2.1. This document was last updated on 09/11/2022.
3.1. We are a banking-as-a-service company in the business of improving financial inclusion in Nigeria through embedded finance. We provide non-bank entities with Application Programming Interfaces (“API”) to connect them to a duly licensed bank and enable the provision of financial services through the API. Our API is integrated with strategic partners to facilitate the provision of the Services envisaged under our relationship.
3.4. Electronic service disclaimer Please note that our services and Platform are provided on an “as is” and “as available” basis. While we will exert our best efforts in providing a seamless service to you, we do not warrant that our Services and Platform will be uninterrupted or error-free. We may experience occasional delays or interruptions which are outside of our control and Anchor will not be liable for any loss you or your customers incur by reason of such delays or interruptions. While we will do our best to ensure that our Platform is safe and secure from viruses and intrusions, we can not guarantee that there won’t be attacks, especially with the range of bad actors in the modern digital financial ecosystem.
3.5. Routine Maintenance At certain times during the provision of our services to you, we may need to conduct routine maintenance. We will notify you ahead of time of such maintenance in the ordinary course of business. Where circumstances do not permit whether by reason of urgency, compliance or business disruptions, you agree that we may conduct such maintenance. You further agree that we will not be held liable for any loss or damage that may arise out of such maintenance efforts.
To access our Platform, we will require you to provide certain registration details or other information which may include but is not limited to your name, bank account or card details, information about the location of your business, etc. You represent and warrant that all the information you provide will be correct, current, and complete.If we believe that the information you provide is not current, incorrect, incomplete or misleading, we have the right to refuse you access to the Platform and to terminate or suspend your access at any time. You may also be required to update your information from time to time to help us capture accurate data through an account upgrade feature which will be via our Platform. Anchor acknowledges your right to make requests on the Services provided. However, the request must be written in English and sent through the appropriate channels. However, Anchor is not obligated to comply with your requests and instructions when they exceed the scope of the Services provided by Anchor or when it contravenes Nigerian laws. Anchor reserves the right to charge additional fees for the requests you make under this heading.
our onboarding and continued use of our Platform is subject to your compliance with our acceptable use requirements. You agree not to use our Platform or Services for any of the following;
5.1. The benefit of a country, organisation, entity, or person sanctioned, embargoed, or blocked by any government, including those on applicable national and international sanctions lists identified by the United States Office of Foreign Asset Control (OFAC), Financial Actions Task Force (FATF), etc.
5.2. Collections Facilitation of illegal transactions or doing by yourself or permitting others to do any of the following activities that;
5.2.1. Circumvent any of the technical limitations of the Services or enable functionality that is disabled or prohibited via Anchor’s API;
5.2.2. Reverse engineer or attempt to reverse engineer the Services except as expressly permitted under Applicable Law;
5.2.3. Access or attempt to access non-public systems, programs, data, or Services owned and managed by Anchor;
5.2.4. Copy, reproduce, republish, upload, post, transmit, resell, or distribute in any way, any data, content, or any part of the Services, documentation, or Anchor’s website except as expressly permitted by the laws relevant to the substance of this Agreement (“ Applicable Laws ”);
5.2.5. Perform or attempt to perform any actions that would interfere with the normal operation of the Services or affect the use of the Services by Anchor’s other Users;
5.2.6. Maliciously impose an unreasonable or disproportionately large load on our Platform.
Just as we owe you the obligation to respect your rights relating to your data, you also bear such responsibility to your customers. We expect you to comply with the standard privacy and data protection obligations under all applicable laws. You agree that we will not be responsible and indemnify us for any loss, damage or breaches arising from your negligence or failure to comply with data protection laws.
8.1. We will endeavour to provide you with the necessary technical support when integrating you with our API, so that you may utilise our services.
8.2. Whenever we deem it necessary, we will provide you with technical support when such is necessary for you to utilise our services. We will also maintain a communication channel through which you may make inquiries or send complaints.
8.3. There may be instances where we need to upgrade our software to improve our service delivery or to comply with a law or lawful order. When this happens we will provide you with a notice before implementing the modification, and will endeavour to ensure that such change does not materially impair the effectiveness of our service.
9.2. You agree to secure all notices and comply with all Applicable Laws, ordinances, rules, and regulations of any governmental entity in relation to your services and your use of our Platform. Your use of our services is further subject to our compliance policy which will be shared before go live.
9.3. We expect you to implement risk management and security controls which are by standard industry practice suitable to the nature of your business activity. Further to this, we require you to notify us where you find or suspect that there has been any breach, error or misappropriation on your systems.
9.4. You are required to pay us for our services and your use of the Platform in accordance with our mutually agreed terms. Aside from the charge for the services, you agree to bear the cost for expenses reasonably incurred by Anchor in the course of the provision of its services including but not limited to payments processing fees charged by the payments service provider,, dispute resolution fees, etc. which shall be chargeable and set off against your settlement account maintained by us.
If you are subscribed to our payments and collections services, these are some additional terms and conditions that will apply to our relationship;
11.1. Anchor provides a payments service where you are able to facilitate payment initiation or direct debits from their customers’ accounts and also enable your customers to effect peer-to-peer transfers from their bank accounts to any other bank accounts (single or multiple) in Nigeria.
11.2. Where a payment request or order is initiated by you, Anchor shall execute the request and effect such payment based on your instructions and terminate the payment instruction as stipulated by Applicable Laws. You agree and accept to be liable for any errors or inaccurate data provided to Anchor for the initiation of any payment instruction.
11.3. Extenuating circumstances under this Agreement include where Anchor has a reasonable cause to believe that the transaction may be fraudulent or involves other criminal activities, or where there is an ongoing investigation by Anchor, Anchor’s partner, or any authorised regulatory or law enforcement agency on such transaction or on your Collateral Account or other events beyond its control such as technology failure.
When you onboard customers through our BaaS API, you are expected to do so in accordance with the activation procedures we make available to you. Once onboarded, they are deemed to be solely your customers and we have no responsibility towards them, in as much as you provide services to them through your use of our API and to such extent permissible under the law.
We own or are licensed all intellectual property rights, which includes but is not limited to rights in trademarks, patents, designs, copyrights, trade secrets and trade names of all websites, source codes, databases, API, functionality, or other software, which we grant you access to when you use our services. Your access to such intellectual property rights confers on you only a revocable licence which cannot be transferred and you do not by the licence have a right to any ownership claim. We also expect that you understand that for the purpose of publicity we may make use of your logo, name or insignia on our platform. Our use of your intellectual property rights in this regard is only a licence and we make no ownership claim.
You warrant to Anchor that:
15.2. You will comply with these Terms and all applicable laws;
15.3. You will not modify, copy or tamper with our software or transfer the licence we granted to you, to access it or the intellectual property rights vested in it;
15.4. You will ensure the truthfulness and accuracy of the information you provide to us;
15.5. You have obtained all the licences and permits necessary for you to use our service;
15.6. You will make connections to all systems as we may require from you and comply with all standards we set for the security of our hardware and software;
15.7. Your use of our services does not contradict any agreement you have with third parties or violate the rights of a third party.
We don't get to choose what banks, processors, and our other financial partners accept, but we've chosen them because they're good at what they do. Sometimes stuff happens - in the unlikely event that it does please let us know and we'll do our best to fix it. This notwithstanding, Anchor provides the service as is and shall not be responsible for any indirect, incidental, special, consequential, or exemplary damages or remote losses suffered by you as a result of your use of Anchor Services. Anchor Services are powered by licensed financial institutions and other partners who shall not be held liable to you, your customers, or any other third party for the misuse of the product or services or other liabilities arising from your negligence or wilful misconduct.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, THIS PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE,” AND AT YOUR SOLE RISK. TO THE MAXIMUM EXTENT PERMITTED BY LAW, WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT.WITHOUT LIMITATION, WE MAKE NO WARRANTY THAT THIS PLATFORM WILL MEET YOUR REQUIREMENTS, THAT USE OF THE PLATFORM WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, THAT THE RESULTS OBTAINED FROM THE USE OF THE FOREGOING OR ANY INFORMATION OR CONTENT FOUND ON THIS PLATFORM WILL BE ACCURATE OR RELIABLE, THAT DEFECTS IN THE OPERATION OR FUNCTIONALITY OF THIS PLATFORM WILL BE CORRECTED, THAT THIS PLATFORM AND ANY CONTENT OR INFORMATION FOUND ON THIS PLATFORM WILL BE VIRUS-FREE, OR THAT THE QUALITY OF ANY INFORMATION, CONTENT OR OTHER MATERIALS OBTAINED THROUGH THIS PLATFORM WILL MEET YOUR EXPECTATIONS.
18.2. Dormant accounts
If we discover that your account has become dormant in accordance with Nigerian laws, we will treat it in accordance with Central Bank of Nigeria’s guidelines on the management of dormant accounts and unclaimed funds by banks and other financial institutions, and its future amendments.
18.3. Payment of fees
You are only eligible to use our services and Platform when you have paid the fees we set against the service. The applicable fee for each service we provide is available on our pricing guide and we have the right to revise them from time to time. Our fees are exclusive of all taxes that may be prescribed by regulatory authorities and with respect to your business and the service you provide to your customers you are solely responsible for tax collection and remittance.
18.4. Nature of our relationship
18.6. Our right to audit
We may occasionally require an audit of your systems in relation to the services we provide to you. You agree to grant us such access and cooperation required to complete the audit. You also agree to comply with all our remediation requirements and recommendations made after we have completed our audits.
18.7. Force majeure
We will not be liable for any breach or delay in the performance of our obligations under this agreement if such breach or delay is caused, directly or indirectly, by fire, flood, earthquake, elements of nature, wars (incl. cyberwar), civil or military disturbances, acts of terrorism, sabotage, strikes, riots, epidemic, pandemic or acts of God or any cause beyond the reasonable control of Intergiro (we will refer to such circumstances as a “force majeure event”). Should a force majeure event occur we will provide you with notice thereof and we will be excused from performance of the obligations being affected for as long as such force majeure event prevails.
18.9. Assignment and amendments
18.12. Disclosures, notices and electronic communication
You agree that Anchor can provide notices regarding our services to you through our Platform particularly through your dashboard, or by mailing notices to the email or physical addresses identified in your Anchor account. Notices may include notifications about your account, changes to our services, or other information we are required to provide to you. You also agree that electronic delivery of a notice has the same legal effect as if we provided you with a physical copy. We will consider a notice to have been received by you within 24 hours of the time a notice is either posted to our website, Platform or emailed to you.If you are having problems viewing or accessing any of our notices, please contact us and we can find another means of delivery.