Terms of Service

1. About these terms

These Terms of Service (the "Terms") are an agreement between you and BakarePay ("we", "us", "our"). They apply whenever you use our website, web app or any related service (together, the "Service").

By creating an account or using the Service, you agree to these Terms and to our Privacy Policy. If you don't agree, please don't use the Service.

2. What we do

BakarePay provides:

• A naira (NGN) wallet that holds the money you add to your account;
• A personal Nigerian deposit account number, issued in your name by our banking partner after we verify your BVN, which you use to fund your wallet by bank transfer;
• Deriv funding and withdrawals, which we provide as a Deriv payment agent, so you can move money between your wallet and your own Deriv account; and
• Cash-outs from your wallet to Nigerian bank and fintech accounts.

We are not a bank, and your wallet is not a bank deposit account: it does not earn interest. Deposit accounts and bank payouts are provided through our banking partner.

We don't offer trading, investment or financial advice. Deriv is a separate company and is not part of BakarePay.

3. Eligibility

To use the Service you must:

• be at least 18 years old and able to enter into a binding contract;
• be resident in Nigeria and hold a valid Bank Verification Number (BVN) in your own name;
• use the Service only for yourself, and not on behalf of anyone else; and
• hold only one BakarePay account.

4. Your account and verification

You agree to give us accurate, complete and current information, and to keep it up to date.

BVN verification. When you sign up, we verify your identity using your BVN. The name, date of birth and phone number on your BVN record are used to confirm who you are and to open your deposit account. A verified BVN is required to use the Service, and your account starts at Tier 1.

Tier 2 (optional). To raise your daily limit, you can submit a government-issued ID — NIN slip, voter's card, driver's licence or international passport — together with a selfie. We review it and let you know the outcome.

We may ask for more information or documents at any time to meet our legal obligations or to protect your account, and we may decline to open or upgrade an account.

5. Your wallet and deposit account

• Money you send to your personal deposit account is credited to your wallet once our banking partner confirms it has arrived.
• Your deposit account belongs to your BakarePay profile. It is closed if your BakarePay account is closed.
• Only send naira to your account number from bank accounts you are entitled to use. Transfers that look unusual may be held while we review them.
• Money leaves your wallet only when you confirm a transfer, or where we reverse a credit made in error (see section 13).

6. Deriv funding and withdrawals

Deriv services are available only while we offer them, and we may pause them at any time. Transfers already in progress when we pause them will be completed.

Connecting Deriv. To use these services, you connect your own Deriv account through Deriv's secure sign-in. You may only fund or withdraw from a Deriv account in your own name.

Funding. When you fund Deriv, we debit the naira amount from your wallet at the Deriv deposit rate shown when you confirm, and send the matching US dollar amount from our payment agent account to your Deriv account. Each funding must be between $5.00 and $10,000.00, and you confirm it with your transaction PIN.

Withdrawals. To withdraw from Deriv, you request a verification code, which Deriv emails to you, and enter it to authorise the withdrawal. Once Deriv confirms it, we credit your wallet in naira at the Deriv withdrawal rate shown when you confirmed. The minimum withdrawal is $5.00.

If Deriv refuses a funding transfer, the naira is returned to your wallet. If a transfer's outcome is unclear, we hold it until we can confirm the result with Deriv, and only then complete it or return your money.

Your use of Deriv is governed by Deriv's own terms. Trading carries risk, and we are not responsible for your trading decisions, trading losses or anything that happens inside your Deriv account.

7. Cash-outs to your bank

• You can send money from your wallet to a Nigerian bank or fintech account. We look up the account name before you confirm — please check it carefully. We can't recall money sent to details you confirmed.
• The minimum cash-out is ₦1,000, plus the cash-out fee. The full amount, fee included, is taken from your wallet when you confirm.
• If the receiving bank rejects the transfer, the full amount — including the fee — is returned to your wallet.
• Most cash-outs are paid within minutes, but banks can occasionally take longer. You can follow the status in the app.

8. Fees and exchange rates

• Deposits: adding money to your wallet is free.
• Deriv funding and withdrawals: there is no separate fee. Our margin (the spread) is built into the Deriv deposit and withdrawal rates, which are shown before you confirm.
• Cash-outs: each cash-out has a fee of $1.50, charged in naira at the current rate and shown before you confirm.

Rates move with the market. The rate and amounts shown when you confirm are fixed for that transaction, and later rate changes don't affect it. We may change our fees and rates, but a change never applies to a transaction you have already confirmed, and we'll give you notice before a new fee applies.

9. Daily limits

• Tier 1 (BVN verified): up to ₦500,000 a day.
• Tier 2 (BVN plus an approved ID): up to ₦5,000,000 a day.

Limits apply to money leaving your wallet each day — Deriv funding and cash-outs together. Money coming in is not limited. We may change these limits, or set a lower limit on an account for security or compliance reasons.

10. Your PIN and account security

• You'll set a 4-digit transaction PIN. It's required to authorise Deriv funding and cash-outs.
• Keep your password, PIN and any verification codes secret. We will never ask you for them — not by phone, email, SMS or WhatsApp.
• Tell us straight away if you think someone else has access to your account. You're responsible for transactions made with your credentials until you tell us, except where the law says otherwise.

11. Prohibited use

You must not use the Service to:

• commit or help with fraud or scams, or send or receive the proceeds of crime;
• launder money or finance terrorism;
• use someone else's BVN, identity, bank account or Deriv account, or open more than one account;
• act for another person or run a payment, exchange or agency business through your account;
• get around our limits, verification or security checks;
• interfere with the Service, access it by automated means without our permission, or try to reverse-engineer it; or
• do anything else that is unlawful under Nigerian law.

We may report suspicious activity to the relevant authorities where the law requires it.

12. Suspension and closure

We may suspend, restrict or close your account, with or without notice, if we reasonably believe you have broken these Terms, if the law or a lawful request requires it, or to protect you or others from fraud or loss.

While your account is restricted, you can still receive money, but you can't send it out. Where we are allowed to, we'll tell you why and what you can do next. Transfers already in progress are completed or returned to your wallet.

You can close your account at any time by contacting support. Any remaining balance is paid out to a bank account in your name, less anything you owe us.

13. Errors, reversals and refunds

• If money is credited to your wallet by mistake, we may reverse the credit. If you have already spent it, you agree to pay it back.
• If a transfer can't be completed, we return the full amount to your wallet. You'll see this on the transaction's receipt and in your notifications.
• If you believe a transaction is wrong, contact us as soon as possible with its reference (it starts with BKP) so we can look into it.

14. Limitation of liability

We work hard to keep the Service available and accurate, but it is provided "as is" and we can't promise it will always be uninterrupted or error-free.

To the extent the law allows, we are not liable for:

• delays or failures caused by banks, Deriv, networks or other third parties outside our control;
• losses from market movements or from trading on Deriv;
• indirect or consequential losses, such as lost profits or missed opportunities; or
• losses caused by incorrect details you gave us, or by your failure to keep your credentials safe.

Where we are liable, our total liability for any claim is limited to the amount of the transaction concerned. Nothing in these Terms limits any liability that can't be limited under Nigerian law.

15. Changes to these terms

We may update these Terms from time to time. We'll post the new version on this page with a new "Last updated" date and, for significant changes, tell you by email or in the app before they take effect. If you keep using the Service after that, you accept the updated Terms.

16. Governing law and disputes

These Terms are governed by the laws of the Federal Republic of Nigeria. If you have a complaint, please contact us first so we can try to put it right. If we can't resolve it together, the courts of the Federal Republic of Nigeria will have jurisdiction.

17. Contact us

Questions about these Terms? Email us at support@bakarepay.com.