1. Acceptance of Terms

By accessing and using Afripay, you accept and agree to be bound by the terms and provision of this agreement. If you do not agree to abide by these terms, please do not use this service.

2. Service Description

Afripay is an escrow service platform that facilitates secure transactions between buyers and sellers. We hold funds securely until both parties fulfill their obligations.

3. User Accounts

To use our services, you must create an account and provide accurate, complete information. You are responsible for maintaining the confidentiality of your account credentials.

4. Fees and Payments

Afripay charges fees for its escrow services as disclosed on the platform. All fees are non-refundable unless otherwise specified.

5. Prohibited Activities

Users may not use Afripay for illegal activities, fraudulent transactions, or any purpose that violates applicable laws.

6. Limitation of Liability

Afripay acts as a neutral third party and does not guarantee the quality, safety, or legality of items advertised.

7. Modifications

We reserve the right to modify these terms at any time. Continued use of the service constitutes acceptance of modified terms.

1. Information We Collect

We collect information you provide directly to us, including name, email address, phone number, and financial information necessary to process transactions.

2. How We Use Your Information

We use the information we collect to provide, maintain, and improve our services, process transactions, and communicate with you.

3. Information Sharing

We do not share your personal information with third parties except as necessary to process transactions, comply with legal obligations, or with your consent.

4. Data Security

We implement appropriate security measures to protect your personal information. All data is encrypted in transit and at rest.

5. Cookies and Tracking

We use cookies and similar technologies to enhance your experience and analyze usage patterns.

6. Your Rights

You have the right to access, update, or delete your personal information. Contact us to exercise these rights.

7. Data Retention

We retain your information for as long as necessary to fulfill the purposes outlined in this policy, unless a longer retention period is required by law.

1. Agreement Overview

This Escrow Agreement governs the use of Afripay's escrow services. By using our platform, all parties agree to the terms outlined herein.

2. Escrow Process

The buyer deposits funds into Afripay's secure escrow account. Funds are held until the seller delivers the agreed-upon goods or services and the buyer confirms satisfaction.

3. Buyer Obligations

The buyer must deposit the full agreed amount into escrow before the transaction begins. The buyer must inspect delivered goods/services and confirm acceptance or raise disputes within the specified timeframe.

4. Seller Obligations

The seller must deliver the exact goods or services as described in the agreement. Delivery must occur within the agreed timeframe and meet quality standards.

5. Dispute Resolution

If a dispute arises, both parties must attempt to resolve it through our mediation process. If unresolved, funds remain in escrow until resolution is reached or legal proceedings conclude.

6. Fees

Escrow fees are calculated based on transaction value and are disclosed before transaction initiation. Fees are typically split between buyer and seller unless otherwise agreed.

7. Fund Release

Funds are released to the seller only after buyer confirmation or automatic release after the dispute period expires without objection.

8. Limitations

Afripay does not guarantee the quality or authenticity of goods/services. Our role is limited to holding and disbursing funds according to this agreement.

Applicable Laws & Jurisdiction

Afripay operates in compliance with Nigerian law and international legal standards. This platform is governed by the laws of the Federal Republic of Nigeria.

Nigerian Legal Framework

Our operations comply with:

• The Companies and Allied Matters Act (CAMA) 2020
• The Cybercrimes (Prohibition, Prevention, etc.) Act 2015
• The National Information Technology Development Agency (NITDA) Act
• The Banks and Other Financial Institutions Act (BOFIA)
• The Money Laundering (Prohibition) Act
• The Terrorism (Prevention) Act

International Compliance

We adhere to international standards including:

• Financial Action Task Force (FATF) Recommendations
• General Data Protection Regulation (GDPR) principles for EU users
• Payment Card Industry Data Security Standard (PCI DSS)
• ISO 27001 Information Security Management

Consumer Protection

Users are protected under:

• Nigerian Consumer Protection Council (CPC) guidelines
• Electronic Transactions Act provisions
• Right to fair trading practices
• Protection against fraudulent transactions

Dispute Resolution

Disputes shall be resolved through:

• Mediation and arbitration as first recourse
• Jurisdiction of courts in Lagos State, Nigeria
• Alternative Dispute Resolution (ADR) mechanisms
• International arbitration for cross-border transactions

Data Protection & Privacy

We comply with Nigerian data protection regulations and international best practices:

• Nigeria Data Protection Regulation (NDPR) 2020
• Right to data privacy and protection
• Secure handling of personal information
• Compliance with cross-border data transfer requirements

Financial Regulations

Our financial operations comply with:

• Central Bank of Nigeria (CBN) regulations
• Securities and Exchange Commission (SEC) guidelines
• Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) requirements
• Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures

Intellectual Property

We respect intellectual property rights under:

• Nigerian Copyright Act
• Patents and Designs Act
• Trademarks Act
• International intellectual property conventions

Limitation of Liability

Afripay's liability is limited as follows:

• No liability for indirect, incidental, or consequential damages
• Liability limited to direct damages not exceeding transaction value
• No liability for acts beyond our reasonable control
• Users agree to indemnify Afripay against third-party claims

Governing Law

This agreement and all transactions are governed by Nigerian law. Any legal action arising from this agreement shall be brought before the competent courts in Lagos State, Nigeria, unless otherwise agreed in writing for international transactions.

Updates to Legal Framework

We reserve the right to update this legal guide to comply with new legislation or regulatory requirements. Users will be notified of significant changes that may affect their rights or obligations.