Terms and Conditions

• 1. Introduction

  These terms and conditions will serve as the basis of your banking relationship with Eonace Global Nigeria Limited (the "Company"). By choosing to open an account with us, you agree to the terms and conditions contained herein. You also agree to comply with the following policies, which apply to your use of our services and are incorporated by reference into these terms and conditions:

  • Privacy Policy;
  • Cookies Policy.

  If you do not agree to these terms and conditions, please do not proceed and exit the mobile application or the Eonace website immediately and do not proceed with the account opening steps. Please note that we reserve the right to terminate your relationship with us if we believe that you have violated any of these terms.

• 2. Interpretation

  For ease of understanding, “You,” “your,” “Customer” means the person who seeks to enter into a financial relationship with Eonace and agrees to these terms and conditions, while “We,” “us,” “our,” shall mean Eonace, and following an assignment, any person or company to whom our rights herein are assigned to.

• 3. About Us

  Eonace is a fintech company regulated by the CBN, NDPC, NDIC, and other regulatory bodies. We provide services such as Funds Deposit and Transfer, Bills Payment, Airtime and Data Sales and Purchase, Selling of Gift Cards, Virtual Cards, etc.

• 4. The Objective of Our Relationship With You

  The objective of establishing a relationship with Eonace is to receive special services offered by Eonace for its customers. Eonace will create and manage a bank account for the customer, as well as provide certain financial services including but not limited to deposit and transfer of funds, bill payments, affordable data and airtime purchase, virtual cards, and any other service we are permitted by law to provide.

  You can operate and manage your account via the Eonace App, and the prerequisite for opening an account is a smartphone with an active phone number that meets our minimum technology requirements for operating system (iOS/Android) and supports the latest version of our Eonace app.

• 5. When are these terms applicable?

  These terms are applicable when you choose to open an account with Eonace, and Eonace generates an account number for you.

  We may, at any time, modify the terms and conditions of our relationship. We will inform you of any modifications to these terms and conditions. These modifications may be due to changes in our business practices or service offerings, or may be in response to changes in the applicable laws that we are regulated by, or for any other lawful reason.

  After we notify you of such updates or modifications to these terms and conditions, your continued use of our services will constitute acceptance of the modified terms. All updates will be detailed on our website and in the Eonace App. You will be able to access the latest version of our terms at any given time. If at any time the terms and conditions are no longer acceptable to you, you should immediately cease all use of the services provided by Eonace.

• 6. What is the scope of the relationship between Eonace & the customer?

  This agreement governs the relationship between Eonace and you as a customer. By accepting these terms, you agree to abide by the scope defined by Eonace for services provided, including but not limited to the financial services outlined earlier.

• 7. Opening an Account

  You can access the financial services we provide, subject to your fulfillment of our onboarding and Know-Your-Customer (KYC) checks in line with applicable laws. For a start, you must be at least 18 years old, a Nigerian citizen, meet our technology requirements defined above, and have not yet opened an account with us.

  We do not knowingly engage with people who do not meet these conditions. Please note that these requirements may be updated or reviewed from time to time in line with applicable laws and our internal processes.

  When you choose to open an account with us, you agree to us using your information to make and receive payments on your behalf through an account generated specifically for you. If you would like us to stop doing this, we would have to close your account.

• 8. Verifying your identity

  We are required to apply due diligence measures aimed at the prevention of fraud, money laundering, and terrorist financing before you can open an account with us. Among other measures, we are required to identify and verify your identity and collect information about you, your proposed use of the services provided to you, and related matters.

  At the minimum, you need to have an active phone number, your profile picture, and a Bank Verification Number (BVN) supplied. Our accounts are tiered as follows:

  Account Type	Required Documentation
  Tier 1	Name, Phone Number, BVN, NIN
  Tier 2	Name, Phone Number, Selfie, BVN, NIN, ID Verification, Utility Bill
  Tier 3 (Full KYC)	Name, Phone Number, Selfie, BVN, NIN, ID Verification, Utility Bill, Residential address

• 9. Personal Information

  In line with regulations, we perform due diligence on all accounts so it is your responsibility to ensure that all information and documents you provide to us are up-to-date on your profile at all times.

  To enable us to comply with our Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) obligations, we may require you to provide the following:

  • Your full name;
  • Your phone number;
  • A valid email address;
  • Your date of birth;
  • Your Bank Verification Number (BVN);
  • Your National Identification Number (NIN);
  • Your current residential address;
  • Your picture;
  • A copy of a valid government-issued ID (e.g., national ID, international passport, permanent voter’s card, or driver’s license);
  • A recent utility bill or bills not older than three months showing your name and residential address;
  • Any other information or documents as we may require for our internal risk assessment.

  You agree to indemnify and hold Eonace harmless from any claims, losses, liabilities, and expenses that may arise from the reliance on such personal information.

• 10. Account Success

  If your application to open an account is successful, we will open an account in your name and send you a confirmation through the App and/or via email.

  Once we have activated the full functionality of your account, you may login to access your account via the App or through our website.

• 11. Spending Account

  Upon completing our KYC and AML checks, we will open an account for you and issue you with a dedicated bank account number. Subject to the limits applicable to your Eonace Account, you can receive funds from third parties through bank transfers or fund the account yourself through various available means on the Eonace App.

  You can also carry out several financial transactions from this account such as instant outward bank transfers, bill payments, airtime, electricity payments, apply for and manage your Eonace Card, and more, all subject to these terms and conditions. Please note that this account is not an interest-yielding account.

• 12. Account Limits

  Transactions on your Eonace Account are subject to the following limits (which may be revised in line with applicable laws, regulatory directives, and our internal processes):

  PARAMETER	T1	T2	T3
  Single Inflow Limit	₦50,000	₦200,000	₦5,000,000
  Cumulative Balance Limit	₦300,000	₦500,000	Unlimited
  Single Transfer Limit	₦50,000	₦200,000	₦5,000,000
  Daily Transfer Limit	₦50,000	₦500,000	₦5,000,000

  Transactions in excess of or in contravention of your account limits may be rejected or withheld in line with these terms and conditions. In such a case, you will be required to upgrade your account to accommodate the transaction(s), as applicable.

• Eonace Virtual Card

  On the Eonace App, you can apply for a Card and once you complete the process, we will issue you a Virtual Card that can be used at Payment Merchant websites amongst others, both in Nigeria or abroad, which accept the use of the applicable Card Scheme’s cards. You can use it to obtain cash and/or make payments for goods and services.

  You may also use your Eonace Virtual Card for contactless transactions, subject to the transaction limit set by you on your Eonace App, which you may change anytime, subject to applicable laws.

  When we issue you an Eonace Virtual Card, you must use it for only lawful transactions and in accordance with our Card Issuance Terms and Conditions which you will have to accept at the point of applying for the Card. Transactions made on channels not owned or controlled by the Bank are also governed by the respective rules of those channels, in addition to our Card terms and conditions.

• Transactions on your Eonace Account

  You can conclude financial transactions (bank transfers, bill payments, etc.) on the Eonace App by logging onto the Eonace App and following the on-screen instructions. You will need to enter the correct information for each transaction (e.g., counterparty bank account details, receiving payee for a bill, etc.).

  It is your responsibility to ensure the details you input are accurate and entered correctly. You will be liable for any errors in information that may result in the transaction being unsuccessful or paid to the wrong beneficiary. We are not liable for any losses incurred from entering incorrect information regarding any transaction.

• Fees

  We charge fees for certain services, which vary based on the services. Our fees are in line with applicable laws, and we strive to keep them to a minimum. We are committed to transparency and will disclose all applicable fees before you finalize any transaction.

• Prohibited Transactions

  In addition to transactions prohibited by Nigerian law or activities not expressly permitted under these terms and conditions, the following transactions are prohibited:

  • Fraud, money laundering, and terrorism financing;
  • Transactions involving cryptocurrency and related digital currencies;
  • Goods or services that are dangerous or violent (e.g., firearms, weapons, explosives, ammunition);
  • Pornographic content, including illegal or obscene materials;
  • Unlawful activities, including bribes, corruption, illegal sports betting, or unlawful casino games;
  • Pyramid schemes, Ponzi schemes, or “get rich quick” schemes;
  • Other activities deemed prohibited by us.

  If you engage in or attempt any prohibited activities, we reserve the right to:

  • Restrict your account;
  • Refuse to process the transaction;
  • Report the transaction to relevant authorities;
  • Take any other lawful actions in accordance with our regulatory obligations.

• Keeping Your Account Safe

  You must take reasonable precautions to protect your Eonace Account details and prevent fraudulent use. Specifically:

  • Do not disclose your login details to anyone;
  • Do not write down your password;
  • Ensure no one else hears or sees your login details when using them;
  • Immediately report any unauthorized access or use of your account to us via support@eonace.co;
  • Use up-to-date virus protection and firewall software on your device;
  • Never access your account from shared devices or public internet points.

  If your login details are lost or stolen, or if you suspect unauthorized use, contact us immediately. Eonace will not be liable for any unauthorized transactions if caused by your negligence.

• Restrictions on the Use of Eonace’s Services

  We may withhold, delay, freeze, or place restrictions on any funds in your account if we suspect fraudulent or suspicious activity or if there is a risk you will fail to meet your contractual obligations. We may also take security measures to combat fraud, including:

  • Suspending or terminating services;
  • Refusing instructions from you;
  • Suspending or stopping payments to you;
  • Introducing additional authorization procedures.

  We will notify you of any action taken, unless prohibited by law or regulatory requirements.

• Customer Warranties

  By using Eonace’s services, you warrant that:

  • You are using the services for personal benefit and not on behalf of anyone else;
  • You have the right, power, and authority to enter into this agreement;
  • You will keep your Eonace account details secure from unauthorized access.

• Monitoring Fraud, Anti-Money Laundering, and Countering Financing of Terrorism

  To comply with Anti-Money Laundering (AML) regulations, we may request information regarding the source and purpose of transactions. You must provide this information upon request. We may cancel any transactions, suspend your account, or refuse to open your account if requested information is inaccurate or incomplete.

• Liability

  Except where you have acted fraudulently or negligently, you will not be liable for losses from unauthorized transactions once you've reported the loss, theft, or unauthorized use. We are not liable for third-party actions, or for defective execution of transactions based on incorrect information.

• Closing Your Account

  You can close your Eonace Account at any time. However, you remain liable for any outstanding obligations or fees. We reserve the right to close, suspend, or limit access to your account if:

  • Your information does not comply with regulatory requirements;
  • You breach the terms and conditions;
  • Your account is used for illegal activities or suspected fraudulent behavior;
  • Required by law or regulatory requirements.

• Data Protection

  We are committed to protecting your privacy. By opening an account, you consent to the processing and sharing of your personal information in accordance with our Privacy Policy and applicable laws.

• Notifications

  By opening an account, you consent to receiving notifications from us via email, SMS, and the Eonace App. You can opt-out of promotional communications at any time. All notices will be in English and sent to the most recent contact details you have provided.

• Applicable Law and Dispute Resolution

  These terms are governed by the laws of the Federal Republic of Nigeria. Any disputes will be subject to the exclusive jurisdiction of Nigerian courts. However, parties will attempt to resolve disputes in good faith before pursuing legal action.

• Intellectual Property

  All trademarks, logos, and content related to Eonace are the property of Eonace Technologies Limited or its licensors. Unauthorized use of these materials is prohibited without prior written consent.

• General

  Additional services may be offered from time to time, and any changes will be reflected in these terms. If any term or condition becomes invalid, the remaining terms will continue to apply.

• Eonace Virtual Card

  On the Eonace App, you can apply for a Card and once you complete the process, we will issue you a Virtual Card that can be used at Payment Merchant websites amongst others, both in Nigeria or abroad, which accept the use of the applicable Card Scheme’s cards. You can use it to obtain cash and/or make payments for goods and services.

  You may also use your Eonace Virtual Card for contactless transactions, subject to the transaction limit set by you on your Eonace App, which you may change anytime, subject to applicable laws.

  When we issue you an Eonace Virtual Card, you must use it for only lawful transactions and in accordance with our Card Issuance Terms and Conditions which you will have to accept at the point of applying for the Card. Transactions made on channels not owned or controlled by the Bank are also governed by the respective rules of those channels, in addition to our Card terms and conditions.

• Transactions on your Eonace Account

  You can conclude financial transactions (bank transfers, bill payments, etc.) on the Eonace App by logging onto the Eonace App and following the on-screen instructions. You will need to enter the correct information for each transaction (e.g., counterparty bank account details, receiving payee for a bill, etc.).

  It is your responsibility to ensure the details you input are accurate and entered correctly. You will be liable for any errors in information that may result in the transaction being unsuccessful or paid to the wrong beneficiary. We are not liable for any losses incurred from entering incorrect information regarding any transaction.

• Fees

  We charge fees for certain services, which vary based on the services. Our fees are in line with applicable laws, and we strive to keep them to a minimum. We are committed to transparency and will disclose all applicable fees before you finalize any transaction.

• Prohibited Transactions

  In addition to transactions prohibited by Nigerian law or activities not expressly permitted under these terms and conditions, the following transactions are prohibited:

  • Fraud, money laundering, and terrorism financing;
  • Transactions involving cryptocurrency and related digital currencies;
  • Goods or services that are dangerous or violent (e.g., firearms, weapons, explosives, ammunition);
  • Pornographic content, including illegal or obscene materials;
  • Unlawful activities, including bribes, corruption, illegal sports betting, or unlawful casino games;
  • Pyramid schemes, Ponzi schemes, or “get rich quick” schemes;
  • Other activities deemed prohibited by us.

  If you engage in or attempt any prohibited activities, we reserve the right to:

  • Restrict your account;
  • Refuse to process the transaction;
  • Report the transaction to relevant authorities;
  • Take any other lawful actions in accordance with our regulatory obligations.

• Keeping Your Account Safe

  You must take reasonable precautions to protect your Eonace Account details and prevent fraudulent use. Specifically:

  • Do not disclose your login details to anyone;
  • Do not write down your password;
  • Ensure no one else hears or sees your login details when using them;
  • Immediately report any unauthorized access or use of your account to us via support@eonace.co;
  • Use up-to-date virus protection and firewall software on your device;
  • Never access your account from shared devices or public internet points.

  If your login details are lost or stolen, or if you suspect unauthorized use, contact us immediately. Eonace will not be liable for any unauthorized transactions if caused by your negligence.

• Restrictions on the Use of Eonace’s Services

  We may withhold, delay, freeze, or place restrictions on any funds in your account if we suspect fraudulent or suspicious activity or if there is a risk you will fail to meet your contractual obligations. We may also take security measures to combat fraud, including:

  • Suspending or terminating services;
  • Refusing instructions from you;
  • Suspending or stopping payments to you;
  • Introducing additional authorization procedures.

  We will notify you of any action taken, unless prohibited by law or regulatory requirements.

• Customer Warranties

  By using Eonace’s services, you warrant that:

  • You are using the services for personal benefit and not on behalf of anyone else;
  • You have the right, power, and authority to enter into this agreement;
  • You will keep your Eonace account details secure from unauthorized access.

• Monitoring Fraud, Anti-Money Laundering, and Countering Financing of Terrorism

  To comply with Anti-Money Laundering (AML) regulations, we may request information regarding the source and purpose of transactions. You must provide this information upon request. We may cancel any transactions, suspend your account, or refuse to open your account if requested information is inaccurate or incomplete.

• Liability

  Except where you have acted fraudulently or negligently, you will not be liable for losses from unauthorized transactions once you've reported the loss, theft, or unauthorized use. We are not liable for third-party actions, or for defective execution of transactions based on incorrect information.

• Closing Your Account

  You can close your Eonace Account at any time. However, you remain liable for any outstanding obligations or fees. We reserve the right to close, suspend, or limit access to your account if:

  • Your information does not comply with regulatory requirements;
  • You breach the terms and conditions;
  • Your account is used for illegal activities or suspected fraudulent behavior;
  • Required by law or regulatory requirements.

• Data Protection

  We are committed to protecting your privacy. By opening an account, you consent to the processing and sharing of your personal information in accordance with our Privacy Policy and applicable laws.

• Notifications

  By opening an account, you consent to receiving notifications from us via email, SMS, and the Eonace App. You can opt-out of promotional communications at any time. All notices will be in English and sent to the most recent contact details you have provided.

• Applicable Law and Dispute Resolution

  These terms are governed by the laws of the Federal Republic of Nigeria. Any disputes will be subject to the exclusive jurisdiction of Nigerian courts. However, parties will attempt to resolve disputes in good faith before pursuing legal action.

• Intellectual Property

  All trademarks, logos, and content related to Eonace are the property of Eonace Technologies Limited or its licensors. Unauthorized use of these materials is prohibited without prior written consent.

• General

  Additional services may be offered from time to time, and any changes will be reflected in these terms. If any term or condition becomes invalid, the remaining terms will continue to apply.