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Myver Terms of Service

Last Updated: 16/10/25

These Terms of Service ("Terms") govern your access to and use of the Myver application, website, products, and services (collectively, the "Services"), operated by IDERA TECH LTD ("Myver", "we", "our", or "us"). By creating an account, accessing, or using the Services, you ("User", "you") agree to be bound by these Terms, our Privacy Policy, and any additional terms specific to certain features. If you do not agree, you must discontinue use of the Services immediately.

About Us

Myver is a financial technology platform operated by IDERA TECH LTD, duly registered under the laws of the Federal Republic of Nigeria.Our Services are powered through partnerships with regulated financial institutions, including but not limited to:
  • Xpress Wallet & Providus Bank – provision of digital wallet services.
  • VFD Microfinance Bank – provision of savings accounts, fixed deposits, and POS integrations.
  • Paystack Payments Limited – card payment processing.
While Myver provides the technology interface, all underlying wallet, banking, and payment services are offered in collaboration with our licensed partners.

Eligibility

To use Myver, you must:
  • Be at least 18 years old or the age of majority in your jurisdiction.
  • Have full legal capacity to enter into these Terms.
  • Provide accurate personal details and complete Know Your Customer (KYC) verification as required by law and our partners.
We may restrict, suspend, or terminate accounts that do not meet these requirements.

Account Registration & Security

  • You must register for a Myver account and provide true, accurate, and complete information.
  • You are responsible for maintaining the confidentiality of your login credentials and restricting access to your account.
  • You agree to notify us immediately of any unauthorized use or security breach.
  • We reserve the right to suspend or terminate your account if fraudulent, suspicious, or unlawful activity is detected.

Services Provided

Subject to these Terms, Myver provides the following Services:
  • Wallet Services: Electronic money wallets via Xpress Wallet & Providus Bank.
  • Payments & Transfers: Peer-to-peer transfers, merchant payments, and cross-border remittances where available.
  • Savings & Fixed Deposits: Savings accounts, fixed deposit products, and financial planning tools via VFD Microfinance Bank.
  • POS Transactions: Point-of-Sale (POS) access and merchant settlement services via VFD.
  • Card Payments: Payment collection and processing via Paystack.
Certain features may be subject to additional agreements, disclosures, or terms.

User Obligations

  • Use the Services only for lawful purposes.
  • Provide truthful and accurate information for all transactions.
  • Comply with all applicable laws, regulations, and Central Bank of Nigeria (CBN) guidelines.
  • Not engage in money laundering, fraud, financing of terrorism, or other illegal or prohibited activities.

Prohibited Merchants & Activities

You may not use Myver (or allow third parties to use Myver via your account) to conduct, support, or facilitate transactions relating to:
  • Illegal Activities
    • Money laundering, terrorism financing, fraud, or any unlawful act.
    • Human trafficking, prostitution, or exploitation.
  • High-Risk or Unlicensed Financial Services
    • Unlicensed foreign exchange or cryptocurrency trading.
    • Peer-to-peer lending, payday lending, or debt collection without licensing.
    • Multi-level marketing (MLM), Ponzi, or pyramid schemes.
  • Adult Content & Services
    • Pornography, escort services, or obscene/sexually exploitative content.
  • Gambling & Betting
    • Unlicensed betting, lotteries, online casinos, or sweepstakes.
  • Restricted Goods & Services
    • Firearms, ammunition, explosives, fireworks, or weapons.
    • Narcotics, controlled substances, or unlicensed pharmaceuticals.
    • Tobacco, vaping, or alcohol without proper licensing.
  • Counterfeit & Intellectual Property Violations
    • Sale of counterfeit goods or pirated content.
    • Unlicensed media/software or goods infringing intellectual property rights.
  • Harmful & Prohibited Content
    • Promotion of hate speech, violence, extremist or terrorist content.
    • Materials violating privacy or publicity rights.
  • Sanctioned Persons & Jurisdictions
    • Transactions with persons or entities on sanctions lists (OFAC, UN, EU, CBN, etc.).
    • Transactions involving embargoed countries or restricted jurisdictions.
  • Other Risk / Reputational Activities
    • Any business deemed to pose reputational, regulatory, or compliance risks to Myver or its partners.
    • Activities violating card network rules (Visa, Mastercard, Verve, etc.).
Enforcement: Myver reserves the right to deny, suspend, or terminate accounts engaging in prohibited activities, to block or reverse transactions, to retain funds, and to report activities to relevant regulators or law enforcement agencies.

Fees & Charges

  • Applicable transaction fees, wallet charges, card processing fees, and POS settlement charges shall apply.
  • Fees may be deducted directly from your wallet or settlement proceeds.
  • Myver reserves the right to revise fees at any time, subject to prior notice via in-app notifications, email, or website updates.

Transaction Limits

  • Transaction and balance limits shall apply based on your KYC tier and partner bank requirements.
  • Limits may vary depending on regulatory changes, risk assessments, or account activity.

Transaction Disputes & Reversals

  • In case of failed or disputed transactions, you must notify Myver through the in-app support channel or official email.
  • Resolution timelines may vary depending on the third-party provider (VFD, Paystack, Providus Bank, or Xpress Wallet).
  • Reversals are not guaranteed and will be processed only in accordance with banking and payment regulations.

Suspension & Termination

We may suspend, restrict, or terminate your account if:
  • Required by law or regulatory authorities.
  • Fraudulent, suspicious, or unauthorized activity is detected.
  • You breach these Terms or any applicable law.
You may close your account at any time, provided that:
  • All outstanding obligations are settled.
  • Any funds held are subject to compliance and settlement procedures.

Liability & Disclaimers

  • Myver provides technology-based financial services in partnership with licensed providers. We are not a bank.
  • We do not guarantee uninterrupted or error-free Services.
  • We are not liable for losses caused by:
    • Network failures, technical errors, or downtime of partner systems.
    • Unauthorized transactions resulting from your negligence.
    • Delays caused by regulatory or banking requirements.
Our liability shall not exceed the value of the disputed transaction or ₦100,000, whichever is lower.

Data Protection & Privacy

  • We collect and process your data in line with the Nigeria Data Protection Regulation (NDPR) and other applicable laws.
  • By using Myver, you consent to data sharing with our partners (Xpress Wallet, Providus Bank, VFD, Paystack) for service delivery and regulatory compliance.
  • Full details are set out in our Privacy Policy.

Compliance & Regulation

  • Myver operates under the regulatory framework of the Central Bank of Nigeria (CBN).
  • We comply with applicable Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) laws.
  • Users are required to comply with all applicable financial, tax, and reporting obligations in their jurisdiction.

Governing Law & Jurisdiction

  • These Terms shall be governed by the laws of the Federal Republic of Nigeria.
  • Any disputes shall be resolved through arbitration in Lagos, Nigeria, under the Arbitration and Conciliation Act, or by the courts of competent jurisdiction in Nigeria.

Updates to Terms

  • Myver may amend these Terms at any time.
  • Updates will be communicated via in-app notifications, email, or website posting.
  • Continued use of the Services after changes take effect constitutes acceptance of the revised Terms.