Terms & Conditions
These terms and conditions govern your banking relationship with Xtrempay, a product of Village Assist Nigeria Limited (registered with the Corporate Affairs Commission under RC-1805693). By opening an account with us, you agree to abide by these terms and conditions, as well as the following policies incorporated by reference:
- (a) Privacy Policy
- (b) Cookies Policy
If you disagree with these terms, please exit the Xtrempay mobile application or website immediately and refrain from proceeding with the account opening process. Xtrempay reserves the right to terminate your relationship with us if any of these terms are violated.
Interpretation
For clarity, “You,” “Your,” or “Customer” refers to the individual entering into a banking relationship with Xtrempay and agreeing to these terms, while “We,” “Us,” or “Our” refers to Xtrempay or any entity to which our rights may be assigned.
Purpose of the Relationship
The purpose of establishing a relationship with Xtrempay is to access the financial services we offer, including wallet management, savings, credit facilities, bill payments, and other legally permitted services. Your account can be managed through the Xtrempay App, which requires a smartphone with an active phone number that meets our minimum technical specifications (iOS/Android) and supports the latest app version.
Applicability of Terms
These terms apply when you open an account with Xtrempay and an account number is generated for you. We may update these terms to reflect changes in our services, business practices, or applicable laws. Notifications of any updates will be provided via our website or app, and your continued use of our services constitutes acceptance of the revised terms. If you do not accept any updates, you should discontinue use of Xtrempay services.
Scope of Relationship
Account Opening
Access to Xtrempay services requires you to meet our onboarding and Know-Your-Customer (KYC) requirements in compliance with applicable laws. At a minimum, you must:
- Be at least 18 years old
- Be a Nigerian citizen
- Meet the technological requirements described above
- Have not already opened an account with us
Failure to meet these conditions will disqualify you from accessing our services. Xtrempay reserves the right to review and update these requirements periodically in accordance with regulations.
Verification of Identity
To prevent fraud, money laundering, and terrorist financing, Xtrempay applies due diligence measures, including identity verification and collection of information related to your intended use of our services. At a minimum, you are required to provide:
- An active phone number
- A profile picture
- A Bank Verification Number (BVN)
Accounts are categorized into tiers with corresponding documentation requirements:
- Tier 1: Name, phone number, email
- Tier 2: Name, phone number, email, selfie, BVN
- Tier 3 (Full KYC): Name, phone number, selfie, BVN, NIN, residential address
You are responsible for ensuring that all information and documentation provided to us is accurate and up to date. Any changes or inaccuracies must be promptly corrected. We may share your information with third parties, including government agencies, for verification purposes. By opening an account, you consent to these verification processes and agree to indemnify Xtrempay against any claims arising from the reliance on your submitted information.
Failure to update your identification details as required may result in restricted account access. If your account opening application is successful, we will confirm the creation of your account via the Xtrempay App or email. Once activated, you can log in to manage your account through the app or website.
Spending Account
After successfully completing our KYC and AML checks, we will create an account for you and provide you with a unique bank account number. Within the limits of your Xtrempay Account, you can receive funds via bank transfers from third parties or fund the account yourself using the options available on the Xtrempay App. From this account, you can perform various financial transactions, including instant bank transfers, bill payments (e.g., airtime, electricity), and managing your Xtrempay Card. All transactions are subject to the terms and conditions outlined here. Please note, however, that this account does not accrue interest.
Account Limits
Transactions within your Xtrempay Spending Account are subject to certain limits, as detailed in the table below. These limits may change based on applicable laws, regulatory requirements, or our internal policies:
| Parameter | T1 | T2 | T3 | Xtrempay Business |
|---|---|---|---|---|
| Single Inflow Limit | ₦50,000 | ₦100,000 | Unlimited | Unlimited |
| Cumulative Balance Limit | ₦200,000 | ₦500,000 | Unlimited | Unlimited |
| Single Transfer Limit | ₦50,000 | ₦100,000 | ₦1,000,000 (Default) Up to ₦2,000,000 (with indemnity) Up to ₦5,000,000 (with EDD and compliance approval) | ₦5,000,000 Up to ₦10,000,000 (with indemnity) Up to ₦250,000,000 (with EDD and compliance approval) |
| Daily Transfer Limit | ₦500,000 | ₦1,000,000 | ₦2,000,000 (Default) Up to ₦10,000,000 (with indemnity) Above ₦10,000,000 (with EDD and compliance approval) | ₦25,000,000 Up to ₦50,000,000 (with indemnity) Up to ₦250,000,000 (with EDD and compliance approval) |
| Single Airtime Limit | ₦10,000 | ₦20,000 | ₦50,000 | ₦50,000 |
| Daily Airtime Limit | ₦100,000 | ₦150,000 | ₦200,000 | Unlimited |
| Single Bills Payment (Betting) | ₦10,000 | ₦20,000 | ₦50,000 | ₦50,000 |
| Daily Bills Payment (Betting) | ₦150,000 | ₦250,000 | ₦5,000,000 | Unlimited |
| Single Bills Payment (Others - power, cable TV, etc.) | As defined by service provider | As defined by service provider | As defined by service provider | As defined by service provider |
| Daily Bills Payment (Others - power, cable TV, etc.) | As defined by service provider | As defined by service provider | As defined by service provider | As defined by service provider |
| Daily Gift Cards Limit | Not Applicable | Not Applicable | ₦5,000,000 | Not Applicable |
Transactions exceeding these limits may be declined or held, in compliance with these terms. To process such transactions, you may need to upgrade your account accordingly.
Liability
Unless you have acted fraudulently, negligently, or in breach of these terms and conditions, you will not be held responsible for any unauthorized transactions on your account that occur after you have promptly notified us of the loss, theft, misuse, or unauthorized use of the Xtrempay App.
We are not responsible for the actions or omissions of any third-party partner, including their officers, employees, or agents, regarding the performance of services under third-party terms. Additionally, we are not liable for any non- execution or defective execution of a transaction if it was based on an incorrect unique identifier provided by you.
If a payment was executed correctly and within the required time frame, and the payees payment service provider received the payment, we are not liable for the proper execution of the instruction. However, upon your request, we will take reasonable steps to trace any non-executed or improperly executed transactions that have been transferred to a fraudulent account and will inform you of the results.
We are not responsible for:
- Delays or failures in fulfilling our obligations under this agreement caused by factors beyond our control, including but not limited to third-party actions, bank delays, postal delays, technological failures, emergencies, natural disasters, or other unforeseen circumstances.
- Losses resulting from compliance with applicable laws or regulations.
- Unauthorized transactions on your account caused by the compromise of your account details or security information unless the compromise is directly due to our actions or omissions
You agree to accept responsibility for any liabilities, financial or otherwise, incurred by Xtrempay, its customers, or third parties due to your breach of these terms, your use of Xtrempay services, or any use of your Xtrempay account. You further agree to reimburse any such liabilities, as permitted by applicable law.
You remain responsible for all fees, charges, and obligations related to your Xtrempay account, even in cases of termination, suspension, or account closure.
Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry
By opening an account with Xtrempay:
- (a) You authorize us to impose restrictions on your account and report suspected fraudulent activities to relevant law enforcement agencies, including the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), and the Nigerian Police Force.
- (b) You consent to us notifying the Nigeria Inter-Bank Settlement Systems Plc (NIBSS) to update the Watchlist Database of the Nigerian Banking Industry, as well as reporting to the Central Bank of Nigeria (CBN) if fraudulent activity is detected in connection with your account.
Notifications
By opening an account, you agree to receive SMS, emails, and push notifications from Xtrempay. These notifications are intended solely for your use. Xtrempay will not be held liable for any loss or damage arising from unauthorized access to the information sent.
Additionally, by opting for push notifications instead of mandatory SMS alerts directed by the CBN, you agree to indemnify Xtrempay against any losses, damages, or claims that may arise, including legal expenses, due to such notifications.
All communications related to these terms and conditions will be conducted in English. Notifications may be provided via:
- (a) The Xtrempay App – when you log in.
- (b) Email – sent to your most recently provided email address.
It is your responsibility to ensure that your contact details are up to date. If changes occur, you must notify us immediately. Notices are deemed received:
- (a) For emails – on the business day they are sent.
- (b) For the Xtrempay App – on the business day you view (or accept, if applicable) them through the App.
Intellectual Property
Xtrempay”s website, app, and all related logos, products, and services are trademarks or registered trademarks of Xtrempay Africa, Village Assist, or their affiliates. You are prohibited from copying, imitating, or using these trademarks without prior written consent.
All rights to the website, app, and their content belong to Xtrempay and its licensors. Product descriptions, pricing, and user reviews displayed on third-party websites are provided for informational purposes only, and Xtrempay does not guarantee their accuracy, completeness, or reliability.
General Terms
1. Additional Services: Xtrempay may introduce new services via the App or website, which may be subject to separate terms. Any new fees associated with such services will be clearly communicated, and you will need to opt-in to these services.
2. Severability: If any provision of these terms is deemed invalid or unenforceable by a court, the remaining provisions will remain valid and enforceable.
3. Entire Agreement: These terms and conditions constitute the entire agreement between you and Xtrempay, superseding any prior agreements or understandings, whether written or oral.
Funds in your Xtrempay account are protected under the Nigeria Deposit Insurance Scheme, subject to limits imposed by the Nigeria Deposit Insurance Corporation (NDIC).
Language and Communication
Xtrempay will communicate primarily in English and may use emojis or colloquial expressions. If you have questions, contact us via email at [email protected] or through in-app messages and verified social media handles.
Applicable Law and Dispute Resolution
These terms and conditions are governed by the laws of the Federal Republic of Nigeria. Disputes will be resolved in Nigerian courts, but parties must first attempt to resolve issues amicably through good faith negotiations.
Xtrempay is designed to address specific challenges in the digital and financial space, supporting the informal financial sector and driving financial inclusion in addition, we offer Passabi and Moola, which provides range of financial needs.
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