Myver POS Policy

• POS devices are available only to registered consumer-facing businesses that sell goods or services directly to end-users.
• Merchants must provide valid KYC documents, including:
  • CAC business registration certificate or tax identification (where applicable).
  • Valid ID of business owner/director.
  • Proof of business address.
• Myver reserves the right to reject applications from businesses that do not meet eligibility criteria.

• Each POS device issued by Myver will be geo-tagged to the registered store location.
• The device may only be used within a 10-metre radius of the registered store.
• Devices must not be moved to other locations without prior written approval from Myver.
• Merchants are prohibited from:
  • Sub-leasing or renting the POS to third parties.
  • Using the device for cash withdrawals or agency banking services.
  • Using the device in non-consumer business models (e.g., wholesale distribution).

• Transactions may include card payments, wallet transfers, and other approved payment methods.
• Settlement timelines are subject to VFD Bank and other processing partners, typically within T+1 working day unless otherwise specified.
• Myver reserves the right to delay or withhold settlement in cases of:
  • Suspicious transactions.
  • Chargebacks or disputes.
  • Regulatory investigations.

• Merchants agree to pay applicable POS fees and transaction charges as communicated by Myver.
• Fees may be deducted directly from settlement amounts.
• Myver may update fees with prior notice to merchants.

• Merchants are responsible for resolving disputes with customers.
• Chargebacks may be initiated by cardholders through issuing banks or card networks.
• Myver may debit the merchant’s account or withhold settlements in case of chargebacks or fraudulent transactions.

Merchants must:

• Ensure the POS device is used only by authorized business staff.
• Provide customers with transaction receipts.
• Report lost, stolen, or tampered devices immediately to Myver.
• Maintain proper business records for at least 5 years.

Merchants must not use POS devices for:

• Fraudulent or unauthorized transactions.
• Cash withdrawals (“cash-back” or agency cash-out).
• Transactions that violate the Prohibited Merchants & Activities List.
• Transactions outside the approved geo-fenced store location.

Violation of these rules may result in:

• Suspension or termination of POS services.
• Confiscation of the POS device.
• Withholding of settlement funds.
• Reporting to regulatory authorities.

• Merchants are responsible for the safekeeping of the POS device.
• In case of damage, theft, or loss, the merchant may bear replacement costs.
• Myver may provide technical support, repairs, or replacements at its discretion.

• Merchants must comply with:
  • CBN POS Guidelines.
  • Anti-Money Laundering (AML) & Counter-Financing of Terrorism (CFT) regulations.
  • KYC obligations as determined by Myver and VFD.
• Myver reserves the right to conduct periodic audits or inspections of merchant POS usage.

Myver may suspend or terminate POS services if:

• The merchant engages in fraudulent, prohibited, or non-consumer activities.
• The merchant relocates without prior approval.
• The merchant breaches any part of this Policy or the Merchant Policy.

Upon termination:

• The POS device must be returned to Myver.
• Outstanding obligations, including unsettled transactions, must be cleared.
• The merchant may be reported to regulators or card networks.