Terms of Service

Last updated: March 14, 2026

1. Acceptance of Terms

By accessing or using the Frenz Pay platform ("Service"), operated by Frenz Pay Limited ("Company," "we," "us," or "our"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, do not use the Service.

2. Eligibility

To use our Service, you must be at least 18 years old and capable of forming a binding contract. By creating an account, you represent that:

  • You are at least 18 years of age
  • You have the legal capacity to enter into these Terms
  • You are not prohibited from using financial services under applicable law
  • All information you provide during registration is accurate and complete

3. Account Registration and KYC

To access our services, you must create an account and complete our Know Your Customer (KYC) verification process. This requires providing valid government-issued identification and other information as requested. We reserve the right to refuse service if KYC verification cannot be satisfactorily completed.

4. Services Provided

Frenz Pay provides the following services:

  • Virtual bank accounts in USD, GBP, and EUR for receiving international payments
  • Currency conversion from fiat currencies to USDT (Tether)
  • USDT withdrawal to external wallets via TRC-20 and ERC-20 networks

We do not provide banking services directly. Virtual accounts are provided through our banking partners and are subject to their terms and conditions.

5. Fees

Our current fee schedule is published on our Pricing page. We reserve the right to modify fees with 30 days' prior notice. Key fees include:

  • Account creation: Free
  • Receiving payments: Free
  • USDT withdrawal: 1.5% of withdrawal amount
  • FX conversion: 0.5% spread

6. Prohibited Activities

You agree not to use the Service for:

  • Money laundering, terrorist financing, or any other illegal activity
  • Fraud or deception of any kind
  • Circumventing sanctions or embargoes
  • Receiving funds from illegal or unauthorized sources
  • Any activity that violates applicable laws or regulations

7. Account Suspension and Termination

We may suspend or terminate your account at any time if we reasonably believe you have violated these Terms, are engaged in suspicious activity, or as required by law or regulation. In such cases, we will make reasonable efforts to notify you and facilitate the withdrawal of any remaining funds, subject to legal requirements.

8. Limitation of Liability

To the maximum extent permitted by applicable law, Frenz Pay shall not be liable for any indirect, incidental, special, consequential, or punitive damages, including loss of profits, data, or goodwill, arising out of or in connection with your use of the Service.

9. Dispute Resolution

Any dispute arising out of or in connection with these Terms shall first be attempted to be resolved through good-faith negotiation. If a resolution cannot be reached within 30 days, the dispute shall be submitted to binding arbitration in Lagos, Nigeria, in accordance with the Arbitration and Conciliation Act.

10. Governing Law

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

11. Changes to Terms

We reserve the right to modify these Terms at any time. Material changes will be communicated via email or in-app notification at least 30 days before taking effect. Your continued use of the Service after such changes constitutes acceptance of the modified Terms.

12. Contact Us

If you have any questions about these Terms, please contact us at legal@frenz.ng.