Compliance

1. Regulatory status

AlecerPay is a product of Penstack Nigeria Limited (RC 7244872). AlecerPay is a financial technology company, not a bank or other licensed financial institution.

Payment, account, card and settlement services are provided by our licensed financial-institution partners ([Licensed partner institution(s) — name and license number(s)]). Customer funds are held with these licensed partners, not by AlecerPay. We do not take deposits, and we do not offer any deposit-insurance scheme of our own. The regulated banking and payment services behind the platform are delivered by our partners under their own licenses and regulatory supervision.

2. Anti-money-laundering (AML) & counter-terrorist-financing (CFT)

We are committed to preventing our platform from being used for money laundering, terrorist financing or other financial crime. Working with our licensed partners, our program includes:

• Know Your Customer (KYC):identity verification for every user using government identification (BVN, NIN, passport or driver’s license), proof of address and a selfie, with tiered verification and limits.
• Ongoing monitoring: monitoring of transactions for unusual or suspicious activity.
• Sanctions and watchlist screening as part of onboarding and ongoing checks.
• Reporting: escalation and reporting of suspicious activity to the appropriate authorities where required by law.

3. Data protection

We handle personal data in line with our Privacy Policy and applicable data protection law. We collect only the data we need to provide and secure the Services and to meet our legal and regulatory obligations, and we share it only with the service providers and partners described in that Policy.

4. Security standards

We apply enterprise-grade security controls, including:

• Encryption of data in transit and at rest.
• Systems designed to meet PCI-DSS standards for card data.
• Multi-factor authentication and biometric authentication options.
• A transaction PIN to authorise transfers.
• AI-assisted fraud monitoring and anti-fraud controls.

5. Fraud prevention

We continuously monitor for fraudulent and unauthorised activity and may hold, decline or reverse transactions, or restrict accounts, to protect you and the integrity of the platform. If you notice anything suspicious on your account, contact us immediately.

6. Complaints and reporting concerns

If you have a complaint or wish to report a compliance or security concern, contact Penstack Nigeria Limited at [email protected] or +234 800 ALECER (253237). We take all reports seriously and will investigate and respond.

7. Regulatory cooperation

We and our licensed partners cooperate with regulators and law-enforcement authorities and will disclose information where we are legally required to do so.

8. Contact us

Penstack Nigeria Limited (RC 7244872), [Registered office address]. Email [email protected].

See also our Privacy Policy, Terms of Service and Cookie Policy pages.