Terms of Service

1. The KoriePay Liquidity Grid

KoriePay provides a technological infrastructure (the "Grid") enabling instant liquidity swaps, peer-to-peer transfers, and agency banking services. We act as a financial technology provider in partnership with licensed commercial banks and MMOs in Nigeria and the WAEMU zone.

2. Account Registration & KYC Tiers

To use our services, you must register for an account and pass our Know Your Customer (KYC) pipeline. Your transaction limits are determined by your KYC Tier:

• Tier 1 (Basic): Requires BVN/NIN verification. Subject to maximum daily limits as defined by the CBN/BCEAO.
• Tier 2 (Agent): Requires physical address verification and government ID. Required for operating a KoriePay POS terminal.
• Tier 3 (Enterprise/Aggregator): Requires full corporate documentation, board resolutions, and Director KYC. Unlimited transaction throughput.

3. Agency Banking & Aggregator Obligations

If you operate as a KoriePay Agent or Master Aggregator:

• You agree to maintain sufficient liquidity (float) in your KoriePay wallet to service customer cash-out requests.
• You are strictly prohibited from charging customers fees higher than the approved KoriePay grid commission rates.
• Master Aggregators bear primary responsibility for the initial vetting of sub-agents in their network.

4. Adashi Pools & Islamic Finance

When participating in Adashi (Ajo/Esusu) savings pools or applying for Shariah-compliant financing via the KoriePay platform:

KoriePay acts solely as the escrow and technological facilitator. While we automate contributions and payouts, KoriePay does not guarantee against default by group members in user-created Adashi pools. Islamic financing products are executed under strictly non-interest (Murabaha/Qard) agreements vetted by our Shariah advisory board.

5. Prohibited Activities & AML Compliance

You may not use KoriePay for any of the following:

• Money laundering, terrorism financing, or evading financial sanctions.
• Operating unregistered foreign exchange (FX) brokerages or crypto-currency arbitrage off-grid.
• Processing transactions for illicit goods, gambling, or adult entertainment.

Any violation of this section will result in immediate account termination, freezing of grid funds, and reporting to the NFIU/CENTIF.

6. Settlement & Latency

While KoriePay strives for millisecond settlement across the NGN/XOF corridor, settlement times may be affected by downtime in partner banking networks or central bank clearing systems. KoriePay is not liable for indirect damages resulting from external network delays.

7. Governing Law & Dispute Resolution

For users registered with Nigerian KYC, these Terms are governed by the laws of the Federal Republic of Nigeria. For users registered with Nigerien/WAEMU KYC, these terms are governed by the laws of the Republic of Niger and BCEAO regulations. Any disputes shall be resolved by binding arbitration in Lagos or Niamey, respectively.