1. User Disclosure & Terms
Nature of Service: VenditPay is a financial technology platform, not a bank. Wallet as a services and virtual account generation are provided through our CBN-licensed partner banks(Nombank MF Bank, 9PSB and Kolomoni MF Bank).
KYC Requirements: In compliance with the Central Bank of Nigeria (CBN) Anti-Money Laundering regulations, users must provide a valid BVN/NIN for transaction tiers exceeding basic limits.
Account Security: You are solely responsible for maintaining the confidentiality of your Transaction PIN and Password. VenditPay will never ask for your PIN via phone or email.
Transaction Fees: Users agree to the standard fee of 0.65% (capped at ₦150) for POS transactions and applicable convenience fees for utility bill payments.
2. Privacy Policy (NDPA)
This policy outlines how we handle your data under the Nigeria Data Protection Act (NDPA).
Data We Collect
- • Identity: Name, DOB, Biometrics (KYC)
- • Contact: Phone, Email, Address
- • Financial: Bank account & transaction logs
- • Technical: IP, Device ID, Cookies
How We Use It
To facilitate payments, prevent fraud, and comply with regulatory reporting to the CBN or EFCC. We do not sell data to third-party advertisers.
3. Refund & Cancellation
Note: Most digital services (Airtime, Data, Cable TV) are consumed instantly and are non-refundable once delivered.
- Failed Transactions: Automatic reversal within 24 hours if service is not delivered.
- Manual Reversals: Contact support after 24 hours with your Transaction ID.
6. User Data Deletion
Users have the right to request the deletion of their accounts and associated personal data at any time.
- Account deactivation and data removal is processed within 7 to 14 business days.
- Note: Regulatory financial data (transaction logs) may be retained for up to 5-7 years as required by CBN laws.
4. KYC Tier Documentation
| Tier Level | Requirements | Daily Limit |
|---|---|---|
| Tier 1 | Phone Number & Name | ₦50,000 |
| Tier 2 | BVN Verification | ₦200,000 |
| Tier 3 | Valid ID & Utility Bill | ₦1,000,000+ |
5. Cookie Disclosure
VenditPay uses cookies and third-party services like PushEngage for transaction alerts. By using this service, you consent to these communications.