely responsible for maintaining the confidentiality of your PIN and login details of your Account. You must protect the secrecy of your PIN and login details and prevent fraudulent use of the same.
4.6 As required by the CBN, there are daily limits on your Account or Wallet. You can increase or reduce these limits by providing ReadyCash with the required information, subject to the restrictions placed in terms of paragraphs 5.9.
4.7 Your Account or Wallet will be credited with any deposits made into it, and the credit will be available for transactions immediately after they are cleared.
4.8 We will verify and confirm any record of a deposit into your Account. Our records will be taken as correct unless the contrary is proved.
4.9 The table below outlines the classification ReadyCash adopts along KYC levels along with the applicable transaction and balance limits. You may not withdraw, transfer or make any payments that together exceed any of the per transaction or daily limits defined for your category. Should you attempt to exceed any applicable limits, your transactions will be declined.
|Agent Level||Verification Requirements||Daily limits||Account Balance Limit|
|Level 1||BVN, Passport Photograph, Phone Number and Full Name||₦ 50,000||₦ 300,000|
|Level 2||Same as for Level 1, plus a Copy of Verifiable ID Card||₦ 200,000||₦ 500,000|
|Level 3||Same as for Level 2, plus additional KYC as would be required when opening a bank account||₦ 5,000,000||Unlimited|
Parkway may, acting reasonably and in accordance with regulation set by the Central Bank of Nigeria, vary the limits at any time and any variation will be notified to customers. Where a deposit exceeding the transaction limit for your category is made to your Account, we will notify you to upgrade your Account to the category that applies to such deposit within seven (7) days. In the event that you fail to upgrade your Account to the required category, we reserve right to place a restriction on your Account until such upgrade to the required category is effected.
4.10 For the avoidance of doubt, please note that some transaction limits may be further reduced from the approved CBN limits, this may be done based on channels or particular types of transactions as part of our risk control process.
4.11 You undertake throughout the duration of your use of ReadyCash to comply with anti-fraud and money laundering regulations applicable in Nigeria. In particular, you undertake to respond diligently to any request from Parkway or a regulatory or judicial authority regarding any anti-fraud and money laundering activity on your Account
4.13 The proceeds from suspected fraudulent or money laundering transactions shall be kept by Parkway pending an internal decision or a judicial or administrative decision.
5. Fees, Charges and Payment Terms
5.1 When you make a payment, you authorize us (and our designated payment processor) to charge the full amount and any charges related to that transaction to the funding source you designate for the transaction. If your payment results in an overdraft or other fee from a related party, liability for such fees or penalties will rest solely with you.
5.1 To prevent financial loss or possible violations of the law, Parkway reserves the right to use its discretion in disclosing details of any payments associated with you with funding source issuers, law enforcement agencies, or impacted third parties (including other users). Such disclosures will originate from an order of any trial court with the jurisdiction to compel such a disclosure.
6. Merchant Transactions
6.1 When making a payment to a merchant using Parkway ReadyCash, you will be required to confirm the transaction. At this time you may also be requested to enter your PIN to accept the transaction. By entering your PIN to confirm the transaction you agree and confirm that you authorised the transaction. You cannot directly reverse or cancel any payment once it has been approved by you.
6.2 When making a payment on a merchant website using Parkway, you will be required to log into your Parkway account, before payment can be made, in which case clause 5 will still be applicable.
6.3 As we are unable to reverse or charge-back any payments made, should you have a dispute with any merchant, you should resolve such disputes with the merchant directly.
6.4 Disputes between you and a merchant will not affect our right to recover payments from you.
7. Security and Unauthorized Use
7.1 When signing up for a Parkway account, you will be prompted to create a unique Personal Identity Number (PIN), username, and password and provide answers to one or more security questions of your choosing. You are responsible for the safekeeping and proper use of these security data.
7.2 You are responsible for all transactions that take place on your account with your PIN and you indemnify us against any claims made in respect of such transactions.
7.3 If at any time you believe or discover that your PIN has been stolen or compromised, you should contact our Customer Services immediately. We will place your account on hold to prevent any transactions from being carried out as soon as we reasonably can. You will remain responsible for all transactions that occur until your account is put on hold.
7.4 We may ask certain questions to confirm your identity when you call Customer Services. This method gives us your authorisation to service your Account and execute your instructions. However, please note that we will never ask for your Password or PIN. We advise that you do not disclose your Password or PIN to anyone under any circumstance.
7.5 We use PIN and a selection of questions to confirm your identity when you call Customer Services. This method gives us your authorisation to service your account and execute your instructions.
7.6 From time to time, we may investigate any actual, alleged or potential violations of this Terms and Conditions. You agree to cooperate fully in any of these inquiries.
8. Deposit Insurance
Unless otherwise stated, all funds in your Parkway Account shall be insured up to the maximum coverage level for depositors in line with the Nigerian Deposit Insurance Act. This protection is provided by the Nigerian Insurance Deposit Corporation.
9. Suspension and Closure of Accounts
9.1 We may suspend, restrict, or terminate the provision of our services (in whole or in part) and or close your Account without any liability whatsoever under the following circumstances:
9.1.1 Upon receiving a request from you at any time, we will close your account.
9.1.2 If you notify us that your phone has been lost or stolen or your PIN has been compromised, we will suspend or close your account.
9.1.3 if in any way we know or suspect your account is being used fraudulently, negligently or for illegal activities or if we must do so to comply with the law, we may close your account, restrict activity on your account or suspend access to your account and you indemnify us against any claims made in this regard.
9.1.4 if we believe that you are in breach of these terms and conditions, are trying to compromise our systems, are unreasonably interfering with any services provided by us, or for any other purpose in protection of our interests, we may close your account.
9.2 We will not be responsible to you for any direct, indirect, consequential or special damages arising from any act or omission by us or any third party for whom we are responsible, whether arising in contract, delict or statute, if we close or suspend your account in accordance with this Clause 9.
9.3 In any case where your Parkway account is closed for any reason and has a balance of funds, upon your request to Customer Services, the balance will be made available to you for withdrawal barring any legal or regulatory provisions against such.
10.1 The physical address, email address or telephone number you supply during sign-up are regarded as the preferred channels via which notices may be given and documents in legal proceedings may be served. You must notify us immediately should your physical, postal, email address or mobile phone number change.
10.2 We are entitled to send information to you via SMS to the registered phone number associated with your account and as amended from time to time.
10.3 We are entitled to send any notice to an email address specified on your account. This clause pertains to customers who have accessed and used Parkway services online or via the Parkway mobile application.
10.4 Any correspondence that we send to you by courier or post will be considered to have arrived within seven (7) days of sending and any correspondence that we send to you by email or SMS will be considered to have arrived on the day that it was sent to you, unless the contrary is proved.
10.5 You should send any legal notice to us by post to our address below: 295 Herbert Macaulay Way, Yaba, Lagos, Nigeria
11.1 When you sign up for Parkway you will be required to provide us with your name, email, gender, and birth date, among other information. In some cases we may ask for additional information for security reasons or to provide specific services to you.
11.2 You may change your personal identifiable information on Parkway at any time by contacting Customer Service or accessing your account profile online. Such information will be updated immediately.
11.3 When you use Parkway from a computer, mobile phone, or other device, we may collect information from that device regarding your browser type, location, and IP address, as well as the pages you visit for security purposes.
11.4 We are required to retain the details of transactions or payments you make via Parkway after the transaction is completed. This information will only be made available to third parties if required by law. However, we commit to keeping all your personal information, including your funding source details safe.
11.5 You agree that your information, including your personal information, your telephone conversations with our Customer Services and your transactions may be recorded and stored for record keeping purposes for up to 5 years from date of closure of account.
11.6 We use server firewalls and encryption to keep your account information safe during transmission and in storage. We also use automated and social measures to enhance security, such as analyzing account behaviour for fraudulent or otherwise anomalous behaviour, may limit use of Parkway features in response to possible signs of abuse, and may suspend or disable accounts for violations of our customer terms and conditions.
12. Disputes and Refunds
12.1 If you believe that an unauthorized or otherwise problematic transaction has taken place under your account, you agree to notify us immediately, to enable us take action to help prevent financial loss.
12.2 All claims against us related to payments should be made within thirty (30) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.
12.3 You are responsible for and agree to indemnify us for all Refunds, charge-backs, claims, fees, fines, penalties and other liability incurred by us (including costs and related expenses) caused by or arising from payments that you authorized or accepted.
12.4 An email notification will be sent for any chargeback request. However, if we do not get a confirmation from you for said chargeback request within 48hours, your account will be debited for the value.
12.5 Your only remedy for a technical failure or interruption of service is to request that your transaction be completed at a later time.
12.6 It is your responsibility to remit any taxes that apply to your transactions and not normally included in the cost of the Parkway transaction. You agree to indemnify and hold us harmless from and against any claim arising out of your failure to do so.
12.7 The transaction ID and transaction details will be required to resolve all disputes.
13.1 We try to keep Parkway available at all times, bug-free, and safe, but you use it at your own risk. We are providing Parkway "as is" without any express or implied warranties including, but not limited to, implied warranties of merchantability, fitness for a particular purpose, and non-infringement. Parkway is not responsible for the actions, content, information, or data of third parties, and you release us, our directors, officers, employees, and agents from any claims and damages, known and unknown, arising out of or in any way connected with any claim you have against any such third parties.
13.3 You are responsible for your connection to the mobile phone networks, the Internet and all costs associated with these same connections.
13.4 We are not responsible for any loss arising from any failure, malfunction, or delay in any mobile phone networks, mobile phones, ATMs, the Internet or terminals or any of its supporting or shared networks, resulting from circumstances beyond our reasonable control.
13.5 Transactions carried out by you are defined as non commission sales hence you are allowed to charge a fee for transactions.
13.6 We may allocate any money received from you or held on your behalf to settle any outstanding balance on your account.
13.7 All copyright, trademarks and other intellectual property rights used as part of our services or contained on our websites, documents or other materials are owned by Parkway, or its licensors. You agree that you acquire no rights thereto.
13.8 You acknowledge and agree that these Terms and Conditions are governed by Nigerian law and any breach of these Terms and Conditions will be considered as having taken place in Nigeria.
13.9 The Parties shall use their best efforts to amicably settle all disputes arising out of or in connection with the performance or interpretation of this Terms and Conditions. Any dispute or differences arising out of the construction, interpretation or performance of the obligations created under this relationship which cannot be settled amicably within one (1) month after receipt by a party of the other party's request for such amicable settlement may be referred to a single arbitrator to be appointed in accordance with the Arbitration and Conciliation Act. Cap. A18, Laws of Federation of Nigeria 2004. The place of arbitration shall be in Lagos, Nigeria and the language of arbitration shall be English language.