Myver Merchant Policy

The purpose of this Policy is to:

• Establish clear guidelines for merchant onboarding and operations.
• Define merchant responsibilities and compliance requirements.
• Ensure adherence to CBN, NDPR, and partner institution regulations.

This Policy applies to:

• All merchants registered with Myver for payment processing.
• All payment channels including POS, card, and wallet transactions.
• All Myver employees and systems involved in merchant operations.

• Merchants must complete full KYC verification before activation.
• Required documents include CAC certificate, tax ID, and bank account details.
• Enhanced Due Diligence (EDD) applies to high-risk merchants.

Merchants must:

• Process transactions only through authorized Myver payment channels.
• Ensure accurate transaction records are maintained for audit purposes.
• Report any suspicious transactions to the Compliance Officer.

• Settlements occur according to the merchant's KYC tier and channel type.
• Standard settlement timelines follow CBN and partner institution protocols.
• Myver may delay settlements for regulatory reviews or suspicious activity.

• Merchants are responsible for resolving customer disputes directly.
• Myver may debit or withhold funds for chargeback amounts pending resolution.
• Documentation must be provided within 3 business days of dispute notification.

• Merchants must comply with CBN, NDPR, and AML/CFT guidelines.
• Periodic audits may be conducted by Myver or its banking partners.
• Merchants must not exceed transaction limits defined by their KYC tier.

• POS devices remain the property of Myver and must be returned upon termination.
• Merchants are responsible for proper device maintenance and security.
• Damaged or lost devices must be reported immediately with applicable replacement fees.

Myver may terminate a merchant account if:

• The merchant breaches this Policy or Terms of Service.
• Fraudulent or prohibited activities occur through the merchant account.
• Regulatory authorities or partners require account suspension.

Upon termination:

• The merchant must return all POS devices.
• Outstanding settlements may be withheld until resolution.
• The merchant may be reported to regulators or card networks.

• Myver reserves the right to amend this Policy at any time.
• Updates will be communicated via email, app notifications, or the Myver website.
• Continued use of Myver services after updates constitutes acceptance of revised terms.