Terms & Conditions

1. Introduction

These Terms and Conditions govern your use of SWAVE Money and all associated services, including digital wallet services, payment and escrow services, international remittance, soft loans to small and medium enterprises (SMEs), savings plans, and access to index-linked investment products offered through or supported by the SWAVE platform.

By registering for, accessing, or using any SWAVE Money service, you agree to be bound by these Terms and Conditions and all policies that are referenced or incorporated by reference. If you do not agree, you must not use SWAVE Money.

SWAVE Money is operated by Exemplar Projects Consort LTD as a digital product, in collaboration with licensed financial institutions, payment service providers, remittance providers, and capital market operators. Exemplar Projects Consort LTD itself is not a bank, although products may be offered in partnership with banks and regulated entities.

2. Definitions

• Account or Wallet: The electronic value account on SWAVE Money which records funds you load, receive, invest, and repay under these Terms.
• User or Customer: Any person or legal entity who has registered and uses SWAVE Money in any capacity, including as a consumer, vendor, agent, borrower, saver, or investor.
• Vendor or Merchant: A business or individual that accepts SWAVE Money for goods or services, including SMEs that may also access loan or savings products.
• Remittance Service: The feature that allows you to send or receive international transfers across borders using SWAVE Money in partnership with licensed remittance providers, banks, and payout partners.
• Savings Plan: Any structured savings feature offered on the platform, such as goal-based savings, locked savings, or recurring contribution plans.
• Loan or Soft Loan: Any credit facility, advance, or loan made available to you, especially SME customers, under defined loan terms including principal, charges, tenure, and repayment schedule.
• Index-Linked Investment: Any investment or product that tracks, references, or is linked to financial indices such as equity, bond, or money market indices and that is provided through or in partnership with licensed capital market operators.
• KYC: Know Your Customer checks, including all steps taken to identify, verify, and risk profile users. Business Day: A day on which banks are generally open for business in Nigeria and any other relevant jurisdiction for the product.

3. Acceptance of Terms

By creating an account, using the wallet, initiating a remittance, applying for or accepting a loan, creating a savings plan, or subscribing to an index-linked investment product, you confirm that you have read, understood, and agreed to these Terms and Conditions. If you are using SWAVE Money on behalf of a business, you confirm you are authorised to bind that business.

If at any time you do not agree with these Terms, you must stop using the services and request closure of your SWAVE Money account, subject to settlement of any outstanding obligations such as loan balances or pending transactions.

4. Eligibility and Registration

You must be legally competent under applicable laws to use SWAVE Money products. For individuals this typically means being at least 18 years old. For SMEs and other legal entities, you must be duly registered and authorised.

During registration and onboarding, you must provide true, accurate, and complete information, including any data required for remittance, lending, savings, or investment services. For example, SME borrowers may be asked for business registration, turnover information, and bank statements.

SWAVE reserves the right to reject applications, restrict features, or close accounts where eligibility requirements are not met or where information provided is misleading, incomplete, or inconsistent with KYC and risk policies.

5. KYC, BVN, NIN and Enhanced Due Diligence

SWAVE is required by law and internal risk policies to verify user identity and understand the nature of user activities, especially for remittances, loans, savings, and investments. We may collect and verify your BVN, NIN, government-issued ID, biometric or selfie images, and proof of address. For SMEs we may request CAC registration, tax numbers, and bank statements.

We work with licensed third-party providers, such as Zeeh Africa, to perform real-time validation and security checks. By using SWAVE Money, you consent to the transmission and verification of your data for these purposes.

If you do not cooperate with KYC or enhanced due diligence requests, or provide information that cannot be confirmed, we may delay, restrict, or decline remittances, loans, savings, or investment transactions and may freeze or close your account as required by law.

6. SWAVE Money Wallet

Your SWAVE Money wallet is the primary ledger of funds and value you hold with us. It may be broken down into components such as: Available Wallet Balance for day-to-day payments and transfers; Savings Balances where funds are held in savings plans; and Loan Balances showing outstanding principal and any accrued charges.

Funds backing your wallet may be held in pooled accounts at partner banks or custodians. Your claim is on SWAVE for the equivalent value, subject to applicable product terms and regulatory protections.

You agree not to share your wallet credentials, PINs, or OTPs with anyone. You are responsible for transactions initiated using your credentials except where it is demonstrated that SWAVE systems failed or SWAVE was negligent.

7. Funding Your Wallet

You may fund your wallet using supported channels such as bank transfers, card payments, cash deposits via agents, or remittances. When funding, you authorise SWAVE and its partners to debit your chosen funding source.

Cleared funds will usually appear in your wallet after successful confirmation from the partner bank or payment processor. In remittance scenarios, incoming funds may be converted to the applicable local currency at the agreed or displayed exchange rate.

Where a funding transaction fails, is reversed, or found to be fraudulent, SWAVE may reverse the corresponding value from your wallet. If this results in a negative balance or affects active savings or investment positions, you are responsible for covering any shortfall.

8. Payments, Transfers and P2P Transactions

You may use your available wallet balance to make payments to vendors, transfer funds to other SWAVE users, or send funds to external accounts where supported. You must verify recipient details before confirming a transaction, because many transactions cannot be reversed once processed.

For domestic transfers, normal banking and settlement rules apply. For cross-border remittances, additional factors such as time zones, correspondent banks, and settlement rails may affect timing and final delivery.

9. Merchants, Vendors and Escrow

When you pay vendors on SWAVE Market or off-platform merchants who accept SWAVE, your funds may move directly to the merchant or into an escrow arrangement, depending on the product.

In escrow arrangements, SWAVE holds funds in a controlled state based on pre-defined rules, such as type of goods, expected delivery window, and confirmation flows. If a buyer confirms delivery or the escrow period lapses without complaint, funds are released to the vendor.

SWAVE supports dispute resolution between buyers and vendors, but it does not guarantee that all disputes will be resolved in your favour. Decisions are based on evidence such as delivery records, communication, and the applicable marketplace policies.

10. International Money Transfer and Remittance Services

SWAVE Remittance Services allow you to send or receive money across borders in partnership with licensed remittance providers, banks, or international payout networks.

Corridors and partner banks may change due to regulatory, FX, or business reasons. Some destinations may require additional information before transfers can be processed. Transfers are subject to foreign exchange regulations, sanctions rules, and other compliance checks. You must not use SWAVE remittance services in connection with sanctioned persons, countries, or activities.

Where a remittance cannot be completed, for example due to invalid recipient details or regulatory restrictions, we will arrange for a reversal to your wallet, without any irreversible costs. Once funds are credited to a beneficiary or cashed out, reversing a remittance is usually not possible.

11. Savings Plans and Goal-Based Savings

SWAVE may offer savings products that allow you to set aside funds for specific purposes, such as business expansion, rent, school fees, or emergency funds. These may be simple ledger-based savings, locked savings with defined tenure, or pooled products with returns paid by partner institutions.

Each savings plan has specific rules on minimum contributions, lock-in periods, potential returns, and withdrawal conditions. Some plans allow flexible withdrawals at any time, while others may impose penalties or loss of returns for early exit. You are responsible for reviewing these terms before committing funds. SWAVE will make a reasonable effort to present key features clearly.

12. SME Soft Loans and Credit Facilities

SWAVE may provide or facilitate access to loans and credit facilities, particularly for SMEs using SWAVE Market and SWAVE Money.

Eligibility for loans is determined using criteria such as KYC status, transaction history, cash flows, and creditworthiness. We may use automated scoring models and information from credit bureaus in addition to manual assessment. Each approved loan is governed by a separate loan agreement which sets out loan amount, tenure, repayment schedule, pricing, and any security or guarantees.

Failure to repay loans as agreed may result in fees, where permitted, including reporting to credit bureaus, restriction of services, collections activities, and set-off against funds we hold on your behalf, subject to legal limits.

13. Index-Linked Investment and Investment Access

SWAVE may provide technology rails that allow you to access index-linked investment products offered by licensed capital market operators.

Unless expressly stated otherwise, SWAVE acts as a technology facilitator or distribution channel and not as an investment advisor or fund manager. The underlying investment product is provided by a regulated third party, and you will be required to accept their product-specific terms in addition to these Terms.

Investments in index-linked products carry market risk. The value of your holdings can go up or down, and you may lose some or all of the capital invested. You should consider your risk appetite and seek independent financial advice where appropriate.

14. Fees, Charges and Taxes

SWAVE may charge fees for certain transactions or services, including but not limited to wallet funding, withdrawals, remittances, loans, savings, and investment-related services. Applicable fees will be presented in the app, on the website, or in a fee schedule that forms part of these Terms.

You are responsible for understanding the fees that apply to your transactions and products, and for any taxes imposed by tax authorities on your use of SWAVE Money. SWAVE does not provide tax advice and does not calculate or remit taxes on your behalf except where required by law.

15. Service Availability and Maintenance

SWAVE aims to provide reliable and continuous access to SWAVE Money, but services may sometimes be interrupted due to maintenance, system upgrades, vendor outages, or events beyond our control. We will work to restore services as quickly as possible in line with our Business Continuity Plan.

SWAVE is not liable for losses arising solely from unavailability or delays where such issues are caused by factors beyond our reasonable control, such as failures in telecommunication networks, banking systems, or force majeure events.

16. Security and User Responsibilities

Security is a shared responsibility between SWAVE and users. We implement technical and organisational measures to protect systems and data, but you must keep your login credentials, device PINs, and one-time passwords secret and must not share them with anyone.

If you lose your phone, suspect that your credentials have been compromised, or notice any unusual activity, you must notify SWAVE immediately using official support channels so that we can investigate and take action.

17. Data Protection and Privacy

SWAVE collects and processes personal data in order to provide SWAVE Money services, perform KYC checks, comply with legal obligations, and improve the platform. The way we handle your data is governed by our Privacy Policy, which forms an integral part of these Terms and Conditions.

18. Suspension, Restriction and Closure

SWAVE may suspend, restrict, or close your account where required by law, where we suspect fraud or misuse, where you breach these Terms, or where security concerns require temporary suspension while investigations are conducted.

Where reasonable and legally permitted, we will inform you before or soon after taking such action and will explain the reasons at a high level. If your account is closed, we will attempt to return any remaining funds to you, subject to lawful deductions, pending investigations, or legal restrictions.

19. Complaints and Dispute Resolution

If you are dissatisfied with any aspect of SWAVE Money, you may lodge a complaint through our official channels. Complaints are acknowledged instantly, investigation begins within two hours, and we aim to resolve or escalate within one business day, in line with our Customer Service and Complaint Policy.

If you remain dissatisfied after our final response, you may have the right to escalate to partner institutions or relevant regulatory bodies, in accordance with their procedures.

20. Governing Law and Jurisdiction

These Terms and Conditions are governed by the laws of the Federal Republic of Nigeria, together with any applicable regulations issued by the Central Bank of Nigeria and other competent authorities. Any dispute arising from or relating to these Terms may be submitted to the jurisdiction of Nigerian courts, without prejudice to any mandatory regulatory escalation channels.

21. Contact Details

Client Support: +2347044026192, +2347044026328, +2347044026987

Email: support@swaveafrica.com, contactline@exemplarproject.org