Terms of Service

These Terms of Service (“Terms”) form a legal agreement between you and Penstack Nigeria Limited (RC 7244872), the company behind AlecerPay (“AlecerPay”, “we”, “us”, “our”). By creating an account or using our website, mobile applications or related services (the “Services”), you agree to these Terms. If you do not agree, do not use the Services.

1. What AlecerPay is

AlecerPay is a financial technology platform that lets you hold multi-currency balances, get paid, send and receive money, convert currencies at real-time rates, withdraw to local banks and spend with a virtual card. AlecerPay is not a bank or other licensed financial institution. The underlying accounts, payment rails, card issuance and settlement are provided by our licensed financial-institution partners ([Licensed partner institution(s) — name and license number(s)]). Your funds are held with those licensed partners, not by AlecerPay.

2. Eligibility

You must be at least [18] years old and legally able to enter into a contract to use the Services. The Services are available only in [operating countries — confirm exact list], and certain features may be restricted by your location or by our partners’ requirements.

3. Your account and identity verification

• You must provide accurate, current and complete information when you register and keep it up to date.
• You must complete identity verification (KYC) to activate your account and unlock features. Verification and transaction limits may apply and may vary by tier.
• You are responsible for keeping your credentials, transaction PIN and devices secure, and for all activity under your account. Notify us immediately of any unauthorised use.

4. Acceptable use

You agree not to use the Services to:

• engage in money laundering, terrorist financing, fraud, or any unlawful, deceptive or abusive activity;
• transact in a way that breaches applicable laws, sanctions or our partners’ requirements;
• impersonate others, provide false verification information, or attempt to circumvent security or verification controls;
• interfere with, disrupt, reverse-engineer or gain unauthorised access to the Services.

We may refuse, hold, reverse or report transactions, and restrict or close accounts, where required to meet legal, regulatory or partner obligations or to prevent harm.

5. Fees and exchange rates

Fees for the Services, where they apply, are disclosed to you before you transact and are published at [link to published fee schedule]. Currency conversions use real-time exchange rates that may include a margin, which will be shown before you confirm a conversion.

6. Cards

Virtual cards are issued through our licensed partners and are subject to their terms as well as these Terms. You are responsible for how your card is used and for keeping it secure. You can freeze a card or block certain transaction types through the app where those controls are available.

7. Suspension and termination

You may stop using the Services at any time. We may suspend or terminate your access, with or without notice, if you breach these Terms, if required by law or our partners, or to protect you, other users or the Services. Where funds remain in your account on termination, they will be handled in accordance with our partners’ procedures and applicable law.

8. Disclaimers

The Services are provided on an “as is” and “as available” basis. To the fullest extent permitted by law, we disclaim all warranties not expressly stated in these Terms. AlecerPay is not a bank, does not take deposits, and customer funds are not covered by any deposit-insurance scheme offered by AlecerPay.

9. Limitation of liability

To the fullest extent permitted by law, Penstack Nigeria Limited will not be liable for any indirect, incidental, special or consequential losses, or for loss of profits, data or goodwill, arising out of or relating to your use of the Services.

10. Governing law and disputes

These Terms are governed by the laws of [Governing-law jurisdiction — e.g. Federal Republic of Nigeria]. Any dispute arising from these Terms or the Services will be subject to the courts of that jurisdiction, without prejudice to any mandatory consumer protections available to you.

11. Changes to these Terms

We may update these Terms from time to time. When we do, we will revise the “Last updated” date above and, where appropriate, notify you through the Services. Continued use after changes take effect means you accept the updated Terms.

12. Contact us

Questions about these Terms? Contact Penstack Nigeria Limited at [email protected] or +234 800 ALECER (253237), or write to us at [Registered office address].

See also our Privacy Policy, Cookie Policy and Compliance pages.