Terms of Use

By creating an account, accessing, or using Transa.io's services, you acknowledge that you have read, understood, and agree to be bound by these Terms of Use and our Privacy Policy. If you do not agree to these Terms, you must not use our services. If you are using Transa.io on behalf of a business or organization, you represent that you have the authority to bind that entity to these Terms.

To use Transa.io, you must be at least 18 years of age, possess legal capacity to enter into binding contracts, and be a resident of Nigeria with a valid Bank Verification Number (BVN). By using our services, you confirm that all information provided during registration is accurate, complete, and current. We reserve the right to verify your identity and eligibility at any time.

Transa.io is a financial technology platform that enables Nigerian users to send, receive, store, and spend US Dollars (USD). Our services include: USD wallet accounts, virtual dollar cards for online transactions, currency conversion between USD and Nigerian Naira (NGN), international money transfers, crypto-to-fiat conversion, bank transfer integrations, and payment processing for freelancers and businesses. Services are subject to availability and may be modified or discontinued at our discretion.

Creating a Transa.io account requires providing your full legal name, email address, phone number, and Bank Verification Number (BVN). You must complete our identity verification process, which includes BVN-based verification and may include additional Know Your Customer (KYC) checks as required by Nigerian financial regulations. You are responsible for maintaining the confidentiality of your account credentials and all activities that occur under your account. You must notify us immediately of any unauthorized access or security breach.

Your account is subject to transaction limits for deposits, withdrawals, transfers, and spending based on your verification tier and applicable regulations. These limits may include daily, weekly, or monthly caps on transactions. We reserve the right to modify limits at any time to comply with regulatory requirements or manage risk. Higher limits may be available upon completion of enhanced verification procedures. We may impose additional restrictions on accounts that exhibit unusual activity or pose compliance risks.

Transa.io supports multiple funding methods including cryptocurrency conversions, Nigerian bank transfers, virtual account deposits, and international wire transfers. All deposits are subject to verification and processing times that vary by method. We do not guarantee specific processing times and are not liable for delays caused by third-party payment processors or banking institutions. Deposits may be rejected or refunded if they fail compliance checks or violate these Terms. Funding through cryptocurrency is subject to additional verification and may incur conversion fees.

Transa.io provides virtual dollar cards that function as prepaid debit cards for online transactions. Cards are subject to spending limits and can only be used for permitted merchant categories. You are responsible for all transactions made with your virtual card. Cards may be declined, suspended, or terminated for suspected fraud, policy violations, or compliance reasons. Virtual cards cannot be used for certain restricted categories including gambling, adult content, or illegal activities. Card issuance is subject to availability and approval.

Transa.io facilitates conversions between US Dollars and Nigerian Naira at exchange rates determined by market conditions and our operational costs. Our rates include a service margin and may differ from interbank rates or rates offered by other providers. Exchange rates are dynamic and may change without notice. The rate applicable to your transaction is the rate displayed at the time you confirm the transaction. We do not guarantee any specific exchange rate and rates may vary based on transaction size, payment method, and market volatility.

Transa.io charges fees for various services including but not limited to: currency conversion fees, withdrawal fees, transfer fees, virtual card issuance and maintenance fees, international payment fees, and inactivity fees for dormant accounts. All applicable fees will be clearly displayed before you complete a transaction. We reserve the right to modify our fee structure at any time with reasonable notice. Fees are non-refundable except as required by law or in cases of our error. Third-party fees charged by banks, payment processors, or networks are your responsibility.

Withdrawals to Nigerian bank accounts will be converted to Naira at our prevailing exchange rate. International USD transfers are subject to verification, processing times, and the receiving institution's policies. We may delay or reject withdrawals that fail compliance checks, appear suspicious, or violate these Terms. Withdrawal processing times vary by method and are not guaranteed. You are responsible for providing accurate beneficiary information; we are not liable for funds sent to incorrect accounts due to your error. Large withdrawals may require additional verification.

You agree not to use Transa.io for: illegal activities under Nigerian or international law; money laundering, terrorist financing, or fraud; purchasing illegal goods or services; gambling or betting services where prohibited; adult entertainment or services; pyramid schemes or multi-level marketing; transactions involving sanctioned countries, entities, or individuals; circumventing currency controls or regulations; impersonating others or providing false information; or interfering with our systems or security. Violations will result in immediate account suspension or termination and may be reported to law enforcement.

Transa.io operates in compliance with regulations established by the Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), and other applicable regulatory bodies. We are required to implement Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) measures, which include customer due diligence, transaction monitoring, and suspicious activity reporting. We may share your information with regulatory authorities, law enforcement, or financial intelligence units as required by law. Your use of Transa.io constitutes consent to such disclosures. We may freeze accounts or block transactions to comply with regulatory obligations.

Transa.io employs automated and manual monitoring systems to detect fraud, money laundering, and policy violations. We reserve the right to suspend, restrict, or terminate your account immediately if we detect suspicious activity, policy violations, or regulatory compliance concerns. During suspension, your funds will be held pending investigation, which may take up to 90 days or longer if required by authorities. We are not obligated to provide advance notice of suspension or detailed reasons for our actions. If your account is permanently closed due to violations, we may forfeit your remaining balance as permitted by law.

You must review your transaction history regularly and report any unauthorized transactions or errors within 60 days of the transaction date. Claims made after this period may not be honored. For unauthorized access to your account, you must notify us immediately to limit your liability. We will investigate all valid disputes in accordance with our policies and applicable payment network rules. Chargeback fees may apply for certain transaction types. You agree to cooperate with our investigation and provide requested documentation. Frequent disputes or chargebacks may result in account restrictions.

If your account remains inactive (no login or transaction activity) for 12 consecutive months, it will be classified as dormant. Dormant accounts may be subject to monthly maintenance fees deducted from your balance. If your balance falls to zero or below a minimum threshold, we may close your account and remit any remaining funds to you at your last known address, minus applicable fees and costs. You may reactivate a dormant account by logging in and completing any required reverification procedures.

You are responsible for maintaining the security of your account, including keeping your password, PIN, and two-factor authentication codes confidential. Enable all available security features including biometric authentication and transaction notifications. Do not share your credentials with anyone or allow others to access your account. Use strong, unique passwords and update them regularly. You are liable for all activities conducted through your account until you report unauthorized access to us. We will never ask for your password or PIN via email, phone, or text message.

We collect, process, and store your personal and financial information as described in our Privacy Policy. This includes identity information, transaction data, device information, and usage patterns. We implement industry-standard security measures to protect your data but cannot guarantee absolute security. We may share your data with service providers, payment processors, regulatory authorities, and as required by law. You have rights under the Nigeria Data Protection Regulation (NDPR) including access, correction, and deletion of your personal data, subject to our legal and regulatory obligations. By using Transa.io, you consent to our data processing practices.

All intellectual property rights in Transa.io, including our name, logo, trademarks, software, website design, mobile applications, and content, are owned by Transa.io or our licensors. These Terms grant you a limited, non-exclusive, non-transferable license to use our services for personal or business purposes only. You may not copy, modify, distribute, sell, or reverse engineer any part of our platform. Unauthorized use of our intellectual property may result in account termination and legal action.

Transa.io partners with third-party banks, payment processors, card networks, and cryptocurrency platforms to deliver our services. We are not responsible for the actions, errors, delays, or failures of these third parties. Your use of third-party services may be subject to their own terms and conditions. We do not endorse or warrant third-party services and disclaim all liability for losses arising from third-party failures, security breaches, or service interruptions. You acknowledge that transaction processing times and success rates depend partially on third-party performance.

You are solely responsible for determining what taxes, if any, apply to your transactions through Transa.io. This includes income tax, value-added tax (VAT), capital gains tax, or any other applicable taxes under Nigerian law. We may be required to report certain transactions or account information to tax authorities. You agree to provide any tax-related information we request and acknowledge that we may withhold taxes from your transactions if required by law. We are not responsible for your tax compliance and recommend consulting a tax professional.

Transa.io is provided "as is" and "as available" without warranties of any kind, express or implied. To the maximum extent permitted by Nigerian law, we disclaim all warranties including merchantability, fitness for a particular purpose, and non-infringement. We are not liable for indirect, incidental, consequential, or punitive damages, including lost profits, data loss, or business interruption. Our total liability to you for any claims arising from your use of Transa.io shall not exceed the fees you paid to us in the 12 months preceding the claim. We are not liable for losses caused by force majeure events, third-party actions, regulatory changes, market fluctuations, or your own negligence.

You agree to indemnify, defend, and hold harmless Transa.io, its affiliates, officers, directors, employees, and agents from any claims, liabilities, damages, losses, costs, or expenses (including legal fees) arising from: your use of our services; your violation of these Terms; your violation of any laws or regulations; your violation of third-party rights; or any fraudulent, negligent, or willful misconduct on your part. This indemnification obligation survives termination of these Terms and your account.

You may close your account at any time by withdrawing all funds and submitting a closure request through our app or customer support. We reserve the right to suspend or terminate your account immediately, with or without notice, for violations of these Terms, suspected fraud, regulatory compliance reasons, or at our sole discretion. Upon termination, you must immediately stop using our services and any outstanding balances will be handled according to applicable law. We may retain your information as required for legal, regulatory, or business purposes. Termination does not affect accrued rights, obligations, or liabilities.

Transa.io shall not be liable for any failure to perform our obligations due to circumstances beyond our reasonable control, including but not limited to: acts of God, natural disasters, war, terrorism, civil unrest, government actions, regulatory changes, labor disputes, telecommunications failures, power outages, internet disruptions, cyberattacks, pandemics, or failures of third-party service providers. During force majeure events, our obligations will be suspended for the duration of the event, and we will use reasonable efforts to resume services as soon as practicable.

These Terms of Use are governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising from these Terms or your use of Transa.io shall first be attempted to be resolved through good faith negotiation between the parties. If negotiation fails within 30 days, disputes shall be resolved through arbitration in accordance with the Arbitration and Conciliation Act of Nigeria, with proceedings held in Lagos, Nigeria. The arbitration shall be conducted in English, and the arbitrator's decision shall be final and binding. Notwithstanding the above, we may seek injunctive relief or other equitable remedies in any court of competent jurisdiction.

Transa.io reserves the right to modify or update these Terms of Use at any time. We will notify you of material changes via email, in-app notification, or by posting the updated Terms on our website. Changes become effective 14 days after notification unless otherwise stated. Your continued use of Transa.io after changes take effect constitutes acceptance of the modified Terms. If you do not agree to the changes, you must stop using our services and close your account. We recommend reviewing these Terms periodically to stay informed of any updates.

These Terms of Use, together with our Privacy Policy and any other policies referenced herein, constitute the entire agreement between you and Transa.io regarding your use of our services and supersede all prior agreements, representations, and understandings. If any provision of these Terms is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect. Our failure to enforce any provision of these Terms shall not constitute a waiver of that provision or any other provision.

If you have questions about these Terms, need assistance with your account, or wish to file a complaint, please contact our customer support team through the Transa.io mobile app, via email at [email protected], or through our website at www.transa.io/support. We strive to respond to all inquiries within 48 business hours. For urgent matters involving unauthorized access or suspected fraud, use the emergency contact feature in the app. Our support team is available Monday through Friday, 8:00 AM to 6:00 PM WAT, with limited support on weekends and holidays.