The use of the MoMo Payment Service Bank (“MoMo PSB”) Merchant App is guided by the rules and regulations outlined herein, all applicable laws, and as shall be amended by MoMo PSB from time to time.

1. DEFINITIONS
1. “Account/Wallet”

Means the account holding the Merchant/Customer’s/ funds and through which the Merchant/Customer is able to carry out transactions.

2. “Merchant”

Means any individual or business entity that is engaged in business activities like trade of goods and services.

3. “AML/CFT/CPF”

Means Anti-Money Laundering, Combating the Financing of Terrorism and Combating Proliferation Financing in Banks and Other Financial Institutions in Nigeria as contained in the CBN/AML/CFT/CPT Regulations 2022.

4. “BVN”

Means Biometric Verification Number used by the banking industry in Nigeria, advised by the Central Bank of Nigeria (“CBN”) and obtained via approved financial institutions.

5. “Credit”

Means the process by which a subscriber deposits funds into his/her Wallet.

6. “Debit”

Means the removal of funds by a Merchant/User from his/her Wallet.

7. “GSM”

Means Global System for Mobile Communications as defined in the European Technical Standards Institute of specifications.

8. “KYC”

Means Know Your Customer information acquired pursuant to the various requirements and rules issued under extant laws and by the CBN to procure personal identification details and proof of address documents from the Customer as may be required from time to time for availing and/or continuation of the banking services.

9. “KYC Tier”

” means the different levels of Merchant/ Customer KYC as defined by the CBN (please refer to the CBN circular on ‘Three-tiered KYC requirements’ available at the CBN website).

10. “Merchant” or “Customer”

Means the individual or business entity in whose name the Wallet is registered. In addition, the Merchants/customers are segmented into individuals, small businesses, corporates entities, etc.; and shall mostly be located within the rural, semi-urban, and urban areas, within the territory of the Federal Republic of Nigeria.

11. “MoMo”

Means the digital payment module made available by MoMo PSB.

12. “MoMo PIN”

Means the 4 (four) digit personal identification number created by the Customer which is required for transaction authentication purposes, to carry out transactions and any other activities as permitted on the MoMo PSB platform.

13. “NIN”

Means National Identification Number issued by the National Identity Management Commission (NIMC) of the Federal Republic of Nigeria.

14. “Personal Information”

Means any information relating to an identified or identifiable natural person and as defined under the Nigeria Data Protection Act 2023 or any amendment to it.

15. “Service/Services”

Means the MoMo payment service provided by MoMo PSB.

16. “SIM Card”

Means a Subscriber Identification Module (incorporating an International Mobile Subscriber Identifier ‘IMSI’ and Mobile Station Integrated Services Digital Network ‘MSISDN’) which when activated by a telecommunications operator provides a Customer/Subscriber using a compatible Terminal Equipment with access to its network.

17. “SMS”

Means Short Messaging System commonly referred to as text message.

18. “Terminal Equipment”

Means a terminal and accessories thereto utilized by the Merchant/Customer/User to send and/or receive messages and voice calls via a telecommunications network (which is commonly known as the mobile handset).

19. “USSD”

Means Unstructured Supplementary Service Data.

20. “We/Us”

Means MoMo Payment Service Bank, i.e. MoMo PSB.

21. “You”

Means the Merchant/Customer/User making use of the Service.

THE TERMS AND CONDITIONS

1. These are the terms and conditions upon which You may use the Service provided by MoMo PSB, the acceptance of which constitutes a binding contract between Yourself and MoMo PSB.
2. When You register as a Merchant/ Customer/User by onboarding via any of our channels (USSD, App, or through any of our designated platforms), You agree to abide by these conditions of use of the Service and You also agree that MoMo PSB has the sole discretion to amend these terms and conditions and that such changes shall be without prejudice to Your opt-out option. You therefore need to read and fully understand these conditions of use of the Service and if You do not agree to the terms as stated herein, please do not proceed to register for and/or use the Service.
2. THE SERVICE
1. The Service is made available subject to these terms and conditions of use.
2. You must comply with the instructions that MoMo PSB may give You from time to time about the Services.
3. With the exception of calls made to our Customer Service Help Line and other designated toll-free numbers, all calls will be charged according to the applicable tariff plans.
4. Your calls, emails or SMS may be monitored or recorded for use in line with business practices such as quality control training, ensuring effective system operation, prevention of unauthorized use of telecommunications system and detection and prevention of crime.
5. Merchants/Customers will be charged for all the telecommunications services (i.e. SMS or USSD session) utilized to carry out a transaction.

Availability of the Service

6. MoMo PSB will reasonably endeavor to make its Services accessible within the coverage area. MoMo PSB does not guarantee that Services will be available at all times due to external factors out of MoMo PSB’s control.
7. MoMo PSB reserves the right to make changes or corrections, alter, suspend, discontinue or terminate any aspect of the MoMo PSB platform and Services, and Your access to it, at anytime immediately without notice, depending on the circumstances.
8. MoMo PSB will not be responsible or liable for any loss whatsoever or howsoever arising as a consequence of any non-availability of the Services. The Services are not fault free and factors including (but not limited to) acts of God, geographical topography, weather conditions, planned maintenance or rectification work on the MoMo PSB platform or regulatory requirements may interfere adversely with the quality and provision of the Services.

Damage, loss, or theft of SIM Card

9. In the event of damage to, loss or theft of Your SIM Card, You are obliged to inform Us within 24 (twenty four) hours of such damage, loss or theft. MoMo PSB will then disable Your Wallet to prevent further use of the Services until You notify Us that Your SIM Card has been retrieved or replaced.
10. Please note that You will be responsible for all charges and transactions effected up to the time of receipt by Us of Your notification of the damage, loss, or theft. Notification of any such damage, loss or theft may be given by, but not limited to telephoning the Customer Care, sending email, and physical delivery of a letter using the information provided in Clause 16 and Clause 17 below. All Communications in either electronic or non-electronic format from You to us will be considered “in writing”. You shall indemnify Us against any claims made in respect of any transactions effected with MoMo PSB and SIM Card prior to such notification being received.
11. MoMo PSB will adopt all technical and security measures to ensure the protection of the privacy and confidentiality of Merchant/Consumer information and assets against unauthorized access. However, in the unlikely event of unlawful interception by persons other than the intended recipient after adequate technical and security measures have been ensured by MoMo PSB, MoMo PSB will not be liable for any loss, injury or damage direct or consequential arising out of any such compromise of confidentiality of Your information.
3. ACCEPTANCE AND COMMENCEMENT OF CONDITIONS OF USE

You are deemed to have accepted these terms and conditions of use of the Services as amended from time to time and which take effect upon Your successful onboarding on the service and/or upon the initial activation of Your MoMo Wallet.

4. LANGUAGE AND COMMUNICATION

English will be the primary language of our communication to You. We may use emojis or colloquialisms, but we will always communicate in English. Should You have any questions about Your relationship with MoMo PSB, You can contact us via email – Email: info@momopsb.com

5. THE WALLET

The Wallet is opened and owned by MoMo PSB, and this Service is currently available to anyone who meets requirements set by MoMo PSB and the Central Bank of Nigeria (“CBN”).

6. APPLICATION FOR WALLET
1. Nigerian citizens with a valid means of identification and other relevant documents may apply for a Wallet.
2. Foreigners wanting to benefit from the Service would be required to provide evidence of residence in Nigeria in the form of a residence permit and have a telephone number duly registered in line with the requirements of the Nigerian Communications Commission (“NCC”).
3. We will require Your personal details and information before a decision is made on Your application. All information provided pursuant to an application must be complete and accurate.
4. We may decline Your application at our sole discretion where Your application does not meet out requirements.
5. We may use Your sim registration details for MoMo wallet registration, activation or validation during account opening and the life span of Your relationship with MoMo PSB.
6. We may verify Your identity and all information provided and may refuse to open a Wallet for You if We are not satisfied with any information provided pursuant to Your application.
7. Your Wallet will be held and maintained by MoMo PSB.
8. Persons below the age of 18 (minors) may open a Wallet using a guarantor or parent’s identification information. However, the minor shall not be allowed to operate the wallet but may have the wallet operated on his/her behalf by the guarantor or parent. The guarantor or parent will be required to provide some information during the onboarding process as follows:
• The guarantor or parent is a MoMo PSB User.
• The guarantor or parent is a citizen of Nigeria and is resident within the territory of the Federal Republic of Nigeria; and
• The guarantor is a parent/legal guardian of the minor.
7. DATA PROTECTION AND PRIVACY
1. MoMo PSB may collect certain Personal Information during the course of Your application for a Wallet and, generally, in the course of use of the Service. By accepting these terms and conditions You consent to MoMo PSB processing, storing, and sharing of Your Personal Information. All personal information shall be stored, processed, and dealt with in line with MoMo PSB’s Privacy Policy available on the MoMo PSB website, the Nigeria Data Protection Act 2023, and any other applicable extant regulations.
2. You also unequivocally consent to and grant MoMo PSB the right to use such data to verify Your identity, telephone number, and other provided information whenever required during Your use of the Service.
8. SUSPENSION OR DISCONNECTION OF THE SERVICES AND CLOSURE OF THE MOMO WALLET
1. MoMo PSB may suspend (bar), restrict or terminate the provision of the Services (in whole or part) and/or close Your Wallet without informing You and without any liability whatsoever (although, MoMo PSB will, where possible, try to inform You that such action is or may be taken) under the following circumstances:
• If MoMo PSB is aware or has reason to believe that Your device or MSISDN/ MoMo PIN number used in relation to the MoMo PSB services is/are being used in an unauthorized, unlawful, improper or fraudulent manner or for criminal activities (or has been so used previously).
• If You do not comply with any of the conditions relating to the MoMo PSB services Including these conditions of use.
• If You notify MoMo PSB that Your device has been lost or stolen or Your MoMo PIN has been lost or disclosed to any other party.
• If You do anything (or allow anything to be done) with Your device which may damage or affect the operation or the security of the MoMo platform or Services; and
• For reasons outside of Momo PSB’s control (i.e. in compliance with an order of the law courts of the Federal Republic of Nigeria or based on a directive from a law enforcement agency or regulatory authority having such powers).
2. If MoMo PSB closes Your wallet as a result of clause 9.1.1 above or other unlawful activity that results in loss of money to MoMo PSB, You hereby agree that MoMo PSB has the right to recover or claw back from Your wallet the full amount of money lost by MoMo PSB or involved in the unlawful activity without recourse to You.
3. To access the MoMo PSB services, Your SIM Card must be operational (“active”) at all times. Please note that if Your SIM Card is inactive for a consecutive period of 180 (One Hundred and Eighty) days, Your SIM Card may be deactivated by Your mobile network operator. Furthermore, if You do not undertake a revenue generating activity for a consecutive period of 365 (Three Hundred and Sixty Five) days, Your mobile network operator shall disconnect the SIM Card from Your use and recycle same. If Your SIM Card is deactivated, You can access MoMo PSB services with Your new registered phone number and upon verification, Your MoMo Wallet/Account will be transferred to Your new SIM.
4. If Your Wallet is inactive for a period of 24 (Twenty-Four) months, Your Wallet will be closed and any funds therein remitted to the Central Bank of Nigeria in line with the Directives on E-money issuance.
5. MoMo PSB will also close Your Wallet upon receipt of Your request to close same.
6. Where the use of Your MoMo PIN has been suspended or disconnected or Your Wallet closed, any credit balance in Your Wallet will be repaid to You in cash upon Your presenting Yourself at any of our Customer Care Centers or agent points with a valid proof of identification and satisfactory response to any requested information. You will only be paid any applicable wallet balance in cash upon satisfactory evidence of Your identity being produced.
7. In addition to Clause 9.6 above, any amount owed to You can be transferred to Your preferred bank account at Your request, upon satisfaction of the necessary conditions.
8. MoMo PSB will not be responsible to You for any direct, indirect, consequential, or special damages arising from any act or omission by MoMo PSB or any third party for whom MoMo PSB is responsible, whether arising in contract or statute if MoMo PSB closes or suspends Your Wallet in terms of this Clause 8.
9. TARIFFS
1. All tariffs as published are payable for each transaction effected from Your Wallet. The ‘Tariff Guide’ will be available at MoMo PSB’s Customer Care Centers or by accessing the MoMo PSB website.
2. Tariffs payable on each transaction will be deducted from Your Wallet on the conclusion of each transaction and Your new balance shall be notified to You by SMS or displayed on the digital channel that You use to perform the transaction.
3. All tariffs are subject to other applicable levies as prescribed by regulations and extant laws at the prevailing rates at the time of the transaction.
4. All charges payable by You in connection with the use of the Services shall be debited from Your Wallet without further reference to You.
10. TRANSACTIONS
1. All transactions shall be in Nigerian Naira.
2. All debit transactions from Your Wallet will be effected by transfer instructions authorized with the MoMo PIN which You selected when You registered, or by such other method MoMo PSB may prescribe from time to time.
3. Whilst Momo PSB shall exercise due caution in the provision of the Service, You agree that Momo PSB shall have no duty to verify the correctness of any instructions or the identity of the sender of the instructions and You expressly agree to be bound by any instructions and communications, whether or not authorized, sent in Your name having Your PIN and other pre-agree transaction authorization criteria and accepted by Momo PSB.
4. No transaction can be effected without entering and validating Your MoMo PIN. You will have 3 (three) attempts to enter the right MoMo PIN. If You enter the wrong MoMo PIN on the third attempt, the Wallet will be suspended for two (2) hours after which You can attempt to re-enter Your Pin. In the event that the Wallet is disabled, Customers can call the call center to reset their MoMo PIN. The MoMo PIN shall only be reset upon successful validation of the identity of the Customer and satisfactory provision of requested information. MoMo PSB shall bear no liability to You where the requester of the reset adequately satisfies the security checks.
5. Your Wallet will be credited when You process a credit request via any of our MoMo channels, or when same is transferred to Your Wallet from another Customer.
6. You cannot effect any transaction from Your Wallet in the event that You do not have sufficient funds in Your Wallet to meet the value of the transaction and applicable charges thereto.
7. The Service will verify and confirm all transactions effected from Your Wallet by SMS to You. The Service records/database will be taken as accurate unless the contrary is proved.
8. On being provided with a Wallet, You will be able to effect the following transactions:
• A credit transaction by a customer making an electronic payment directly to a Merchant’s account for the purchase of goods or services from the Merchant. In exchange for such goods or services, the payment will be credited into Your Wallet. Upon a credit transaction being made, Your Wallet will be credited accordingly less applicable charges, taxes, and levies.
• A debit transaction by the exchange of electronic value (via MoMo) for cash equivalent at any Agent by sending a transfer instruction to the Service and entering Your MoMo PIN on Your device when requested to do so. The Agent will pay the equivalent amount of cash to You less applicable charges, taxes, and levies.
• The transfer of funds to a customer by sending transfer instructions via the Service in favour of the Wallet of such Customer, specifying the amount to be transferred.
• The purchase of goods and services from Authorized Retailers by transfer instructions via the Service of the amount to be transferred to the Authorized Retailers’ Wallet in settlement of the goods and/or services purchased.
9. Upon any credit transaction and debit transaction being effected, the Service shall credit or debit, including applicable charges, taxes, and levies; Your Wallet once the sum is equally credited to, withdrawn, or transferred by You from Your Wallet.
10. The Service may confirm every transaction made by way of SMS together with an updated balance of Your Wallet.
11. Any debit transactions given using Your MoMo PIN will be charged to Your Wallet. You acknowledge that unless, and until MoMo PSB receives notice from You that Your MoMo PIN is no longer secure and/or that Your device has been lost or stolen, MoMo PSB shall rely on the use of the MoMo PIN as conclusive evidence that a debit transaction has been authorized by You, even if it is actually made without Your authority. MoMo PSB shall not require any written confirmation of any transaction instruction or require any further confirmation/authorisation other than Your MoMo PIN.
12. Your Wallet may only be operated by You within the territory of the Federal Republic of Nigeria
13. Each transaction is identified by a unique reference number which is used to track and identify all transactions carried out on Your Wallet. A confirmation SMS may be sent to You with an updated balance of Your Wallet after each transaction.
14. You must inform us within ten (10) days of the date of any transaction if You think such a record of transactions is inaccurate. Should You fail to do this within this timeframe, it will be interpreted as You waiving the right to dispute any transactions reflected on Your Account statement or to recover any losses from unauthorised transactions reflected in the statement.
11. TRANSACTION LIMIT AND WALLET BALANCE

The daily transaction limit and balance limit on Your Wallet shall be determined by the applicable KYC Tier used in opening the Wallet and in line with any circulars, guidelines as may be prescribed by the CBN from time to time. However, please note that the default KYC tier as would be applied to You will be the KYC tier 1. You would be required to perform an upgrade to either KYC Tier 2 or 3 by satisfying necessary conditions in order for the daily transaction limits and balance limits under these tiers to be accessible to You.

12. UNAUTHORIZED USE
1. Only one MoMo PIN can be linked to Your Wallet at any time.
2. Only You may use Your device, SIM Card and MoMo PIN for carrying out transactions via the Service on Your Wallet.
3. You are responsible for the safe-keeping and proper use of Your device, for keeping Your MoMo PIN and all transactions that take place on Your Wallet using Your MoMo PIN. Should You enter an incorrect PIN, after three invalid attempts, You will be locked out of the Service for security purposes. To restore access to Your Wallet, You can select the self-PIN reset options on the USSD menu, or You can visit the nearest Customer Care Centre, or You can contact our customer support on 671 or 08031067100.
13. SECURITY

You acknowledge and accept that, as with any network, You may be exposed to:

1. unauthorised invasions of privacy during, or as a result of, using the Service.
2. system-threatening viruses and other unauthorised and invasive programs transmitted by third parties.
3. unauthorised dissemination and publication to others of information and material originally sent only to selected recipients on or through the platform.
4. eavesdropping and electronic trespassing; fraud and forgery; and
5. the failure of information and data to reach their intended destinations and/or erroneous receipt or misdirection of such information. Although our privacy and security features are designed to reduce these risks, We cannot guarantee their elimination. MoMo PSB shall not be liable for any breach of confidence or loss arising as a result of such events.
14. STATEMENTS

You may upon payment of a prescribed fee request a statement printout from Us showing the transactions on Your Wallet within a specified period not later than two (2) years from the date of the request.

15. NOTICES
1. The address You supply during Your MoMo onboarding process shall be regarded as Your chosen address where notices may be given, and documents may be served. You must notify Us immediately should Your physical, postal, email address or cell phone number or any other information supplied to Us changes.
2. Any notice sent to You by post shall be duly given if sent by a courier company or if delivered by hand at Your address as provided in our records and upon same having been acknowledged by or on behalf of the addressee on the date of delivery.
3. Any correspondence We send to You by email will be considered to have arrived on the day that it was sent.
4. We are entitled to send information to You via SMS to the contact telephone number provided upon Your onboarding and as amended from time to time. These SMS’ are for information purposes only.
5. All notices sent to Us should be addressed as follows:

The Chief Executive Officer

MoMo Payment Service Bank

290B Akin Adesola Street

Victoria Island

Lagos State

16. SUPPORT
1. OnMoMo PSB shall provide Merchants/Customers with service support through any of the following means:
• Call Centre on: Short dial 691 and long dial +2348031067100
• Email: customercare@momopsb.com
• All designated customer care centers
• MoMo PSB Agents Outlets
17. MoMo PSB Internal Dispute Resolution Centre

In the event of any unsatisfactory feedback received regarding a reported complaint, Customer shall refer the matter to the Internal Dispute Resolution Center of MoMo PSB using the contact information provided in Clause 17.1 above

18. MONEY TRANSFER REVERSAL
1. You must lodge a complaint of a wrong transfer within 30 (thirty) days from the date of the incident. Careful investigation will be conducted to establish the claim as part of processing the reversal.
2. MoMo PSB will endeavour to effect reversals of any established/proven wrong transfer within 5 (five) working days but in any event not later than 10 (ten) working days from the date on which the wrong transfer is confirmed.
3. Where the amount in question is fully available in the recipient’s Wallet as at the time of receiving the complaint, MoMo PSB shall hold the funds for further investigations. Funds which have been partially withdrawn and no longer in Your Wallet cannot be held by Us.
4. In the event where the amount is not in the Wallet of the supposed wrong recipient, You would be advised accordingly.
5. MoMo PSB will take reasonable steps to contact the supposed wrong recipient, through calls and SMS, within 3 (three) working days of receiving a reversal request.
6. The wrong recipient must make reasonable efforts to respond to the calls and SMS during the 3 (three) days of contact.
7. MoMo PSB will endeavor to perform the reversal after the 3 (three) working days without any feedback from the wrong recipient.
8. MoMo PSB does not have any obligation to perform a reversal in the event of any dispute with a designated payee.
9. Transaction notification will be sent to You (the sender) upon completion of the reversal.
19. CONSENTS AND CONDUCT OF THE WALLET HOLDER
1. You consent to MoMo PSB sending messages, notices or any other details related to MoMo PSB and/or its affiliates products/services to Your mobile number/email address/residential address on the records of MoMo PSB.
2. You consent that only phone numbers registered on the “Do Not Disturb” list shall not be considered for telemarketing offers for the products offered by MoMo PSB. MoMo PSB shall therefore not be responsible or liable for any such offers received on a phone number not registered on the “Do Not Disturb” list.
3. Notwithstanding the foregoing, please note that registration on the “Do Not Disturb” list shall not limit calls from MoMo PSB, MoMoPSB Services maintenance or any other related issues, for administering or servicing of any MoMoPSB Services, alerts on transactions, etc.
4. You consent to MoMo PSB’s provision of the Services directly and/or through authorized representatives.
5. You consent to MoMo PSB’s right to verify Your KYC/BVN/NIN details as per the applicable laws.
6. You consent to MoMo PSB making enquiries about Your credit record with any credit reference agency and any other party to confirm the details of this application only to the extent that You are a borrowing customer. Customers with no credit related request are not obliged to consent to credit checks and will not be liable to pay for associated fees.
7. A certificate or invoice signed by any of our managers (whose appointment need not be proved) showing the amount You owe Us is sufficient proof of the facts stated on the certificate unless the contrary is proved.
8. You must pay all our expenses in recovering any amounts You owe Us including any legal fees so incurred.
9. You are responsible for Your connection to the internet and all costs associated with that same connection.
10. You must notify Us immediately of any change in Your details as contained in Your application.
11. You agree that Your information, including Your personal information, Your telephone conversations with our call centre and Your transactions will be recorded and stored for record keeping purposes for 7 (seven) years after the date of closure of the Wallet.
12. We are obliged by law to regularly update Your personal information, such as Your current residential address and contact information. We may contact You From time to time in this regard.
13. All copyright, trademarks and other intellectual property rights used as part of our Services or contained on our documents are owned by MoMo PSB or its licensors. You agree that You acquire no rights thereto.
14. You accept that all transactions effected on Your device are subject to other applicable Terms and Conditions as available on our website from time to time.
15. Your Wallet may be transferred to and used on any mobile telecommunications network operator.
16. By using the MoMo App, You agree to allow it to exclusively read and automatically fill in OTPs received via SMS from MoMo. This functionality will only be enabled when the SIM card associated with the phone number is inserted into the same device where the App is being used.
20. KYC REQUIREMENTS

MoMo PSB may, from time to time, request additional information/document(s) from You at any time. Where You are unable to provide such additional information/document(s) MoMo PSB may, at our sole discretion suspend or terminate Your Account. MoMo PSB maintains all authority to suspend or terminate Your Account where You provide us with inaccurate, inexact, or false information.

21. INTELLECTUAL PROPERTY RIGHTS

MoMo PSB shall be the owner/licensor/licensee of any of its software, websites, app, trademarks, trade secrets, trade names, designs, patents, copyrights, intellectual property and any of its copies, derivative work etc. (“Intellectual Property”). You shall not use any Intellectual Property of MoMo PSB without prior written consent from MoMo PSB. You agree that You shall have no claims/rights of whatsoever nature in the intellectual property rights arising out of and in connection with platform, account, and Services. You further undertake that You shall not attempt to modify, alter, obscure, translate, disassemble, decompile or reverse engineer the software underlying mobile application or create any derivative product based on the software/Platform or any of the Intellectual Property of Momo PSB.

22. SANCTIONS
1. Any abusive and/or fraudulent usage of the Wallet and any false declaration may be punished by the laws of the Federal Republic of Nigeria as applicable and may lead to the suspension or termination of the Wallet.
2. In the event of a stolen/missing SIM Card or device, You must call the MoMo PSB Customer Service Centre on 671 or +2348031067100 or visit the nearest designated Customer Care Centre to make a report
3. In the case of fraud on Your Wallet, You must subsequently provide a police extract as part of Your complaints to commence the necessary checks. Note that any loss incurred during this period will be a personal liability for which MoMo PSB shall not be responsible.
4. The Wallet owner will be responsible for all fees and transactions effected up to the time of receipt by MoMo PSB of Your report of the damage, loss or theft of Your SIM Card in line with the provisions of this Clause 22.
5. You must comply with the instructions that MoMo PSB may issue from time to time about the use of the Service.
23. VARIATIONS
1. Customers shall submit their complaints via the channels provided in Clause 17 above for resolution.
2. Where there is any stalemate, complaint is unresolved or a Customer is not satisfied with the feedback from MoMo PSB Service Support, the Customer shall refer the matter to the Internal Dispute Resolution Center of MoMo PSB within 1(one) week after the unsatisfactory feedback as outlined in Clause 17.2. However, if Merchant/Customer remains unsatisfied with the resolution and feedback of the MoMo PSB internal dispute center, Merchant/Customer may proceed to refer the matter to the Consumer Protection Department (CPD) of the CBN within 2 (two) weeks of lodging of the complaint.
3. The CBN shall take up all referred unresolved complaints or disputed decisions by MoMo PSB and issue appropriate directives, where required.
24. VARIATIONS

MoMo PSB reserves the right to vary at any time and without prior notice to You these Conditions of Use. Variations will be notified by way of advertisement in a daily newspaper, SMS or through MoMo PSB website and or by using any other suitable means provided that You shall be deemed to have been notified of any such variations.

25. FORCE MAJEURE
1. MoMo PSB shall not be liable for delay in performing or failure to perform any of its obligations under these Terms and Conditions which is caused by circumstances beyond its reasonable control, including, but not limited to, the failure, malfunction or unavailability of telecommunications, data communications and computer systems and services, natural calamities, war, civil unrest, government action, strikes, lock-outs or other industrial action or trade disputes (whether involving the Momo PSB’s employees or those of a third party).
2. Any delay or failure of this kind will not be deemed to be a breach of these Terms and Conditions and the time for performance of the affected obligation will be extended by a period which is reasonable in the circumstances.
26. EXCLUSION OF DAMAGES AND LIMITATION OF LIABILITY

MoMo PSB shall not be liable to any Merchant/Customer for any loss incurred, except such loss directly arises from the provision of the Services. MoMo PSB shall not be liable or responsible for a transaction failure arising as result of the following reasons:

1. You have not been properly registered (where registration is required) or been authorized to use MoMo PSB services, or where the authorization for such use has been withdrawn or suspended.
2. The amount of the transaction requested by You is below the minimum or above the maximum limits allowed by the CBN or MoMo PSB and/or specified for such transaction.
3. You’re entering an incorrect PIN, or user ID (if required), or not providing the relevant authentication required by the service from time to time in connection with the transactions.
4. MoMo PSB has suspended or barred You from using the MoMo PSB Services for any reason whatsoever.
5. You have exceeded any daily, monthly, or annual limits specified with respect to the number, or value of the transactions permitted.
6. If in the opinion of MoMo PSB and/or You, the transaction requested by the Customer is suspected to be fraudulent.
7. The failure of the GSM Network, or any other system required for the service, for whatever reason other than by reason of gross negligence on the part of MoMo PSB.
8. Defects, problems, or failures of any transaction caused by an event of Force Majeure.
9. Any transaction being effected with a lost or stolen PIN which loss or theft was not notified to MoMo PSB and/or You as required.
10. Your failure to perform Your obligations under the terms and conditions of use relating to the service and/or any agreement or mandate entered into You, relating to the carrying out of the transactions and/or use of the service.
11. MoMo PSB will not be liable to You or any third party for any consequential, incidental, indirect, punitive, or special damages (including, without limitation, damages relating to lost profits, lost data, or loss of goodwill) arising out of, relating to or connected with the use of the Services, associated with any form of network restrictions directly or indirectly impacting our service channels.
27. INDEMNITY
1. You agree to indemnify, defend and hold MoMo PSB and its employees, representatives, agents, attorneys, affiliates, directors, officers, members, managers and shareholders (“Indemnified Parties”) harmless from any damage, loss, cost or expense (including without limitation, attorneys’ fees and costs) incurred in connection with any third party claim, demand or action (“Claim”) brought or asserted against any of the Indemnified Parties: (i) alleging facts or circumstances that would constitute a breach by You of any provision of these Ts&Cs or (ii) arising from, related to, or connected with Your use of the Services.
2. You agree to indemnify, defend and hold MoMo PSB and its employees, representatives, agents, attorneys, affiliates, directors, officers, members, managers and shareholders (“Indemnified Parties”) harmless from any fraud or any loss or damage suffered by Momo PSB due to any reason whatsoever including but not limited to the failure on Your part to communicate correct permanent or communication address, communication number, email address, KYC Information and/or failure on Your part to communicate any change/alteration in the said permanent or communication address, communication number, email address, KYC Information.
28. CUSTOMER’S REPRESENTATION

By using the MoMo PSB Services, You represent and warrant that:

1. All registration information You submit shall be true, accurate, current, and complete.
2. You will maintain the accuracy of such information and promptly update such registration information, as necessary.
3. You have the legal capacity, and You agree to comply with these Terms and Conditions.
4. You are not a minor or have satisfied the conditions of same in Clause 7 above.
5. You will not access any of the MoMo Services through automated or non-human means, whether through a bot, script or otherwise.
6. You will not use the MoMo PSB service for any illegal or unauthorised purpose.
7. Your use of the MoMo PSB service will not violate any applicable law or regulation.
8. If You provide any information that is untrue, inaccurate, not current, or incomplete, we have the right to suspend or terminate Your Wallet and refuse all current or future use of the Service.
29. ANTI-CORRUPTION, ANTI-MONEY LAUNDERING, AND FINANCIAL TERRORISM

You hereby undertake that You will comply with the applicable provisions of the Anti- Corruption Laws and CBN AML/CFT/PF Regulations 2022 and extant laws of the Federation aimed at combatting money laundering, financing of terrorism and proliferation financing in line with regulations and directives of the Central Bank of Nigeria.

30. GOVERNING LAW AND DISPUTE RESOLUTION
1. These terms and conditions of use of the Service and all matters of disputes arising therefrom or incidental thereto shall be governed in accordance with the Laws of the Federal Republic of Nigeria.
2. In the event of a dispute or difference between You and MoMo PSB in connection with or in relation to this Agreement or its performance, construction or interpretation, the Party alleging the dispute shall provide a written notice, giving particulars of the dispute (the Notice of Dispute) to the other Party via the channel provided in Clause 17. You and MoMo PSB agree to each appoint a representative and to cause their respective representatives to meet as soon as possible, in an effort to resolve the dispute amicably, in good faith and with absolute fair play. All such representatives of the Parties shall be referred to as ‘Settlement Nominees’ and the period agreed on for such discussion shall be referred to as “Period of Discussion”.
3. If the dispute is not resolved by formal negotiation within fourteen (14) Business Days of the notice of dispute, the dispute shall be settled by a sole mediator in accordance with the provisions of the Arbitration and Mediation Act, 2023.
4. Where there is a dispute between the provisions of these Terms and Conditions, and any regulation of the CBN, the CBN regulations shall prevail.