PeerPurse | Personal , Business Banking & Embedded Finance

Effective Date: April 29, 2026

Last Updated: April 29, 2026

Digital Wallet, Transfer & Utility Payment Services

1. Introduction and Legal Agreement

Welcome to PeerPurse, a digital financial services platform operated by Mpurse Financial Services Nig. Ltd. ("PeerPurse", "we", "our", "us", or "the Company"). These Terms of Use ("Terms", "Agreement", or "Terms and Conditions") constitute a legally binding agreement between PeerPurse and every person who accesses, registers on, or uses the PeerPurse mobile application, website, APIs, software systems, and all related services (collectively, the "Platform"). PeerPurse provides digital financial and payment-related services including but not limited to: • Creation and maintenance of digital wallets • Funding of wallets • Wallet-to-bank transfers • Wallet-to-wallet transfers • Purchase of airtime and data • Payment of utility bills and subscriptions • Electronic transfer and settlement services • Other lawful financial technology services as may be introduced from time to time By downloading, accessing, registering on, or using the Platform in any manner whatsoever, you acknowledge that you have read, understood, and agreed to be bound by these Terms. If you do not agree with any provision of these Terms, you must immediately discontinue use of the Platform.

2. Definitions

• Account – The unique and secure user profile created by a User on the Platform through which all wallet operations, transfers, bill payments, and communications are conducted. • Wallet – The digital stored-value account created for a User upon successful registration and verification, used for holding funds, receiving deposits, making transfers, and paying for services. • User – Any natural or juristic person who registers for, accesses, or uses the Platform. • Transfer – Any movement of funds initiated by a User from the Wallet to another wallet, bank account, merchant, or approved recipient. • Beneficiary – Any person, merchant, service provider, or bank account designated by the User as the recipient of funds or payments. • Utility Services – Services such as airtime recharge, data subscription, electricity bill payments, cable TV subscriptions, internet services, and other digital utility payments. • KYC – The mandatory Know Your Customer verification process, including identity verification, BVN, NIN, and other documentation. • Unauthorized Transaction – Any transaction carried out without the User's knowledge, authority, or valid consent. • Transaction Fee – Any charge, service fee, convenience fee, transfer fee, or statutory levy applicable to transactions on the Platform. • Applicable Law – All laws, regulations, directives, circulars, guidelines, and judicial decisions in force in Nigeria, including CBN, NDPC, EFCC regulations.

3. Acceptance of Terms

By creating an account, funding a wallet, making transfers, purchasing utilities, or otherwise using the Platform, you expressly agree to be legally bound by these Terms. Your continued use of the Platform after any update, amendment, or modification of these Terms shall constitute acceptance of the revised Terms. PeerPurse reserves the right to amend these Terms from time to time, and such amendments shall become effective upon publication on the Platform or communication to Users through email, in-app notification, SMS, or other official channels.

4. Eligibility and Legal Capacity

To use the Platform, you represent and warrant that: • You are at least 18 years old • You possess full legal capacity to enter into binding agreements • All information supplied by you is true, complete, and accurate • You are not prohibited by any law from using digital financial services • You will use the Platform only for lawful purposes Where the account is created on behalf of a corporate body, the person registering warrants that they possess due authority to bind the entity.

5. Consent to Electronic Communication

You consent to receive all notices, disclosures, statements, transaction alerts, policy updates, legal notices, and service communications electronically via: • Email • SMS • Push notification • In-app notification • Any other approved digital channel Such communications shall constitute valid notice and shall have the same legal effect as physical written correspondence.

6. Account Registration and Wallet Creation

Access to the Platform shall be subject to prior registration and successful creation of a User Account. Upon successful registration and verification, PeerPurse shall create a unique digital Wallet linked to the User's profile. No person shall operate more than one personal account without prior written approval. PeerPurse reserves the right to suspend, restrict, merge, or terminate multiple accounts created in breach of this provision. During registration, the User shall provide accurate and complete information including full legal name, date of birth, residential address, active phone number, valid email address, BVN, NIN, bank account details, and selfie/biometric verification where required. PeerPurse shall conduct mandatory identity verification and compliance checks in accordance with applicable KYC, AML, and CFT laws. Failure to comply may result in account restriction, transaction limitation, wallet suspension, or account closure.

7. Wallet Operations

The Wallet is a digital stored-value facility that enables Users to receive funds, store balances, transfer funds, make bill payments, purchase airtime and data, and pay merchants. The Wallet is not a deposit account or savings account except where specifically licensed and stated. Idle balances shall not attract interest unless expressly communicated. Users may fund their Wallet through approved channels including bank transfers, debit card payments, USSD channels, direct deposit through partner banks, and other approved payment gateways. All deposits shall be subject to verification and settlement confirmation. Funds shall only reflect after confirmation from the payment processor or banking partner. Users shall have access to real-time wallet balances and transaction history. Records maintained by PeerPurse shall constitute prima facie evidence of all transactions unless proven otherwise. Users are required to report discrepancies within seven (7) days.

8. Transfer Services

Users may transfer funds to other verified PeerPurse Wallet holders or to verified Nigerian bank accounts. All internal transfers shall be deemed final and irrevocable once successfully processed. PeerPurse shall not be liable for User errors including wrong recipient selection, incorrect wallet number, or duplicate transfer instructions. Users bear sole responsibility for ensuring the correctness of account number, bank name, and beneficiary name. Transfer timelines may vary depending on banking network, NIBSS processing, partner settlement systems, public holidays, or technical maintenance. Where a transfer fails or is reversed, PeerPurse shall investigate and where appropriate credit the affected User.

9. Utility Payments

PeerPurse may enable Users to purchase or pay for airtime, mobile data, electricity tokens, cable TV subscriptions, internet subscriptions, education payments, merchant services, and other utility products. Utility services are provided through licensed third-party vendors. PeerPurse acts as a payment facilitator only and shall not be responsible for service failures attributable to third-party providers, such as delayed token generation or failed airtime delivery. Prices for utility purchases shall be displayed prior to transaction confirmation. Completed utility purchases are generally non-refundable except where the transaction failed, the provider confirms non-delivery, or reversal is permitted by law.

10. Transaction Limits and Fees

PeerPurse reserves the right to impose daily transaction limits, per-transfer limits, wallet balance limits, KYC-tier restrictions, and enhanced due diligence thresholds. Applicable transfer fees and service charges shall be displayed prior to execution. PeerPurse may revise fees from time to time upon notice to Users. All transactions may be subject to statutory taxes, levies, stamp duties, VAT, and other government-imposed charges as required under Nigerian law. The User remains solely responsible for any personal tax obligations arising from the use of the Platform.

11. Reversals, Errors, and Disputes

Users must report disputed transactions within seven (7) days of occurrence. PeerPurse shall investigate complaints in good faith and may request supporting evidence. Where an error is attributable to PeerPurse or its payment partner, reasonable steps shall be taken to reverse or remedy the issue. PeerPurse's determination after investigation shall be final, subject to applicable law and regulatory escalation rights.

12. User Conduct and Responsibilities

The Platform shall not be used for fraudulent transactions, illegal financial activities, money laundering, terrorism financing, identity theft, cybercrime, or unauthorized merchant processing. The User is solely responsible for safeguarding passwords, PINs, OTPs, device access credentials, and biometric access controls. PeerPurse shall not be liable for losses arising from credential compromise, phishing, SIM swap attacks, device theft, or User negligence. Prohibited conduct includes impersonation, use of false identity documents, unauthorized use of another person's bank details, system probing or hacking, reverse engineering of the Platform, use of bots or automated systems, and abuse of promotions. Such conduct may result in immediate suspension and legal reporting.

13. AML, CFT, and Regulatory Compliance

PeerPurse operates in compliance with all applicable laws including CBN guidelines, AML/CFT regulations, NDPA 2023, anti-fraud regulations, NIBSS rules, and EFCC directives. The User represents and warrants that all funds processed through the Platform are derived from lawful sources. PeerPurse may request information regarding the source and purpose of funds. Where transactions exceed regulatory thresholds or appear unusual, PeerPurse may conduct enhanced due diligence.

14. Fraud Monitoring and Account Controls

PeerPurse reserves the right to monitor all transactions for suspicious activity, including unusually large transfers, rapid transaction patterns, multiple failed authentication attempts, and chargeback abuse. PeerPurse may, without prior notice, suspend, freeze, restrict, or terminate any Wallet or Account where fraud is suspected, legal or regulatory instruction is received, KYC verification fails, or unusual transaction activity is identified. Where a funding source is reversed or charged back by the originating institution, PeerPurse reserves the right to debit the User's Wallet, reverse related outgoing transfers, or place the Wallet in debit status. The User shall remain liable for all deficits arising from chargebacks initiated due to fraud or abuse.

15. Data Privacy and Protection

PeerPurse is committed to the lawful, fair, and secure processing of all personal and transactional data in compliance with the Nigeria Data Protection Act, 2023 (NDPA), applicable CBN consumer protection guidelines, and anti-fraud and cybersecurity regulations. PeerPurse may collect and process personal identification data, regulatory identification data (BVN, NIN), technical and device data, and transactional data for purposes including identity verification, KYC and AML compliance, fraud detection, transaction processing, customer support, and regulatory reporting. PeerPurse may disclose User information to partner banks, payment processors, NIBSS, utility vendors, law enforcement agencies, and regulators including CBN, EFCC, NDPC, and FIRS. PeerPurse shall not sell User data for unauthorized commercial purposes.

16. Intellectual Property Rights

All rights, title, and interest in the Platform, including software, source code, APIs, user interfaces, logos, trademarks, service marks, databases, and content, shall remain the exclusive property of Mpurse Financial Services Nig. Ltd. No User shall reproduce, distribute, reverse engineer, modify, or exploit any aspect of the Platform without prior written consent. Any unauthorized use constitutes a material breach of these Terms.

17. Disclaimer of Warranties

The Platform and all services are provided on an "as is" and "as available" basis. PeerPurse makes no express or implied warranties regarding uninterrupted availability, merchantability, fitness for a particular purpose, or compatibility with every device. PeerPurse does not warrant that the Platform will be error-free or continuously available, and shall not be liable for interruptions caused by third-party service providers, banks, internet disruptions, maintenance downtime, or force majeure events.

18. Limitation of Liability

To the maximum extent permitted by applicable law, PeerPurse shall not be liable for any indirect loss, consequential damage, loss of profit, business interruption, reputational loss, data loss, delayed transaction losses, or third-party system failures. In any event, PeerPurse's aggregate liability arising out of any claim under these Terms shall not exceed the total amount of service fees paid by the User to PeerPurse in the three (3) months immediately preceding the event giving rise to the claim, except where otherwise required by law.

19. User Indemnity

The User agrees to indemnify, defend, and hold harmless PeerPurse, its directors, officers, employees, agents, affiliates, and partners from any claims, losses, damages, penalties, liabilities, costs, and expenses (including legal fees) arising from breach of these Terms, misuse of the Platform, fraudulent activity, regulatory violations caused by the User, or third-party claims arising from User conduct. This indemnity shall survive termination of the account.

20. Force Majeure

PeerPurse shall not be liable for failure or delay in performance caused by events beyond its reasonable control, including natural disasters, fire, flood, pandemic, terrorism, civil unrest, strikes, power outages, internet infrastructure failures, government directives, or banking network shutdowns. Obligations affected by such events shall be suspended for the duration of the event.

21. Termination and Account Closure

PeerPurse reserves the right, at its sole discretion and without prior notice where circumstances require, to suspend, restrict, freeze, deactivate, or permanently terminate any User Account where the User breaches these Terms, fraudulent or illegal activity is detected, false information was provided, or the account poses a compliance risk. A User may request closure of their account at any time, subject to successful identity verification, absence of pending disputes, completion of any compliance review, and withdrawal of all available wallet balances. Upon termination, all rights granted to the User shall immediately cease, access to the Platform shall be revoked, and PeerPurse may retain records in accordance with applicable law. Termination shall not extinguish accrued liabilities or indemnities.

22. Dispute Resolution

Users shall first submit all complaints and transaction disputes through PeerPurse's official customer support channels. Where a dispute is not resolved internally, both parties shall attempt resolution through good faith negotiation within fourteen (14) days of formal notice. Where negotiation fails, the dispute shall be referred to mediation or arbitration in Nigeria in accordance with the Arbitration and Mediation Act, 2023. The seat of arbitration shall be Lagos, Nigeria. The decision of the arbitrator shall be final and binding on the parties. Nothing in these Terms shall prevent a User from making lawful complaints to competent regulatory authorities.

23. Governing Law and Jurisdiction

These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Subject to the dispute resolution clause above, the courts of competent jurisdiction in Lagos State, Nigeria, shall have jurisdiction over any matter arising from these Terms.

24. General Provisions

Severability: If any provision of these Terms is held invalid or unenforceable, such provision shall be severed to the extent of its invalidity, and the remaining provisions shall continue in full force and effect. Waiver: Failure by PeerPurse to enforce any right under these Terms shall not constitute a waiver of such right unless expressly stated in writing. Entire Agreement: These Terms, together with the Privacy Policy and any supplementary policies referenced herein, constitute the entire agreement between PeerPurse and the User regarding the use of the Platform, superseding all prior understandings.

25. Contact Information

For questions, complaints, clarifications, or requests relating to these Terms, please contact us: PeerPurse Technologies Limited Email: support@peerpurse.com Address: Nicon Insurance Plaza, Mohammed Buhari Way, Central Business District, Abuja Phone: +234 813 347 9296 Website: www.peerpurse.com Our customer service team will endeavor to acknowledge and respond to all inquiries within three (3) business days of receipt.

Terms of Use